Qualifying for a Reverse Mortgage
Are you a homeowner looking for solid financial solutions to help build your retirement plan? You could very well qualify for a reverse mortgage. Most reverse mortgages are “HECM loans”, which are federally insured and approved by HUD as secure financial tools for homeowners in need of additional income during retirement.
Reverse mortgage guidelines were designed by the FHA to provide people a way to plan their retirement by accessing part of the value of their home. For this reason, qualifying for a reverse mortgage is quite easy, as long as you meet a few basic criteria
To qualify for a reverse mortgage, you must: Be at least 62 years of age
Have built enough equity in your home to pay off any remaining mortgage balance with the proceeds from the reverse mortgage
Be able to pay ongoing property expenses, including taxes, insurance, and maintenance
Use the home as your primary residence (new homes may also be purchased through a reverse mortgage for purchase loans).
Complete a free or low-cost counseling session over the phone or in person with a third party, HUD-approved HECM loan counselor
With those qualifications met, securing a reverse mortgage is relatively simple.
You can use our reverse mortgage calculator to double check your eligibility, or you can contact us with any questions you may have.
Our team of experts is here for a free consultation. If you decide a reverse mortgage is right for you, we can help you every step of the way. As an experienced reverse mortgage broker, we can find solutions many lenders can’t find. As a Broker, we have access to all lending products. We provide unbiased advice and can find the best option for you. Whether you need assistance with your appraisal, closing costs or buying a new home across the country, we can help.
Reverse mortgages are a safe way for seniors to tap into home equity they have built over the years to improve their quality of life during retirement. As non-recourse loans, reverse mortgages don’t place seniors at risk to acquire more debt than they can manage, while offering plenty of flexibility in payment and credit line options. After the FHA’s most recent changes to the HECM loan for seniors program, more and more financial planners are using reverse mortgages as income/investment tools in retirement plans.
If you need additional income to sustain or improve your quality of life during retirement, a reverse mortgage could be a good choice for you. Get in touch with us to learn more.
This website or any advertising on this website is not from HUD or FHA and was not approved by HUD of any government agency.