Most people think that a reverse mortgage is scary or way too complex to venture into. That is just simply not the case. In fact, it is much easier to get approved for a reverse mortgage than a forward traditional mortgage. There are just a few things that you even need to consider to see if you qualify
The age of the borrower – Anyone considering a reverse mortgage needs to be at least 62 years of age or older. Anyone not at least that age will be left off the loan application and possibly risk not being able to do the loan altogether.
Value of the home – What is the value of the home? There needs to be enough value or equity in the home justify to pay off the current lien of the home or tapping into the given equity to live off of, pay down credit cards, etc. This must also be your primary residence. No exceptions.
Those are the only two items that really determine the qualifying potential of an applicant of a reverse mortgage. Of course there are other processes to getting a reverse mortgage. But qualifying does not rely on credit or income. In fact, one could be in foreclosure and a reverse mortgage could be used to rescue and save the home.
Green House Mortgage is a full service home loan origination company in Tampa, FL and servicing the state throughout. If you have any questions or concerns with the article or simply need mortgage advice please call 813-732-3155 or email us at firstname.lastname@example.org. We are dedicated to giving you the best mortgage consultation available. Green House Mortgage – It Pays to Go Green!