How To Qualify For A Reverse Mortgage

5/13/2007

posted by N. Sioris

Stumble It!

1. All Borrowers On Title Must Be 62 Years or Older

2. There Are No Health Requirements. Your Health Is Not A Factor

3. There Are No Credit or Income Requirements

4. The Home Must Be Your Primary Residence

5. You Must Have Little or No Outstanding Mortgage Balance

6. If You Have a Mortgage, The Reverse Mortgage Funds Must Be Used to Pay Off Any Existing Mortgage and To Make Required Home Repairs, If Needed.

7. You Can Refinance a Reverse Mortgage, To Get More Money, If Your Home Increases Significantly in Value

8. All Borrowers Must Meet With an AARP-HUD Approved Reverse Mortgage Counselor Before They Can Begin The Loan Process.