How To Qualify For A Reverse Mortgage Loan

7/20/2009

posted by N. Sioris

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A reverse mortgage loan allows homeowners 62 and older a safe way to tap into home equity without the burden of making future monthly payments.

And, because a reverse mortgage loan does not require monthly payments or any re-payment as long as the borrower lives in the home, there are no income or credit qualifications to be met in order to qualify for a reverse mortgage loan.


TO QUALIFY FOR A REVERSE MORTGAGE LOAN THE CRITERIA ARE:


All Owners on the title to the home must be 62 years or older.

The home must be the primary residence for the borrower(s).

The home should have no mortgage or the mortgage balance

should be small enough to be paid off by the reverse mortgage loan



Not all properties qualify for a reverse mortgage loan. Some that do not, are manufactured/mobile homes built before June, 1976 and any mobile or manufactured home that is on rental land.

Not all co-op properties qualify. If your property is a co-op check here for more reverse mortgage loan information. You can also call us at 1-888-269-1098.

In most cases Agricultural land does not qualify for a reverse mortgage loan.

You can read a more detailed description of how to qualify for a reverse mortgage loan here.


You may also wish to request a free reverse mortgage loan quote today.


See exactly what a reverse mortgage loan might provide for you in the way of supplemental monthly income, a line of credit to be used as needed, or a lump sum pay out to you all at once.

There has been increased interest in a reverse mortgage loan as a result of the current credit crisis that we are facing. Many people that have lost substantial stock market assets are now turning to a reverse mortgage loan so that they don't have to liquidate depressed assets.

Still other senior homeowners have actually saved their homes from foreclosure by using a reverse mortgage loan. They not only save the home but they become mortgage payment free for as long as they live in the home.