There are many general questions that arise regarding reverse mortgages. Some questions have to do with the safety and prudence of a reverse mortgage. Other questions may be about your current income, or credit. Seniors and their families need help understanding if a reverse mortgage is the best loan for a particular situation. Over the next few days I am going to answer some of the common questions regarding reverse mortgages. Feel free to post your questions below or contact me directly.
Who is eligible for a reverse mortgage?
There is little criteria in qualifying for a reverse mortgage since there are no credit requirements and there are no employment or income requirements. Here are the two main factors regarding eligibility for a reverse mortgage
- You must be at least 62 years of age to qualify for a reverse mortgage. If you are married, than your spouse will also have to be 62 years of age (or older).
- If you already own a home and would like a reverse mortgage (considered a refinance), you must have equity in your home. You may qualify if you have a mortgage currently on your home.
AS OF JANUARY 1, 2009, YOU MAY PURCHASE A HOME USING A REVERSE MORTGAGE. In this case, you would have to have the available savings to satisfy the down payment needed. These savings, for example, could be your personal savings, proceeds from the sale of a home, or a retirement account that you can withdraw from.
The most popular type of reverse mortgage is known as the HECM, or the Home Equity Conversion Mortgage. This is an FHA loan, which you may know is a government loan. Although this is an FHA loan, there are many differences between an FHA reverse mortgage loan (HECM) and a traditional FHA loan.
Stay tuned for more information regarding a reverse mortgage.
If you need immediate assistance regarding a reverse mortgage, please feel free to contact our office at 856-415-7720 and ask for Steve Kappre, the Reverse Mortgage Specialist.
- Reverse Mortgages ~ Who is Eligible? - Part 1
- Reverse Mortgages ~ Payment Options - Part 2
- Reverse Mortgages ~ Expected Costs, Appraisals, and Title - Part 3
- Reverse Mortgages ~ Counseling - Part 4
- Reverse Mortgages ~ Is Reverse Mortgage Income Taxable? - Part 5
- Reverse Mortgages ~ What Happens When My Reverse Mortgage is Due? - Part 6
- Reverse Mortgages ~ Purchase a Home with a Reverse Mortgage - Part 7
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Steve Kappre is a Certified Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group, serving all 50 states, focusing on Gloucester, Camden, and Salem County, NJ. Steve specializes in;
• All areas concerning First-Time buyers; First-Time Buyer mortgages, grants, down payment assistance, tax credits, police and fire loans, rehab loans for first time buyers, and more.
• Reverse Mortgages for seniors age 62 or older.
• Equity Management strategies for high-end homes and high net worth individuals.
Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com
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