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Hemet Reverse Mortgage Question - Do I Qualify for a Reverse Mortgage?

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Mortgage and Lending with Purchase or Refinance With A Reverse Mortgage

Hemet Reverse Mortgage Question - Do We Qualify for a Reverse Mortgage?Cute Older Couple

If you are a homeowner and all owners are over the age of 62, you just might.  Some things to know in order to determine whether or not you will qualify.  First - do you have enough equity?  The amount of money you can borrower on a reverse depends upon 3 things.  
  • Age of Youngest Borrower.
  • Expected Rate
  • Lesser of the Home Value or FHA Lending Limit.
It is not the normal 80% of home value, more like 50 to 70 percent.   Once you know if you have age and equity on your side, then you need to look to the home itself.
  • Single Family homes in good condition.
  • Some Manufactured Homes on a permanent foundation and attached to real property newer than June 1, 1976.
  • Some FHA Approved Condos.
Next, take a look at how you hold title.  Are you in a trust? Most, but not all trusts can qualify for a reverse mortgage, however the lender and title company will want to review it before issuing your loan. You may need an amendment?

What about your credit?  Though income and credit score is not an issue, if you have a foreclosure or another FHA loan you will have some issues.

If you are still wondering, I’d be happy to discuss in more detail. You can also talk with a HUD Approved HECM Counselor. Your questions and comments are encouraged!  If you’d like to ask me a question you can enter into “Comments” or email me at the link to the right.  

Posted by

Deborah B. Nance - Reverse Mortgage Specialist for Temecula, Murrieta and all of Riverside County.

 

This is a personal blog containing my own thoughts, ideas and opinions and does not necessarily reflect the opinions and thoughts of iReverse Home Loans, LLC management or employees.