Hemet Reverse Mortgage Question - Do We Qualify for a Reverse Mortgage?
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.
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.
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.
- 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.
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.
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