As of April 27, 2015, getting a reverse mortgage just got a little tougher. Gone are the days that a reverse mortgage loan officer can qualify a senior based on their age and equity.
Today its a lot tougher. One of the first things your reverse mortgage loan officer is going to do is verify your income.
You will need to make a certain amount of income after expenses have been paid in order to qualify for a reverse mortgage. The reason for this is the goverment wants to make sure that the seniors receiving a reverse mortgage have enough money to pay for their property taxes and insurance. Because if they do not, they could be putting their home in jeopardy. By not paying the property taxes and insurance they are at risk of losing their homes. This is the number one cause of seniors losing their homes with a reverse mortgage.
There is a formula used to determine if a senior qualifies for a reverse mortgage. Each situation is unique and the best way to determine if a senior qualifies is to get advice from a qualified reverse mortgage loan officer.
To get a free quote, please call me directly at 559-994-3692 in Fresno or at 800-779-1851 anywhere else in California.
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