Posted on: 26th Mar, 2004 03:47 am
If you are living on fixed income with home equity as your only asset and need additional funds on a regular basis, you may be the right person to look out for reverse mortgages. However, make sure that you don't want to leave much of the property to your heirs.
Reverse mortgages require you to satisfy the criteria as given below:
The best thing about reverse mortgages is that you don't need great income or credit to qualify for such loans. In fact, lenders don't ask for a minimum income or credit requirement when it comes to qualifying for reverse mortgage.
Related readings
Reverse mortgages require you to satisfy the criteria as given below:
Borrower's profile:
- You and your co-borrower, if any, should be aged 62 years or above.
- You should be the owner of the property against which you intend taking the reverse mortgage.
- You should occupy the property as your primary residence.
- There should be enough equity in your home.
- If there are past debts on your home, pay them off prior to taking out the loan or else pay them off right after you get the loan funds.
Property type:
- 1 unit single family dwelling
- 2-4 unit owner occupied dwelling
- Condominiums and townhomes
- Planned unit developments (PUDs)
- Mobile home or manufactured homes
The best thing about reverse mortgages is that you don't need great income or credit to qualify for such loans. In fact, lenders don't ask for a minimum income or credit requirement when it comes to qualifying for reverse mortgage.
Related readings
Hi angel!
Welcome to forums!
Yes, you can still get a reverse mortgage provided you fulfill the criteria for getting the reverse mortgage. To know if you are eligible for reverse mortgage, check out the following page:
http://www.mortgagefit.com/reverse-eligible.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Yes, you can still get a reverse mortgage provided you fulfill the criteria for getting the reverse mortgage. To know if you are eligible for reverse mortgage, check out the following page:
http://www.mortgagefit.com/reverse-eligible.html
Feel free to ask if you have further queries.
Sussane
I live in a single family home. I am 71 years of age and my wife is 67. Our home is worth about $600,000.00 We owe $324,000.00.
Are we eligible for a reverse mortgage?
Are we eligible for a reverse mortgage?
Hi Nuyawker,
Yes, you can be eligible for reverse mortgage. You can contact your lender and apply for reverse mortgage. However, you'll have to pay off your existing mortgage immediately as you get your reverse mortgage.
Thanks
Yes, you can be eligible for reverse mortgage. You can contact your lender and apply for reverse mortgage. However, you'll have to pay off your existing mortgage immediately as you get your reverse mortgage.
Thanks
We own our home, no mortgage. can we still get a home mortgage loan
Hi
Do you want to mean that you have a home which is free and clear and you want to get a mortgage on it?
Sure you can, provided you hold the title to the property and have a good credit score and income.
Do you want to mean that you have a home which is free and clear and you want to get a mortgage on it?
Sure you can, provided you hold the title to the property and have a good credit score and income.
we live on a farm of 20 acres, zoned residential, we do our taxes as a family farm, we board some horses, does our resident qualify for a reverse mortgage
Hi sandyevents,
Reverse mortgages on farms are available. If you are 62 years of age and have a clear title to the farm, you can obtain a reverse mortgage. This is a very good option for senior citizens who are in need of some cash. Here you do not have to sign over the ownership to the reverse mortgage holder. You can retain the title as long as you live.
Reverse mortgages on farms are available. If you are 62 years of age and have a clear title to the farm, you can obtain a reverse mortgage. This is a very good option for senior citizens who are in need of some cash. Here you do not have to sign over the ownership to the reverse mortgage holder. You can retain the title as long as you live.
I'M 38YRS OLD AND JUST GOT PUT ON PERMANANT DISSABILITY WITH A FIXED INCOME OF 2100.00 AMONTH.MY MORTAGE IS 1351.00 A MONTH.I HAVE A MORTGAGE BALANCE OF 155,OOO.OO.HOME VALUE AROUND 225'000.00. JUST REFINANCED LAST YEAR. I HAVE 6 KIDS LIVING WITH ME THAT ARE MY KIDS. BEHIND ON 4 MONTHS OF PAYMENTS. WHAT ARE MY NEXT OPTIONS.CAN SOMEONE ELSE HELP?
hi
a loan modification in your situation seems to be a good option for you. this can help you lower your monthly payments. you need to send them a hardship letter stating the financial difficulties you are facing. you ought to get in touch with the loss mitigation dept, besides sending them a hardship letter.
a loan modification in your situation seems to be a good option for you. this can help you lower your monthly payments. you need to send them a hardship letter stating the financial difficulties you are facing. you ought to get in touch with the loss mitigation dept, besides sending them a hardship letter.
i want to apply for the reverse mortgage
Hi counntrydra,
You can obviously apply for a reverse mortgage. But in order to qualify, you have to be at least 62 years old. How old are you? Will you have any co-borrower? What is the age of your co-borrower? Do you own the title to the property free and clear?
Thanks,
Jerry
You can obviously apply for a reverse mortgage. But in order to qualify, you have to be at least 62 years old. How old are you? Will you have any co-borrower? What is the age of your co-borrower? Do you own the title to the property free and clear?
Thanks,
Jerry
I WOULD LIKE TO KNOW IF I CAN QUALIFY FOR REVERSE MORTGAGE IF MY PROPERTY VALUE IS 307,000 AND I OWE 325,000
I AM 62 YRS OLD and i have no co-borr. and i own free and clear
Hi delois,
If your property is under water i.e. you owe more than what your property is worth, a reverse mortgage will not work. You need to pay off any existing mortgage at closing, before you can get a reverse mortgage on your house. If the house is valued at $307,000 and your outstanding loan balance is $325,000, you will not be able to get the reverse mortgage.
Thanks,
Jerry
If your property is under water i.e. you owe more than what your property is worth, a reverse mortgage will not work. You need to pay off any existing mortgage at closing, before you can get a reverse mortgage on your house. If the house is valued at $307,000 and your outstanding loan balance is $325,000, you will not be able to get the reverse mortgage.
Thanks,
Jerry
I'm 65 my husband just turned 62 and still works. Will We still qualify for a reverse mortgage?