Posted on: 25th Jan, 2009 02:43 pm
I am 62 years old, and I am wondering if I meet the criteria for a reverse mortgage. I have lived in my home for 10 months; my payments are current, but I lost my job and have another job that pays $10,000 less annually.
I am now struggling with my payment, again I am current. Would a reverse mortgage help me? I have about 14,000 equity, and my home has been appraised for $125,000, of would I be better off attempting to refiance it under a FHA loan? Please help me!!!
I am now struggling with my payment, again I am current. Would a reverse mortgage help me? I have about 14,000 equity, and my home has been appraised for $125,000, of would I be better off attempting to refiance it under a FHA loan? Please help me!!!
hi rayrac,
in order to qualify for a reverse mortgage, the borrower has to be of 62 years of age. but you should also note that if you have unpaid debt on your home, it should be paid off before you apply for reverse mortgages or else pay it off as soon as you get the loan proceeds. to know more about reverse mortgage and eligibility criteria to get the loan, check out the following link:
http://www.mortgagefit.com/reverse.html
i think a reverse mortgage will be a better option for you rather than a fha loan or a refinance.
thanks
in order to qualify for a reverse mortgage, the borrower has to be of 62 years of age. but you should also note that if you have unpaid debt on your home, it should be paid off before you apply for reverse mortgages or else pay it off as soon as you get the loan proceeds. to know more about reverse mortgage and eligibility criteria to get the loan, check out the following link:
http://www.mortgagefit.com/reverse.html
i think a reverse mortgage will be a better option for you rather than a fha loan or a refinance.
thanks