Reverse Advice
The Reverse Mortgage Loan Process
Posted in Reverse Advice on December 14, 2011
Get Started
Education
The process of obtaining a Reverse Mortgage begins with the phase you are in now. You are taking the time to obtain information, learn, and ask questions about this kind of home financing option to determine if it is right for you.
Counseling
Reverse Mortgage applicants are required to participate in an educational session with a HUD-approved counselor. Family members or advisors are welcome to acc ...
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Reverse Mortgage Specifics
Posted in Reverse Advice on December 14, 2011
Eligibility
The eligibility requirements for a Reverse Mortgage are simple. Although there are no income, employment or credit score qualifying restrictions, the below guidelines must be met.
- All homeowners must be at least 62 or older and occupy the home as a primary residence.
- The home will either need to have no mortgage balance or a mortgage balance which can be paid off by a Reverse Mortgage.
- The property must be a single fa ...
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Reverse Mortgage Basics
Posted in Reverse Advice on December 14, 2011
What is a Reverse Mortgage?
A reverse mortgage allows you to tap into the equity you’ve established in your home. Instead of making payments on a monthly basis, you can choose to receive them. That is where the term “Reverse” comes from in Reverse Mortgage. To be eligible, you must be 62 years or older and own your home free and clear or have a mortgage balance which can be paid off with a reverse mortgage.
In most cases a reverse mortgage will give you ...
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