Reverse-Mortgage: Qualifications [mortgagefraud101.blogspot.com]

Reverse-Mortgage: Qualifications [mortgagefraud101.blogspot.com]

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A reverse mortgage is taking money from the value in your home to be paid off when the last surviving member of the household either passes away or moves since the lenders get paid once the house sells. A reverse mortgage is therefore different than a line of credit from the equity in your home since the borrower would need to repay that loan during their lifetime without having to sell the house. Since reverse mortgages do not need to be paid back during the lifetime of the borrower (unless the borrower moves), there are qualifications that the borrower must qualify for before being able to take out a reverse mortgage loan.

 

To qualify for a reverse mortgage, you must be at least 62 years of age. You must also own your home outright, or at least have most of your home paid for. That way when you take out the reverse mortgage loan, at closing you will be able to pay off the rest of what is owed on your home by receiving less money back.

If you are in a mobile home, the home must have been built within the past 30 years, and must have a permanent foundation. The house must also pass FHA inspections. Some condos and townhouses also qualify for reverse mortgages.

 

You do not need to go through a credit check, nor do lenders even look at your credit reports when applying for a reverse mortgage. You can therefore have terrible credit and have bankruptcy on your credit report and it won't matter since lenders get their money back from selling your house, not from hoping you will pay the loan back. Therefore, lenders do not have to be concerned with the borrower having good credit since lenders rely on the sell of the house to have the loan repaid.

Therefore, you do not need good credit, nor a good credit report to qualify for a reverse mortgage. Age is the biggest criteria for qualifying since that is the one thing you cannot change. However, the longer you wait after the age of 62 to get a reverse mortgage, the higher amount your monthly payments can be if you decide to take out your cash to provide income, or to supplement your already existing income.

 

See about getting a reverse-mortgage today!

Related Reverse-Mortgage: Qualifications Issues

Question by Kerrie H: Does it hurt you to not use a pre-qualification for a home? I want to purchase a home but I am hesitant to apply for a mortgage because I dont know how much I can qualify for. If I couldnt qualify for more than $ 150,000.00 I wouldnt be interested in using the loan. Does this hurt your credit? I havent found home affordability calculators to be very helpful they always give me a different number. Best answer for Does it hurt you to not use a pre-qualification for a home?:

Answer by 14U2NV
It is a inquiry on your credit report, a couple of inquiry's will not hurt your credit. Every mortgage inquiry during 30 days only counts as one inquiry.

Answer by zocko
You will have to have it to even start looking. Go for it, you will know a lot more when your finished.

Answer by Landlord
Almost everyone requires a prequalification letter before they will look at any offers you want to make, so yes, it will hurt you.

Answer by Dizzy_Lizzy
You can't make a move without one. To look for a home, you need to know how much you can afford. The only way to know that is to talk to a lender. The overwhelming majority of sellers (and certainly 100% of those working with agents) will not even consider an offer that does not come with a preapproval/prequalification letter. Read this for more info: http://www.interorealestate.com/CustomContent.aspx?fp=17

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