Who can Apply for Reverse Mortgage Loan?
Who Can Apply?
One of the most appealing features of a reverse mortgage loan is the straightforward eligibility requirements.
To qualify for a reverse mortgage one at least one person must be at least 62 years of age and must occupy the property as their principal residence. Recent guideline changes now allow a spouse who is under the age of 62, known as a non-borrowing spouse (NBS), to be protected in the event his or her older spouse predeceases. Please call 877-499-7233 to learn about the detailed lending requirements.
You are allowed to borrow a certain percentage of your home equity. The exact amount is based on your age, current interest rates, appraised value and the outstanding amount of any existing mortgages.
All borrowers must complete a financial assessment to determine their “ability and willingness” to be able to pay ongoing property charges including real estate taxes and hazard insurance. The good news is there are options for those who do not meet the financial assessment guidelines.
Reverse Mortgage Counseling
You will be required to complete a HUD approved third party non-profit informational counseling session before your reverse mortgage loan application can be processed. The counselor will discuss program eligibility requirements, financial implications and alternatives to obtaining a reverse mortgage loan and repaying the loan. Counselors will also discuss provisions for the mortgage becoming due and payable. This is to protect your interests and provide a degree of safety for you.
Get the Facts
Qualifying for a reverse mortgage loan is a relatively simple process. However, just because you qualify does not mean you should apply for a reverse mortgage. It is important to examine your options thoroughly before deciding if a reverse mortgage is right for you and that takes time and access to information.
Direct Finance Corp. will provide you the facts, pros & cons about reverse mortgages and customized analyses so that you will be able to make an educated decision if a reverse mortgage loan is right for you. We will guide you through the entire reverse mortgage process. With over a decade of experience and hundreds of successful reverse mortgage clients, we will give you the information and options you need to make the right choice for your situation.
Call Direct Finance Corp. today at 877-499-7283. Or simply complete our easy-to-use web contact form.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.