Reverse Mortgage Requirements

October 29, 2015 | By admin | Filed in: Uncategorized.

Wondering what are the requirements for a reverse mortgage?

This article is a “to the point” and blunt informational article to tell you about what are the reverse mortgage requirements.

 

For more information you can always visit us at Mortgage BROKERS kettering

Reverse Mortgage Borrower Requirements

– Be 62 years of age or older

– Own your property outright, or have a very low mortgage left

– Live in the property as the principal residence

– Do not be delinquent on any federal debts

– Participate in a counseling session given by a HUD approved HECM counselor

Reverse Mortgage Property Requirements for Kettering.

In order to fulfill the reverse mortgage property requirements, you must have one of the following conditions satisfied

– Single family home, or a 2-4 unit home with one unit occupied by the borrower

– The property has to be a HUD approved condo project

– It has to be a manufactured home which meets FHA requirements

Reverse Mortgage Requirements – Financial

– Your income, assets, and other expenses/credit history might be verified/authenticated

Reverse Mortgage Financial Payment Plans and Brokers

Lump Sum: Get the proceeds in one bulk payment

Line of Credit: Get payments at irregular intervals (when you need it), in an amount of your choice until the line of credit is exhausted

Monthly Payments for your MORTGAGE: Get monthly payments for the term of the loan until the line of credit is exhausted.


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