how to qualify for a reverse mortgage

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A: You may qualify for a reverse mortgage even if you still owe money on an existing mortgage. However, the reverse mortgage must be in a first lien position, so any existing indebtedness must be paid off. You can pay off the existing mortgage with a reverse mortgage, money from your savings, or assistance from a family member or friend.

By refinancing your mortgage to pay down debt, you could significantly reduce the interest rate on some of your high-interest debt. If you have credit card debt at 20%, for example, you could reduce.

Reverse mortgages enable you to convert your home equity into cash, but while most homes are eligible, some are not. If you live in a condominium, your property and homeowners’ association may need to meet certain additional requirements in order for you to get a reverse mortgage. While not all.

Have questions about reverse mortgage eligibility, rates, payment options, or other frequently asked questions? Get all of your answers here.

How to Qualify for a Reverse Mortgage It’s easy to determine if you qualify for a reverse mortgage. The basic requirements are: You must be at least 62 years or older. You must reside in the home as your primary residence. Have sufficient equity in your home. What you will like about your new Reverse Mortgage:

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Reverse Mortgages are a great way to help organize your finances.. Since there are several requirements for reverse mortgages, it pays to carefully examine.

To be eligible for a HUD reverse mortgage, HUD’s Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home..

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The mortgage process, however, is long and thorough, requiring pay stubs, bank statements, and proof of assets. Preapproval helps make twentysomethings more appealing homebuyers to sellers.

Read on to learn more about how reverse mortgages work, qualifying for a reverse mortgage, getting the best deal for you, and how to report any fraud you might.