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Reverse Mortgage Information About Eligibility and Requirements
To be eligible for a reverse mortgage all homeowners on the title must be at least 62 years of age. The home must also be your primary residence. A home is considered a primary residence if you live there at least six months of the year. It is important to note that your home must remain your primary residence to prevent the reverse mortgage from becoming due and payable.
Reverse mortgages do not have the same credit and income requirements as regular loans. You are not required to have perfect or even good credit. Income is also not required to qualify for a reverse mortgage. This is because it is understood that a homeowner trying to obtain a reverse mortgage may need additional income.
Reverse mortgages can be used in almost any circumstance including preventing foreclosure. You can still obtain a reverse mortgage even if foreclosure proceedings have already begun on your home. Our reverse mortgage calculator can tell you how much you can receive.
Certain things pertaining to the home remain your responsibility. These include the real estate taxes, homeowner's insurance, and any necessary home repairs. Some banks will allow you to set up escrow funds so that you can pay a little each month rather than having to come up with a lump sum at the end of each year. This will vary based upon the bank and must be set up after closing on the reverse mortgage.
In order to submit a reverse mortgage home loan to a lender, all borrowers must attain counseling with a third party, HUD-approved counselor. This counseling is required in order to ensure that you are well-informed throughout the reverse mortgage process.
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