Reverse Mortgage For Seniors

Reverse mortgages as also known as lifetime mortgage is a perfect option loan for seniors who's looking to cash out home equity without having to worry about monthly payments, and there are no minimum income or credit requirements. But before you invest significant time or money into the process, make sure you're qualify for the loan. First you must be 62 years of age or older, own your home and must live in the home and have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan and your home must be a single family home or a 1-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible. second, if you have unpaid debt on your home, it should be paid off before you apply for reverse mortgages. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. The fact is if you have the more valuable home , the older you are, the lower the interest, the more you can borrow. You can use Reverse Mortgage Calculator to see how much you can recieve the loan.

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