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You can use the listing below to see if you qualify. If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender. You can search online for a FHA-approved lender or you can ask the HECM counselor to provide you with a listing.
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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.
Qualifying for a reverse mortgage. When you apply for a reverse mortgage, your lender will consider: your age, and the age of your spouse if they are registered on the title of your house; where you live; your home’s condition, type and appraised value; In general, the older you are and the more home equity you have when you apply for a reverse mortgage, the more money you could get.
To qualify for a reverse mortgage, the homeowner must be at least 62 years old and have sufficient equity in the house. The size of the loan depends on the value of the home, the age of the.
Because you are 65 years old, you appear to qualify for a reverse mortgage, but your 40-year old spouse does not. One way that used to be popular to get around this was to deed the title to the property solely into your name and leave your spouse off the reverse mortgage, but this can cause major problems.
If you have a history of late or outstanding payments on credit card, mortgage or other loan accounts, this can affect reverse mortgage eligibility. In some cases, the reverse mortgage lender may suggest waiting for a period of time so that the borrower can repair his or her credit, and then re-apply for the loan.
fha loans and condominiums Because of controversial eligibility rules imposed by the agency in recent years, the number of certified projects has plunged, with barely 20 percent of previously eligible condo communities now able.