Retiring Wise Blog
Reverse Mortgages 101: How to Qualify for a Reverse Mortgage07/03/13 / Reverse Mortgage Information / Written By: Kristen Curzytek
In our reverse mortgage 101 series so far we have looked at the benefits of the program and also the different options you have with the reverse mortgage. You might now be wondering….how do you qualify for a reverse mortgage? It is quite simple to qualify for a reverse mortgage. Here is what you need to qualify:
- 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.
Have the resources to pay ongoing property charges, including taxes and insurance
Yup. That’s right. That’s all it takes to qualify for a reverse mortgage. These are currently the only requirements to qualify for a reverse mortgage.
What you will like about the reverse mortgage option
Currently with the reverse mortgage income and credit score are not a factor in qualifying for a reverse mortgage. This is a good benefit for older Americans who are living on fixed incomes; they are able to qualify for the reverse mortgage which couldn’t be possible with other home loans.
Another great benefit to the reverse mortgage is you will not be required to make a mortgage payment to your reverse mortgage as long as you live in your home as your primary residence. You will still be responsible for property taxes, insurance and repairs to the home. But a payment to loan will never be required.
So if you are at least 62 years or older, reside in your home as your primary residence and have sufficient equity in your home and are looking for a way to eliminate your monthly mortgage payment or have the ability to have extra cash available for anything, a reverse mortgage could be the answer. Those three things are what it takes to qualify for a reverse mortgage.
Kristen Curzytek is a writer for Retiring Wise. Give us a call at (800) 401-8114 to talk to one of our licensed professionals. They can discuss your financial situation with you and determine if a reverse mortgage makes sense for you and your financial goals.