Qualifying For A Reverse Mortgage
There are only 3 basic requirements to qualify for a Reverse Mortgage:
1. The youngest borrower must be 62 or older
2. The home must be the borrower’s primary residence
3. The home must be eligible for an FHA appraisal
How much money will a person receive? The amount of money available to a borrower is based on the following factors:
• Age of the youngest borrower
• Current interest rate
• Appraised value and FHA county limit
• Program choice To help determine the amount you can qualify for, Eileen will need to get the following information from you:
• Name(s) of the homeowner(s)
• Owner(s) date(s) of birth
• The zip code in which the property is located
• A preliminary estimate of the value of the property
• A preliminary estimate of the balance due on any existing mortgages How can a person receive the funds? A borrower may take the funds in the following manner:
• Lump sum at closing
• Monthly payments to the homeowner
• Line of credit
• Combination of the above
Does a borrower need to pay up-front costs in order to obtain a Reverse Mortgage?
The fees, which are capped by the government, are reflected in the net figure available to the borrower. The fees are paid when the loan is repaid.
How is the Loan Repaid?
The Reverse Mortgage loan is due and payable when the last person on the note no longer occupies the home as a primary residence.
Need more details? Call Eileen Kennedy at 720-272-8125 or email her, today!
Eileen Kennedy email: Eileen@reversemortgagecolorado.com
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