Reverse mortgage eligibility often appears too good to be true, but the truth is, it’s really not. It is, however, very important to work with a reputable and experience reverse mortgage lender to ensure all questions are answered, the borrower receives the best solution for their needs, and the best interest rate possible.
Here are the eligibility specifics:
• Borrower must be 62 or older. Married couples are also eligible, but in order for both spouses to be on the loan they must both be 62 or over.
• Have equity in the home, by having no mortgage or a mortgage that can be paid off, no other liens against the home, that cannot be eliminated with the loan proceeds.
• Borrower must meet willingness and capacity guidelines, and continues to be responsible for property taxes, homeowners insurance, and upkeep of the home.
Click here to email Brenda, call (972) 803-3073 or call toll free at (800) 304-4143