Qualifying for a Reverse Mortgage
Reverse Mortgages are special loans designed to allow Seniors to use the equity in their homes and while staying in their homes for the rest of their lives. With a Reverse Mortgage the Bank pays you versus you paying the Bank. The money you receive from the Reverse Mortgage is tax free and can be used as you wish.
Unlike traditional mortgages, you do not need good credit or income to qualify for a Reverse Mortgage.To be eligible for a Reverse Mortgage you must meet the following qualifications:
- You and everyone else on the title of your home must be 62 years old or older.
- You have little to no mortgage on the property.
- Your home is your primary residence.
- Your home is in good condition.
- Your home is a single family; two to four family; condo; or townhouse. Some manufactured homes also qualify.
- You expect to stay in your home for a number of years.
If you meet these requirements, you qualify for a Reverse Mortgage.
Call one of our Reverse Mortgage Specialists for an appointment. They will explain the programs and help you decide if a Reverse Mortgage is right for you.
Mortgage Trust Group, Inc.
Getting Pre-Approved | Documents You Will Need | Avoiding Predatory Lending | How to Get the Best Mortgage |
