A reverse mortgage is a loan product that is available for homeowners over the age of 62 (eligibility ages may vary, depending on the lending institution). The collateral for the loan is the home’s equity, and the loan usually doesn’t need to be repaid until the homeowners sell the home, the last surviving homeowner leaves the residence, or until the homeowners pass away.
When the last surviving homeowner permanently moves away from the home, or when the homeowners sell the home or pass away, the estate has approximately six months to repay the reverse mortgage balance. This is usually done by selling the home; remaining equity can be left to heirs or inherited by the estate. What must be emphasized is that debt as a result of the home selling for less than the balance of the reverse mortgage is NOT transferred to the estate or heirs.
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Therefore, to quickly summarize eligibility:
If you mee the above requirements you can proceed to receiving a free no obligationreverse mortgage quote online – we compare top lenders on your behalf so you can save money and time.
In order to fully understand the reverse mortgage and how do they work it is important to consider the reverse mortgage pros and cons.
ELIGIBILITY- CAN I QUALIFY FOR THE HECM REVERSE MORTGAGE?
While the eligibility requirements may be different at other financial institutions such as banks and credit unions, most places that offer a reverse mortgage product have the same requirements as those for the Federal Housing Administration’s HECM (Home Equity Conversion Mortgage) reverse mortgage.
To be considered eligible for HECM reverse mortgage, homeowners must be at least 62 years of age. The home must be owned free and clear, or any liens that exist must be satisfied and eliminated with the reverse mortgage proceeds. Existing mortgage balance, if there is any, can be paid off at the time the reverse mortgage loan closes.
As far as credit checks are concerned, for reverse mortgages there are no credit score requirements; this is because the home is collateral and there are limits as to how much a homeowner can borrow with a reverse loan. An applicant cannot be delinquent on a federal debt while applying for a reverse mortgage.
If the applicant however is in a Chapter 13 Bankruptcy while applying for an HECM reverse mortgage, he or she must have proof that payments have been made on time for at least twelve months.
For even more information we suggest you review the following resources.
"The reverse mortgage program is NOT a scam - this is a federally insured program by the Federal Housing Administration. Some 100,000 seniors every year take a reverse mortgage your not alone."