Am I Eligible For a Reverse Mortgage?
A reverse mortgage loan converts real estate equity into spendable cash for qualified borrowers. A reverse mortgage may be a great choice for retirees or those planning their retirement as the loan offers them the opportunity to stay in the comfort of their home (unless they default on the loan, in which case they may face foreclosure) while also reducing their monthly mortgage payments and increasing their cash income.
As with any type of mortgage, certain criteria must be met to apply for and receive the loan. Do you qualify to apply for and obtain a reverse mortgage?
Eligibility Requirements For a Reverse Mortgage
Personal Requirements
Those that apply for reverse mortgages must:
Be 62 years old or older
You own a home on your own or have at least 50% equity in the home
The home you own is your primary residence, and you will live in it for the duration of your reverse mortgage
Meet with a reverse mortgage loan counselor before applying
Property Requirements
Reverse mortgage-eligible properties include:
Single-family homes
Townhouses
2 to 4 unit properties with one unit that is occupied by you
FHA-approved condominiums
Financial Requirements
You must be able to prove your financial ability and willingness to meet the reverse mortgage loan obligations, including paying your insurance and property taxes, as well as continuing with upkeep and periodic home maintenance and repairs.
If you have any more questions about your reverse mortgage eligibility, the mortgage loan officers at Hartford Funding LTD are here to answer your questions and help you apply.
To learn more about reverse mortgages and to see if you qualify, contact the mortgage loan officers at Hartford Funding LTD.
If you’re looking to apply for a reverse mortgage on Long Island, consider turning to Hartford Funding LTD. We will patiently work with you to offer all the information needed to determine if a reverse mortgage is right for you and then guide you carefully through every step of the application process.
To learn more about our services and schedule an appointment with our mortgage loan officers, call us at (516) 595-7646 or visit our website.