Wednesday, May 02, 2007

Do I Qualify for a Reverse Mortgage Loan?

Do I Qualify for a Reverse Mortgage Loan?
by Nancy Woodward

This is a good question I received from a friend. There are guidelines to qualify.

1. You must own a home. You can own this home with others but your name must be on the title of the home.
2. You must live in the home and it must be your primary residence.
3. You may be eligible even if you have a small loan on this home whether it be a mortgage or secondary loan.

While these are easy qualifications, you must continue to own the home and live in it for the loan to remain open.

You will not have to make payments on this mortgage. You won’t need to qualify for the loan other than the value of your property must be ascertained. You won’t be asked questions about your health.

Easy… Yes, but consider the costs prior to moving forward.

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