Qualifying for a reverse mortgage

Reverse mortgages are designed for those over the age of 62 who are looking to gain greater financial security or simply are in need of additional cash for a variety of reasons. While other loan programs continue to make lending guidelines stricter and maintain a firm grip on their funds, reverse mortgages continue to be one of the easiest loans to qualify since there are no credit or income requirements. The qualifications are that you must be 62 years of age or older, you must be living in the home as your primary residence and must have (on average)a minimum of 50% equity established. It is considered a loan that is taken against the home to be used to payoff any current liens, credit cards, and any other debt including past due taxes and medical bills. In addition, you may qualify to receive additional cash that can be used for any purpose. Cash received is not considered income, and therefore is not taxable by the IRS. There are no monthly mortgage payments required, however you must continue to pay property taxes, homeowners insurance and any other property bills. The loan must be repaid in full when one of the following three events occurs: 1. All borrowers on the loan have passed away 2. All borrowers are no longer living in the home as their primary residence or 3. Borrowers demonstrate inability to make payments for property taxes and/or homeowners insurance. As long as these requirements are met, then the borrowers can continue living in the home without having to make a payment for as long as they live. Since monthly payments are not required, the loan balance will grow over time primarily by accrued interest charges and in most cases by FHA mortgage insurance. Reverse mortgages are non-recourse which means that you or your heirs will never have to pay out of pocket if the proceeds from the sale of the home are insufficient to cover the loan balance at that time. NOTE: This is a general overview on reverse mortgages and additional details may apply depending on individual circumstances & situations. Contact us for a free consultation and obtain information to help determine whether a reverse mortgage may fulfill your specific needs.  Call:  877.576.3783 or visit www.reversemortgagebenefit.com.