The government only guarantees a certain number of Reverse Mortgages. Annual Reverse Mortgage volume is growing rapidly. Something short of 500,000 loans are written a year.
In my experience only about 70% of people who want one can get a Reverse Mortgage. Rule outs are not based on income or on credit scores. They are because of issues like limited home equity, zoning of the property, ages of one owner, or type of house and title. Predetermining eligibility does not even require your social security number. Qualifying for a Reverse Mortgage, does not require any particular income, and it is not dependent on any particular credit score. You may qualify with good credit, bad credit or no credit.
What is necessary to find out if you can get a reverse mortgage and how much you might qualify for. 1. All owners of the property must be 62 years of age or older. 2. Your City, State and Zip Code Zip 3. The equity you have in your house (current estimated value minus first mortgage and any second liens) 4. Zoning must be residential
Then after we determine if you might be eligible you have a counseling session. This is a HUD requirement. I provide a list of at least 5 certified counselors working in your state. You get a counseling certification after the counseling session. You cannot actually apply for the Reverse Mortgage until we have the counseling certificate. You can start the pre application process at anytime.
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