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Reverse
Mortgage - Reverse
Mortgage FAQs - Qualifications
Reverse Mortgage Qualifications
Terms for reverse mortgages vary by program. One of
AAXA's Reverse Mortgage Specialists can help you determine
whether or not you may qualify and which products best
suit your financial goals. The following standards are
in accordance with HUD guidelines:
- Borrowers must be at least sixty-two years of age or older
- The property must be either 1-4 unit primary residences, condominiums, or
manufactured homes that meet FHA's requirements
- Homeowners must own the property as their primary residence and should have
substantial equity in the home
- Borrowers must not owe any back debt to the government
- Income and credit scores are not a criteria to qualify
- Borrowers are required to maintain the property in "good condition"
to protect the value of the home, pay their taxes annually and pay for their
home owner's insurance
To learn more about reverse mortgage qualifications and to see if you may be
eligible, contact AAXA Mortgage today at 877-728-3569.
Other Popular Reverse Mortgage Questions:
What are
some basic qualification parameters?
How much cash
can I get and how do I get paid?
What happens to
my debt and what is the maximum I can owe?
Will
there be anything left for the borrower or their heirs once the property is
sold or the borrower no longer uses the home as their primary residence?
What are some of
the costs associated with reverse mortgages?
Will
receiving payments affect one's Social Security, Medicaid,
or Medicare benefits?
Who
owns the property, the lender or the borrower?
Is it possible
to refinance a reverse mortgage if a better opportunity becomes available?
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