Diamond Bar Reverse Mortgage Question - What are the qualifications for a reverse mortgage?
By Deborah Nance, Southern California , Reverse Mortgage Specialist
(Orange County, Corona, Riverside, Los Angeles)
What are the qualifications for a Reverse Mortgage, do we qualify? If you are homeowners and are over the age of 62, you just might. Some things to know in order to determine whether or not you are eligible. First - do you have enough equity? The amount of money you can borrower on a reverse depends upon 3 things. Age of Youngest Borrower. Expected Rate Lesser of the Home Value or FHA Lending Limit. (Currently at $625,500.00, but may be lowered October 1) It is not the normal 80% of home value, more like 50 to 70 percent. Once you know if you have age and equity on your side, then you need to look to the home itself. Single Family homes in good condition. Some FHA Approved Condos. Some reverse mortgage lenders will loan on Manufactured Homes on owned real property with a permane...
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