Reverse Mortgage Access: Qualifications
Recently you may have heard about a reverse mortgage and the many benefits there are in obtaining one of these. There are some requirements that must be met to get a reverse mortgage first. To see if you are eligible, you must meet the next criteria. You must be over the age of 62, have paid off your house or only have a very small balance left on it, the house MUST be your primary residence, you can't have been late on any federal debt you might owe, and you must be willing to participate in a consumer information counseling session offered by an approved HECM counselor.
If you have met all of this criteria, and are still interested in obtaining a reverse mortgage, you should know about the different loan types as well that goes into this. There are a few different payment options out there. You can select a Term payment plan, which is where you get equal monthly payments for a fixed period of months selected, you can do a Line of Credit where you have unscheduled payments at various times and in am amount you choose until that line of credit is gone, you can go with Tenure where you get equal monthly payments for as long as you or another borrower living the home continues to live at the house and it is their primary residence.