Qualifying for a Reverse Mortgage
In America, our seniors are in a crisis. Health-care costs are at all time highs, including prescription drugs and normal living costs. Some seniors are opting to skip their prescriptions to pay for groceries, others are rationing their drugs to last twice as long. If you or a loved one have taken these drastic steps, or if you have gone back to work in an attempt to afford living, you should know what thousands of seniors know.
There is light at the end of the tunnel. Some people are beginning to take action in ways that have not been seen before: the reverse mortgage.
With the popularity of this mortgage increasing many people are asking, "what does it take to qualify?" With few requirements, it is one of the easiest mortgages to get and one that truly has long lasting benefits for the homeowner.
The requirements are simple and straight-forward:
Age 62 or older
You must be a homeowner.
You must have equity in your home.
Once you qualify, know that you are still responsible for your home. You must still maintain the residence. You also need to make sure you continue with your homeowners insurance and pay your property taxes.
Reverse mortgages offer tremendous benefits to those that quality, but they are not appropriate for everyone. If your property is in poor condition, it may not qualify as homes need to be inspected and meet specific standards through either the loan company or the government. If you are planning on selling or refinancing a home within the next few years, a reverse mortgage is also not for you.
There is light at the end of the tunnel. Some people are beginning to take action in ways that have not been seen before: the reverse mortgage.
With the popularity of this mortgage increasing many people are asking, "what does it take to qualify?" With few requirements, it is one of the easiest mortgages to get and one that truly has long lasting benefits for the homeowner.
The requirements are simple and straight-forward:
Age 62 or older
You must be a homeowner.
You must have equity in your home.
Once you qualify, know that you are still responsible for your home. You must still maintain the residence. You also need to make sure you continue with your homeowners insurance and pay your property taxes.
Reverse mortgages offer tremendous benefits to those that quality, but they are not appropriate for everyone. If your property is in poor condition, it may not qualify as homes need to be inspected and meet specific standards through either the loan company or the government. If you are planning on selling or refinancing a home within the next few years, a reverse mortgage is also not for you.
About the Author:
A MN Reverse Mortgage could potentially be a financial life saver for you or someone you care about. To find out more about if a Reverse Mortgage in MN is right for you call Mike Kraus at (763) 355-8540.
posted by Credit Counseling at
3:40 AM
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