No other debts – including a traditional mortgage – may be secured by that home. However, a small remaining mortgage balance can (and must be) paid off if necessary from the proceeds of the new HECM. Reverse mortgages enable you to convert your home equity into cash, but while most homes are eligible, some are not.
You may need to set aside additional funds from loan proceeds to pay for taxes and insurance. You can use the online reverse mortgage calculator to find out if you have sufficient equity and what the loan principal limit would be. Frequently asked questions: If a homeowner is not 62 but they are permanently disabled, can they qualify? No.
As one of the largest reverse mortgage lenders in the nation, Liberty Home Equity Solutions, Inc. (Liberty) has helped more than 1,100 Florida homeowners since 2011 2 discover how a reverse mortgage loan can help them access the funds they need to plan for a more secure retirement. Let Liberty help you turn your home equity into the cash you need.
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The qualifications for a reverse mortgage are different from the qualifications you would need to meet to get a traditional mortgage. reverse mortgage Qualifications. A traditional mortgage requires employment and income information and a host of other criteria depending on how much you want to borrow. To qualify for a reverse mortgage, you need to be 62 or older and own and reside in your home.
Closing on a reverse mortgage During the closing process, you will carefully review and sign all loan documents to make sure the interest rates, fees, and proceeds are as discussed. Once this is complete, and the three day right of rescission has passed, you can receive your reverse mortgage funds.
Age qualification: All borrowers listed on title must be 62 years old. If one spouse is under 62, it might be possible to get a reverse mortgage. However, the loan officer will need to collect additional information upfront to determine eligibility.
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A reverse mortgage is essentially a special type of home loan that allows a homeowner, over 62 years of age, to convert a portion of the equity in their home into cash.