Mortgage2USA.com
The Largest Non-Profit Mortgage Portal on the Internet.
Reverse Mortgages
Who is Eligible
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Homeowner Borrower Requiremtns :
Homeowner Borrower Financial Requirements :
Property Requirements :
The following Professionals are involved in today's Mortgage Markets :
Be 62 years of age or older
Own the property outright or have a small mortgage balance no more than 65% of the properties value. If there is a mortgage balance, it can be paid off completely with the proceeds from the reverse mortgage loan at the closing.
Occupy the property as your principal residence
Not be delinquent on any federal debt
Participate in a consumer information session given by an approved HECM counselor
No income or credit qualifications are required of the borrower
No repayment of the reverse mortgage proceeds as long as the property is your principal residence
Closing costs may be financed in the reverse mortgage
Single family home or 1-4 unit home with one unit occupied by the borrower
HUD approved condominium
FHA approved manufactured home
Mobile home built in the last 30 years where the land is owned, is on a permanent foundation and meets FHA inspection
All must meet FHA property standards and flood requirements
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