What You Should Know.. When Considering a Reverse Mortgage
By myfirstcho6600809, Dec 28 2018 12:09AM
All borrowers listed on the title must be at least 62 years old. If one spouse in under 62, you may still qualify for a reverse mortgage, but there are considerations we should discuss as the spouse under 62 would not be a borrower on the loan.
Your reverse mortgage must be the primary lien on the home. This means any existing mortgage must be paid off using the proceeds from the reverse mortgage.
The property used as collateral for your reverse mortgage must be your primary residence. Investment properties and vacation homes do not qualify.
The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, HOA fees, and hazard insurance. The borrower must maintain the home to a minimum FHA safety standards. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
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