1, You must own your house and you can have mortgages on it.
2. If you are single you must be 62 years of age. If you are married
one of the two of you must be 62 years of age and the other doesn’t
have to be that old.
3. Everyone who wants to be on title of the reverse mortgage must be 62
years of age.
4. Anybody who is on title cannot be in bankruptcy.
5. Income for the borrowers is ignored by the lender.
6. We can only use $650,000 as the highest value on your house. When
you take the reverse mortgage and wish to sell the house you will get the
entire value of the house even though it is above $650,000. When either you or
heirs sell you must pay back what you received when you started and the
accrued interest. If the amount of the sale is less than what you owe you
will be excused for the unpaid balance. THERE ISN’T ANY DEFICIENCY
To find out what you could qualify now please send us the dates of birth of the title
holders, how much you owe on your mortgage, your street address and a copy of
your social security card.
We will find the value of your place, with a mortgage on it and if no mortgage a value
will also suffice.
I will contact you after I forward the results and go through it with you. If you want
to go forward I will explain the options to you and get it going.
I am looking forward to hearing from you. If you wish to call my phone is (818)464-5152.