Reverse Mortgage Qualifications

It’s simple and easy — qualifying depends on these important factors:

  • You must be age 62 years or older, and
  • Live in and own your home (must be your principal residence)

Then your age, appraised home value and current interest rates are used to calculate the amount you may receive.

How much could you qualify for?

Some other factors to understand:

  • The property must be FHA approved.
  • Qualification is based on the youngest borrower on title.
  • Principal residence means that you must reside at the property for six months and one day per year.
  • You must continue to pay property taxes, home insurance and continue to maintain the property.
  • Reverse mortgages can pay off existing mortgages on the home. In fact, it is required as part of obtaining a reverse mortgage loan.

The best and fastest way to find out how you qualify is to fill out the form on the “Request FREE DVD” page of this website and receive our free, no obligation Better Life Information pack presented by Former Senator Fred Thompson.

This information guide will help you with everything you need to know about reverse mortgages and get you on the path to a Better Life. If you’d like to speak with an American Senior Advisors Professional to find out exactly how much you qualify for, please call toll free (305) 232-0007.

Reverse mortgages have enabled older homeowners to address a range of needs and desires with a high level of initial satisfaction.

- 2006 AARP National Survey of Reverse Mortgages Shoppers

93% of borrowers said that a reverse mortgage had a positive effect in their lives.

- 2006 AARP National Survey of Reverse Mortgages Shoppers

 

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