How Can I Qualify For A Reverse Mortgage?
How Can I Qualify For A Reverse Mortgage If I Am Still Working? A Reverse Mortgage is not for everyone. To Qualify for a Reverse Mortgage, the homeowner needs to be at least 62 years of age or older and homeowners needs equity in their homes. Without any equity, a senior homeowner will not qualify for a reverse mortgage.
Can I still Qualify For A Reverse Mortgage If I Am Still Working?
The answer is yes. It’s actually easier if you are working because the recent law changes. As a matter a fact, most lenders would prefer that you are still working because this will make easier for you to income qualify. What….? Income qualify…..?
2015 Reverse Mortgage Guidelines And How To Qualify For A Reverse Mortgage
Yes you have to income qualify in order to qualify for a reverse mortgage. As of April 27, 2015 you have to prove that you are able to afford to pay your taxes and insurance in order to qualify for a Reverse Mortgage. There is a great reason for this. The only way, for all practical purposes, you can get foreclosed on in a Reverse Mortgage is that you don’t keep up with your Real Estate taxes, and your homeowners insurance.
Property Taxes And Insurance
What’s happening across America is the mismanagement of public funds, public pension problems, and political side deals are causing taxes to rise to pay for sins of the past, and current and future political sins to come. Seniors are watching Real Estate taxes, and all their other taxes and expenses rise as their income doesn’t. So it is important to make sure they can at least pay their Real Estate taxes and their Homeowners insurance.
No Income Maximum Limits On Reverse Mortgages
An actually HUD Consultant called me today and asked this very question: Will my mom still qualify for a Reverse Mortgage if she is still working? The answer was yes. She will be more likely to qualify.
For those of you who don’t know what a HUD Consultant is, it is someone who is an Expert on HUD or FHA Property Condition Rules. A Reverse Mortgage appraisal would have to conform to these rules. If it didn’t, the borrower would have to make repairs to the property to meet “FHA Health and Safety Standards” before a Reverse Mortgage could be made. Ironically, I never expected a HUD consultant to ask me if his mother would qualify for a Reverse Mortgage if she was still working.
So if you have a job currently, and you are earning social security or some other retirement, it is much more likely that you will be likely to qualify for a Reverse Mortgage.