Seniors may struggle with their finances. One way you can solve this problem is with a reverse mortgage.
Let us put you in contact with a home loan expert to help you get pre-approved today.
About Reverse Mortgages
If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
How do I qualify?
Conventional mortgage borrowers typically make larger down payments than FHA borrowers, and they tend to have a more secure financial standing and are less likely to default. A larger down payment means lower monthly payments. Plus, with the ever-increasing mortgage insurance premiums on FHA loans, payments for conventional loans that don’t require private mortgage insurance can be much more manageable in comparison.
Some other eligibility requirements include...
- Credit Score. The minimum credit score requirement is typically between 620-640 depending on the the wholesaler that is used.
- Income must be verified by reviewing your recent pay stubs, W2s and tax returns. Debt-to-income ratio cannot exceed 43%.
- Bank statements and investments will need to be verified to ensure the you has sufficient assets to close. These funds must be able to cover a down payment with any associated closing costs.