Reverse Mortgage

Seniors may struggle with their finances. One way you can solve this problem is with a reverse mortgage.

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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.

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