Qualifying for Reverse Mortgages

Who is eligible for a Reverse Mortgage loan?

To qualify for a Reverse Mortgage loan, at least one borrower must be 62 years of age or older and must own the home. It may be free of debt or may have an outstanding lien which must be paid at the time of closing the Reverse Mortgage. For additional qualification parameters, please contact one of our Reverse Mortgage Banking Representative.

What do I need to do before I apply?

Prior to taking application, the applicant(s) must attend an independent consumer counseling education session.  The purpose of this appointment is for a HUD-approved counselor to explain the legal and financial consequences of obtaining a Reverse Mortgage loan, as well as give other options which may be available for their needs. This session requires the understanding of the loan agreement and open the possibility that alternative options may be viewed as more appropriate or cost-effective solutions for funding needs. Family members are often encouraged to attend these sessions to help support the applicant’s decisions. Counselors are allowed to charge for this time and may collect for this service up front.

What fees are associated with a Reverse Mortgage?

Basic charges (other than interest) on a Reverse Mortgage loan include three types of fees:

  1. A one-time origination fee
  2. Initial and monthly mortgage insurance premium
  3. Third party closing costs include but not limited to: appraisal fee, credit report, title insurance, attorney closing fees and recording fees

 

To learn more, contact a Reverse Mortgage Banking Representative today!

 

                                 


Member FDIC McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams