Who qualifies?
Please select from below for applicable statutes and explanations:
* This is by no means intended to be a complete description
of reverse mortgages. This page is intended to give a
litigant an idea of the reverse mortgage process.
Do not rely on this page alone for guidance; contact
Edward Stone for additional information.
Please contact Edward Stone here..
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All persons on the title to the home must be at
least 62 years of age to qualify for a reverse
mortgage.
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In order to qualify for a reverse mortgage, title in
the property must be held in the name of the
applicant. Difficulties are presented when
homes are held in trusts.
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Equity in the home is the single biggest
determination of how much you can get out of a
reverse mortgage.
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Credit scores are an important component in
traditional mortgages. Credit scores play
absolutely no roll in determining qualifications for
reverse mortgages. It makes no difference if
your credit score is 450 or 850.
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Income is an important component for tradional
loans. It is of no concern for reverse
mortgages. It makes no difference whether you
make $1,000,000 a year, or $1; lenders will evaluate
your reverse loan application exactly the same.
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Debt to income ratio is a percentage of your monthly
debt service compared to your income. In
traditional loans, debt to income ratio (DTI), is a
critical factor. Just the opposite is true
with reverse mortgages. Your DTI does not
matter in reverse mortgages. It makes no
difference whether you would be able to qualify for
a conventional loan; qualification for the reverse
mortgage has nothing to do with whether the lender
thinks you can repay the loan.
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