You may qualify for a
Reverse Mortgage.

Improve your

retirement

With a

reverse mortgage

Who is Eligible for a Reverse Mortgage?

Determining eligibility is very easy. Although reverse mortgages are becoming common place and there is a lot of media coverage about them, many people are still a bit hazy about what the basic eligibility requirements are.

Some seniors are under the impression that to be eligible for a reverse mortgage all one needs is to own a home, regardless of how much is still owed on the current mortgage balance. They think of a reverse mortgage as a typical conventional refinance transaction where the loan amount can be very close to the value of the home. However, this is not the case.

There must be substantial equity in the property. Minimally, the amount of equity should be in the neighborhood of 50 to 60% of the appraised value, depending on the ages of the homeowners and the current interest rate. The equity requirement is at last the expected life time of the youngest owner on title to the property.

For example if the youngest homeowner has just turned 62 (which is the minimum age requirement to be eligible for reverse mortgages) the money being paid out to the seniors from the built up equity, could potentially last 30+ years.

To be eligible for a reverse mortgage here are the main criteria:
  • All owners on the title to the home must be at least 62 years old
  • There must be substantial equity in the home - 50 to 60%
  • The home must be your primary residence
  • Eligible property types are: Single Family Homes, Condos, Town-homes, 2-4 Unit owner occupied homes, and Manufactured homes that were built after June, 1976 and are on permanent foundations where the land is owned not rented or leased.
  • Currently, Agriculturally zoned property is NOT eligible and some coops are not eligible.
  • You must complete Reverse mortgage counseling
    • Counseling usually takes on hour
    • Telephone counseling is permitted
    • List of counselors hecmresources.org
There are NO credit, income or medical qualifications

TO MAKE IT SIMPLE THE BEST WAY TO IMPROVE YOUR RETIREMENT IS TO
UTILIZE A REVERSE MORTGAGE. THE REASONS ARE SIMPLE AND ARE AS FOLLOWS.

  • Stop Paying Your Monthly Mortgage Payment
  • No Medical Requirements
  • No Income Requirements
  • No Credit Requirements to Qualify
  • Stop Worrying About Mortgage Payment and Increase your Cash Flow
  • Title Remains in Your Name as Long as You Live in the Home
  • The Lender Pays the Homeowner TAX Free Payments "REVERSE MORTGAGE"
California Real Estate

Improve Retirement (949) 732-0342

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