Reverse Mortgage

A reverse mortgage loan can be a great option for those looking for retirement income or to pay off their current mortgage balance. Below is a quick overview on what to expect during your research.

Quick Reverse Mortgage Qualification Checklist

 

Step 1

Does this make sense for your situation?

Does a reverse mortgage make sense for your situation? Talk to your accountant, financial
planner, or attorney to understand your options.

Step 2

Would you qualify?

You must be at least 62 years old and your home must also be your primary residence.

Step 3

Educate yourself.

Make sure to receive free information from multiple reverse mortgage experts and compare
what they are offering. You can start by going to step 1 below.

Step 4

What are the hidden fees and closing costs?

There are a lot of scams targeting seniors. Ask about all the fees, closing costs, and other
hidden costs before securing a loan. Make sure your lender is HUD approved.

Step 4

Close the deal.

Underwriting will review your reverse mortgage application for approval after a home
appraisal and inspection.

Reverse Mortgage Lenders by State

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When applying for a loan, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved. Minimum credit ratings may vary according to lender and loan product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee. Any loan product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the loan product.

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© 2018 Mortgage.Info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.