Reverse Mortgage

What are the Requirements for A Reverse Mortgage?

brown house in quiet neighborhood

A reverse mortgage is beneficial for numerous reasons. It gives you a chance to enjoy your home after retirement and keep ownership of it without paying another mortgage payment. The qualified professionals and specialists at Idaho Reverse Mortgages can help you get there!

Age Requirement

The age requirement to qualify for a reverse mortgage is 62 and above. This is because reverse mortgages are designed for seniors to lower their expenses and entirely cut off mortgage payments. This makes retirement more enjoyable for seniors, and easier on their finances!

Own your Own Home

It is important for a senior who is thinking about a reverse mortgage to own their home. You must own your home outright or have a small enough mortgage left on your home so it can be paid off in the reverse mortgage process.

Required Counseling

It is important to have a financial counselor while in the reverse mortgage process because they will guide you and explain how it works in detail. This is required because it will help you understand the basics of a reverse mortgage, ways as to how this can apply to you, and help you to make an informed decision. It is also key to find out as much information as you can about reverse mortgages to make sure it is the best decision financially for you and your family.

Other Needs to Qualify

There are several other needs you may be required to have in order to qualify for a reverse mortgage. This helps to eliminate the majority of people so only seniors who fit the requirements can receive a reverse or jumbo reverse mortgage.
If you want to take out a reverse mortgage, you cannot have extreme federal debt. It will backfire on you if you take out a mortgage and cannot pay off your home payments. Another need to qualify is you must be able to pay insurance, property taxes, and homeowner’s association fees. This is just to make sure that you will have the finances to cover your bills and taxes.
The team at Idaho Reverse Mortgages is more than happy to work with you to see if you meet the requirements, so give us a call today!

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