Qualifying for a Reverse Mortgage
Challenging economic times, high prescription drug costs, and bills coming in; it is the standard day in America. Times are tough especially for our seniors.
There is hope; there is the reverse mortgage. Not only is it gaining popularity to help people pay for day to day life, it is helping people enjoy life again. With few requirements, it maybe easier to qualify than you thought.
The requirements are:
You must be at least 62 years of age.
Ownership of your residence
Equity in your residence
Getting a reverse mortgage will certainly make life easier to live, if not far more enjoyable. It is important to know that you are still responsible for your home. All maintenance and upkeep is yours to do or hire and proper insurance must be adhered to. Taxes are also the responsibility of the homeowner as well.
Reverse mortgages offer tremendous benefits to those that quality, but they are not appropriate for everyone. If your property is in poor condition, it may not qualify as homes need to be inspected and meet specific standards through either the loan company or the government. If you are planning on selling or refinancing a home within the next few years, a reverse mortgage is also not for you.
There is hope; there is the reverse mortgage. Not only is it gaining popularity to help people pay for day to day life, it is helping people enjoy life again. With few requirements, it maybe easier to qualify than you thought.
The requirements are:
You must be at least 62 years of age.
Ownership of your residence
Equity in your residence
Getting a reverse mortgage will certainly make life easier to live, if not far more enjoyable. It is important to know that you are still responsible for your home. All maintenance and upkeep is yours to do or hire and proper insurance must be adhered to. Taxes are also the responsibility of the homeowner as well.
Reverse mortgages offer tremendous benefits to those that quality, but they are not appropriate for everyone. If your property is in poor condition, it may not qualify as homes need to be inspected and meet specific standards through either the loan company or the government. If you are planning on selling or refinancing a home within the next few years, a reverse mortgage is also not for you.
About the Author:
A Minnesota Reverse Mortgage may possibly be a fiscal life saver for you or someone you care about. To learn more about if a Reverse Mortgage in Minnesota is right for you call Mike Kraus at (763) 355-8540.
posted by Credit Counseling at
9:52 AM
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