9 Reverse Mortgage Qualifications You Need to Know – New Florida Mortgage

The fact that you have the lien does not automatically disqualify you from the loan but you have to satisfy the lien before the loan can be closed so it may become a "catch 22" if you need the funds from the reverse mortgage to pay the liens because that is not allowed.

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Reverse mortgage lending used to be like the wild west. scam artists operated alongside respectable lenders, and the industry had a somewhat seedy reputation that may not have been deserved. Today, reverse mortgages are so tightly regulated that as long as you choose a licensed and reputable lender, the chances of being conned are extremely low.

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A reverse mortgage is a loan secured by your home. This type of loan allows borrowers to access a portion of their equity – tax-free – without having to make monthly loan payments. Minimum Qualifications for a Reverse Mortgage. A reverse mortgage is the opposite of a regular mortgage.

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There are certain qualifications a borrower must meet before they are eligible to apply for a reverse mortgage. The borrower must be at least 62 years old and live in the home they want to take a reverse mortgage on. They have to own the home, meaning the mortgage is entirely paid off or has a balance low enough it can be paid off with the loan.

In other words, you need to have a plan in place for what you will do when mom either has to move or passes so that you are ready to extinguish the reverse mortgage at that time which would include 1) paying off the loan with money available to you, 2) you refinancing the loan into a new loan that would pay off the reverse mortgage, or 3.