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'Qualifications' Category Archives

Reverse Mortgage Options for Veterans in 2024

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Question from our reader: "We have a reverse mortgage, but we were never told there was a reverse mortgage for veterans.  We have quite a bit of equity in our home.  Can we refinance our current reverse mortgage to a VA reverse mortgage?"  [arlo_toc] Understanding FHA and VA Loan Mechanisms FHA and VA's Indirect Role in Loans:  It's important...
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2024 Reverse Mortgage Age Requirements

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Reverse mortgages stand out as a powerful tool for individuals age 62 and older, allowing them to tap into their home equity without the need for ongoing mortgage payments.  At the forefront of these options is the Home Equity Conversion Mortgage (HECM), a program insured by the Department of Housing and Urban Development (HUD) offering a secure way for seniors...
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Credit Requirements for a Reverse Mortgage in 2024

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An important part of qualifying for a reverse mortgage is evaluating a borrower’s credit history.  This article explains the credit qualifications necessary for a reverse mortgage in 2024, highlighting key factors such as payment history, satisfactory credit, and additional considerations that underwriters will evaluate in the loan approval process. [arlo_toc] How will my credit history be examined...
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Understanding Reverse Mortgage Qualifications (Updated 2024)

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You may be interested in applying for a reverse mortgage, but like any loan, there are specific qualifications you must meet.  And because the Federal Housing Administration insures most reverse mortgages, many aspects of your finances and home condition need to meet government standards for this to happen. Some more apparent reasons someone may not qualify for a reverse mortgage are...
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Reverse Mortgage Income Requirements in 2024

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When considering a reverse mortgage, it's important to be aware of financial assessment underwriting guidelines, specifically the minimum residual income requirements set forth by HUD. These requirements are an important part of the lender's application process to ensure that you, as a borrower, can comfortably handle ongoing property-related expenses such as property taxes, homeowner's insurance, and maintenance costs after obtaining...
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5 Options When You Don’t Qualify for a Reverse Mortgage

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Many people who applied for a reverse mortgage sometime in the past but then applied again over the last year were surprised to see that when they looked at the numbers again, they received a lot less money now.  For some, the difference was so great that even though the past figures allowed them enough to repay the existing mortgage...
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5 Reverse Mortgage Rules to Consider in 2024

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Reverse mortgages can be a helpful financial tool for many seniors, but the requirements can sometimes be a bit confusing.  It's 2024, and some things have changed.  Knowing the basics is important if you're over 62 and thinking about a reverse mortgage. That's why we've compiled an easy-to-understand guide on the five basic rules for reverse mortgages this year.  We...
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Reverse Mortgage Credit: Tax Lien, Judgement & Collections

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[arlo_toc] How Credit History Can Affect Your Reverse Mortgage Eligibility  Court judgments and outstanding state or federal tax liens can blemish your credit history and make borrowing difficult.  These derogatory marks on your credit report can also hinder your ability to get a reverse mortgage. A reverse mortgage allows homeowners age 62 and older to borrow against their home equity,...
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Reverse Mortgage for Second Home or Investment Property?

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One question we often get from potential clients is: Can I take a reverse mortgage out on my second home? The short answer is no, not anymore.  Prior to the financial crisis, some lenders did offer a private product that allowed borrowers to obtain a reverse mortgage on their second home. But today, most reverse mortgages are through the Federal...
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2018 Reverse Mortgage Condo Spot Approval Update

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ALERT: HUD Announces Condo Changes Effective October 15, 2019! I live in an active retirement community called Somers Village which is an ASSOCIATION. I applied for a reverse mortgage with AIG beginning in Jan 2018. working with a broker or agent. After 6-8 weeks of supplying all the required paperwork, etc, ending with the my condo appraisal. When my...
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