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In a regular mortgage, you pay the lender over a period to eventually own the home. In a reverse mortgage, the lender pays you as an advance towards the equity of your home. The amount is tax-free and you do not have to repay it as long as you live in the home.
Here are the basic reverse mortgage eligibility criteria:
Age
To qualify for this type of mortgage, you need to be 62 years or older. Under the new regulations that relax norms for a non-borrowing spouse, you may still qualify for the loan even if your spouse is less than 62 years old.
Balance home equity
Another major requirement to qualify for a reverse mortgage is that you should have a significant equity balance in the home. You must have at least 50% home equity while applying for the loan.
Self-occupied
The third reverse mortgage eligibility criterion is that the home should be self-occupied. Moreover, it should be your primary residence. Investment properties are not eligible for reverse mortgage loans.
Counseling
When you apply for a reverse mortgage loan, you need to undergo a counseling session from a Department of Housing and Urban Development (HUD) approved agency. During the session, you will be given all information related to such loans and will also help you understand if a reverse mortgage is appropriate to your requirements or not.
In addition to the aforementioned eligibility criteria, the home on which you want to avail for the loan must also adhere to certain qualification norms as listed below:
You also need to meet certain financial requirements to qualify for a reverse mortgage loan. These are listed as follows:
Although a reverse mortgage loan may help meet your financial requirements during your post-retirement years, it is important to remember a few things about these loans. These include:
In case your spouse is not part of the loan, your spouse may reside in the home post your demise as long as all expenses like taxes and insurance are paid by your surviving spouse.
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