Are you a good candidate for a reverse mortgage?
While a reverse mortgage has helped many people with financial help for their retirement it isn’t the right choice for everyone. We have helped people in Scottsdale, Sun City and all the communities of the great Phoenix area to see if one is right for them. On this page we will go over what you would need to qualify for a reverse mortgage and if you’d be a good candidate for one.
First there are some basic requirements that are required to be able to qualify for a reverse mortgage. They are:
- You must be at least 62 years of age, along with any other borrower must be at least 62 years of age as well.
- You must be the owner of the home and it must be your primary residence.
- You must have built up enough equity in your home.
If it is time to retire and now your income will no longer be there, will you be able to still pay your mortgage payments? If you haven’t saved enough or just don’t have the funds to continue pay the mortgage of your home then you might be a good candidate for a reverse mortgage. With a reverse mortgage you will no longer have to pay mortgage payments and instead you will be getting money from your lender. This way you can stay in your house and have extra income to live out your retirement.
Are you planning on staying in your home for the long term? If so then a reverse mortgage could be a good option for you. However if you only see yourself in that home for another year or so it might not be the best options since there are fees and costs at the start of the reverse mortgage.
With a reverse mortgage you are still responsible for the up keep of your house, to pay your property taxes and have a current home insurance policy. So to be a good candidate you want to make sure you will be in the position to make sure that your home remains in good condition and regular maintenance is done. Also make consistent payments on your home insurance policy so it stays current and pay any property taxes. If you don’t you could potentially default and go into foreclosure.
Contact us to get any additional questions answered.
