This means that the reverse mortgage would not provide enough money to pay off the existing mortgage on the home – it is coming up "short." In this situation, some homeowners may choose to make up the difference by paying down the balance on their mortgage by the amount of the shortfall so that they can qualify for the reverse mortgage.
This is according to data compiled by mortgage resource hsh.com. and calculates the income needed to qualify for a median-priced home in each market,” HSH said in an accompanying statement.
Age Requirement In order to qualify for a reverse mortgage, you must be at least 62 years old. All loans have their own age requirements, but most lending institutions offering reverse mortgages use this particular age for qualification purposes. Eligible Properties Not all properties are eligible for reverse mortgages.
Breaking: HUD Increases 2019 Reverse Mortgage Limits to $726,525 Higher Reverse Mortgage Limits coming january 1st 2018 Starting in 2018, lending limits for government-insured reverse mortgages will increase, allowing borrowers the opportunity to access more of their home equity than ever before.
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