Are you a senior homeowner in Cleveland, Tennessee? You may also qualify for a reverse mortgage to acquire extra cash. You can contact one of our Mortgage South Cleveland TN reverse mortgage lenders to find out if you qualify for this specific mortgage. Keep reading to find out the basic criteria to qualify for reverse mortgages:
Your house, townhouse, condominium, or manufactured home must have been built on or after June 15th, 1979. However, cooperative housing owners do not qualify for reverse mortgages, as they don’t legally own the property. Instead, they own shares of the corporation.
Age & Equity Requirements
To be eligible for a reverse mortgage with one of our Mortgage South Cleveland TN reverse mortgage lenders, you must be 62 years of age or older. You must also completely own your home or have at least 50% equity or higher.
The US Department of Housing and Urban Development requires all reverse mortgage borrowers to complete a counseling session. During this 90-minute session, you’ll speak with a mortgage counselor about the pros and cons of a reverse mortgage in your personal financial and housing situations in order to decide if this decision is the right choice for you. This session costs around $125.
Things to Remember About Reverse Mortgages
Before jumping into a reverse mortgage, keep in mind the following:
- Reverse mortgages can affect your eligibility for Medicaid and Supplemental Security Income.
- Reverse mortgages also require you keep up with property taxes, home repairs, homeowners’ insurance, homeowners’ association fees, etc.
- However, you cannot borrow the same amount of your home’s value or any number close to it.
- Reverse Mortgages have a high scam rate when provided by an unqualified party. For that reason, be sure to only pursue your mortgage with one of our Cleveland TN reverse mortgage lenders.
Mortgage South: Cleveland TN Reverse Mortgage Lenders on Your Side
For a decision as big as a reverse mortgage, trust the professionals at Options Mortgage. Our lending professionals care for the financial well-being of every client. Our mission is to provide every homeowner with financial opportunities they didn’t think they could ever have.