If you are of the age 62 or older and need a little extra financial help, well you may be able to apply for a reverse mortgage. This is a type of loan you can borrow against the value of your home. Whether you’re looking for extra money to help with medical expenses, home repairs, or to travel the world, this is a way you can do just that. We are ready to help you apply for a reverse mortgage, Nashville! In addition, this may help you get your finances under control.
There are different types of reverse mortgages depending on your qualifications and financial needs. This is an opportunity to turn the equity you put into your home for years into cash. Like many other loans there are requirements for you to be accepted for the loan. Here’s a look at some of the requirements for a reverse mortgage.
Requirements for a Reverse Mortgage Nashville Can Rely On
1. Property Ownership
There are a few requirements that need to be met within the realm of your property. You must own the property outright and paid at least 50% of the equity in your home. It is also a requirement that you currently live in the home that you are going to take the reverse mortgage from. The property can be a house, condominium, townhouse, or manufactured home that is built after 1976.
The Federal Housing Administration (FHA) requires counseling session that is approved through the U.S. Department of Housing and Urban Development (HUD). This counseling session will take approximately 90 minutes and will go over the pros and cons of a reverse mortgage. The counselor will also go over the different types of funding options and if it will affect your eligibility for Medicaid and Social Security.
Borrowers will have an origination fee, up-front mortgage insurance, closing costs, interest, on-going mortgage insurance, and sometimes they will have loan servicing fees. A lot of these costs can be paid from the loan itself, therefore it doesn’t require you to put down any savings on the loan.
Contact Us Today
The main two requirements for a reverse mortgage are to be 62 and older as well as owning at least 50% of your home. We have helped thousands of homeowners turn their home equity into cash. For that reason, we’re ready to help you get the funds you need. Give us a call today for any to apply for a reverse mortgage in Nashville.
Call Mortgage South today at (423) 624-3878 to discuss your reverse mortgage options.