Qualifying for a Reverse Mortgage
Challenging economic times, high prescription drug costs, and bills coming in; it is the standard day in America. Times are tough especially for our seniors.
There is hope; there is the reverse mortgage. Not only is it gaining popularity to help people pay for day to day life, it is helping people enjoy life again. With few requirements, it maybe easier to qualify than you thought.
The requirements are simple and straight-forward:
You must be 62 years of age or older.
You must be a homeowner.
You must have equity in your home.
Qualifying for a reverse mortgage may certainly alleviate a number of the stress factors currently in your life. Do be aware that you still must keep your home maintained. Taxes and insurance also need to be kept up to date.
Though a reverse mortgage has amazing benefits for those who qualify, it is not for everyone. A reverse mortgage is not for those who have properties in disrepair, as they are inspected to meet certain government and regulatory standards. A reverse mortgage is also not for those individuals hoping to sell or refinance their property in the next few years.
[...] Thankful For Anything wrote an interesting post today onHere’s a quick excerptQualifying for a Reverse Mortgage Posted by Leon J. Thorson on December 3, 2008 under Finance by Leon J. Thorson Challenging economic times, high prescription drug costs, and bills coming in; it is the standard day in America. Times are tough especially for our seniors. There is hope; there is the reverse mortgage. Not only is it gaining popularity to help people pay for day to day life, it is helping people enjoy life again. With few requirements, it maybe easier to qualify than you th [...]