What is the age qualification for a reverse mortgage?
Reverse mortgages are for homeowners, age 62 years and older. Is it possible to get a reverse mortgage if there is already an existing mortgage on the home? Yes, but any existing mortgage must be paid off when the reverse mortgage closes. The funds from the reverse mortgage can be used for that purpose. Does the lender take the title of the home? A reverse mortgage is only a lien against the property; therefore, the title will stay in your name. If there are no monthly mortgage payments, am I responsible for any other expenses related to the home? You are required to pay property taxes, homeowners and flood insurance (if required) and other expenses necessary to maintain the home. When does the loan need to be repaid? Loan repayment is triggered when the home is sold or is no longer occupied as your primary residence. In a case of more than one borrower, repayment is triggered when the last borrower permanently moves out. Will my heirs have to sell the property to repay the loan? No, t
A. Reverse mortgages are for homeowners at least 62 years of age. Q. Is it possible to get a reverse mortgage if there is already an existing mortgage on the home? A. Yes, but any existing mortgage must be paid off when the reverse mortgage closes. The funds from the reverse mortgage can be used for that purpose. Q. Are there any types of homes that do not qualify for a Countrywide reverse mortgage? A. The property must be your primary residence. Typically, vacation homes or other secondary residences, rental properties, or more than four dwelling units are not eligible. But speak with your loan specialist for the most current eligibility guidelines. Mobile or manufactured homes may be eligible depending on loan product. Q. Does a home in a “living trust” qualify for a reverse mortgage? A. In most cases, the answer is yes. As a part of the loan process, you will need to provide a copy of the trust or a Certification of Trust for review by the lender and title company. Q. Is there any t
