Here are some of the qualifying guidelines:
YOUR PROPERTY must be acceptable for FHA financing (your loan officer will speak with you about this)
YOUR NUMBERS are based on the age of the youngest borrower.
RESIDING IN YOUR HOME as your primary residence means occupying the home for 6 months plus one day or longer.
PAY AND CONTINUE to pay your propertry taxes and insuranceand maintain the property.
REVERSE MORTGAGES must take first lien position with no subordinate liens. (except in a few instances)….so it can be used to extinguish your mortgage and/or credit liens. Doing so is required as part of obtaining a reverse mortgage.
The easiest way to find out about a Reverse Mortgage is to call your Reverse Mortgage Specialists at Geneva Financial, LLC and Reverse Mortgage for Seniors (WA and OR) …Joyce Handy, Rich Keana, Chris Handy. Our staff will provide you with quotes, mandatory counseling material and all the information you need to make an informed decision. Call us today!
*These materials are not from HUD or FHA and were not approved by HUD or a government agency.