FHA Reverse Mortgage – Do You Meet The Requirements For A FHA Reverse Mortgage?
Are you over 62 years old and your savings, 401K, or stock investments taken a hit in this down economy?
You may want to consider a FHA Reverse Mortgage as part of your retirement plans. Do you want to know if your meet the FHA Reverse Mortgage requirements?
The author of this article will discuss the basic requirements of a FHA Reverse Mortgage.
What Are the Requirements For a Reverse Mortgage?
As the economy shifts, retirement benefits and savings have dwindled, reverse mortgages have become a solution for many. Reverse mortgages are a way for those ages 62 and over to eliminate some of their monthly expenses get money back from their house.
So, if you are in need to eliminate your monthly mortgage payment and get money back from your home, please read ahead to see if you can participate.. As with all loans there are requirements for a reverse mortgage. Before embarking on your new loan, always double check your credit score and records. The following is a list of reverse mortgage requirements:
1. The persons applying for the reverse mortgage must be at least 62 years old or older. If more than one person is on the title, the youngest person must also be at least 62 years old.
2. You must fully own the property (house) or have a small balance left on the mortgage. Two to four unit dwellings and FHA-approved condominiums are also eligible.
3. The home must be your primary residence
4. There are no income or credit qualifications
5. You will remain responsible for taxes
6. You will be responsible for insurance for your home
7. You will be responsible for the continued maintenance of your home
8. Closing costs can be financed in the reverse mortgage
9. No repayment as long as this home is your primary residence (Moving, transfer of ownership, etc)
When applying for a reverse mortgage, keep in mind that it is very similar to applying for a new mortgage. Therefore, be prepared to provide documentation similar to applying for a mortgage. The following things are needed in a typical mortgage application.
* Documented income from the last 30 days. (Note, there are no income requirements)
* Monthly investment statements for the last 3 months.
* Bank statements for the last 3 months.
* Federal Tax Returns for the last two years.
* Bankruptcy filings, if any.
* Documents showing ownership and value of any high worth assets.
Author: Joe C Bailey To find out more on reverse mortgages, please visit us at here
Article Source: http://EzineArticles.com/?expert=Joe_C_Bailey
Do You Want To Know The Costs Of A FHA Reverse Mortgage?
Comments: Now you know the basic requirements of a FHA Reverse Mortgage, would you like to know the costs associated with a FHA Reverse Mortgage?
Here is a very informative article on the costs of FHA Reverse Mortgage.