Do I Qualify For A Reverse Mortgage?
A Reverse mortgage is a loan to free up the equity in your home to eliminate mortgage payments and/ or get cash to help fund other needs in retirement all while you are still living in your home. Unlike most people think, you don't give up ownership or title of your home by doing a Reverse Mortgage, it is just a mortgage lien just like any regular forward mortgage lien. To qualify you must be age 62 or older and must continue living on the premises.
The Requirements are as follow:
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Must be 62 or older
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Must complete HECM counseling course (1hr)
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Must occupy property as primary residence
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No federal debt delinquencies are allowed
If you meet those simple criteria you may be eligible for a Reverse Mortgage. You don't need a good credit score or much proof of income to qualify, however you are still obligated to pay your property taxes and insurance just like any regular forward mortgage as well.
Reverse Mortgage Loans without the Hassle!
You can get a Reverse Mortgage in just a couple weeks and here are the steps needed.
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First you complete the Reverse Mortgage preliminary questionnaire so one of our mortgage advisors can determine your eligibility or if it's a right fit. If a HECM Reverse Mortgage is right for you, we will help you with the application process and submit all your documents to the lender.
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You will then call to schedule your HECM counseling course which usually lasts about 1hr. That course was created to protect consumers and is done with a third party with no affiliation with Dream Cap Loans or the lender itself.
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We'll help order an appraisal to get an accurate value of your home and see how much cash you are eligible to get at closing
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You will also need an inspection to make sure that house is in livable conditions and no urgent repairs are needed.
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Once we are done with above steps we will help coordinate your closing and help prepare the documents needed.
93% of borrowers say their reverse mortgage had a positive effect in their lives!
Based on an AARP Survey Done in 2006,
TYPICAL REVERSE MORTGAGE SCENARIOS
Might Make Sense
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Can't meet monthly payments obligations
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House needs urgent repairs
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No heirs counting on house to fall back on
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Need cash for medical procedures with no other means to cover.
Might NOT Make Sense
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Living a comfortable retirement with sufficient income.
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Children living in the house too
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Plan on moving in a few years
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Want to leave a legacy for heirs