Are there age requirements on Reverse Mortgages?

While a great way to gain some extra income, only a percentage of the population is eligible for a reverse mortgage loan.

For the federally insured Home Equity Conversion Mortgage(HECM), your home must be a single-family property, a 2- to 4-unit building, or a federally approved condominium or planned unit development (PUD). For a Fannie Mae Home Keeper mortgage, you must have a single-family home or condominium.

The value of your home must qualify to satisfy any existing liens.

If you have any debt or lien against your home, it can be paid off at the reverse mortgage settlement.

A reverse home mortgage is a great idea if you do qualify.

------------------------------

Spread the Word:

 digg this  del.icio.us  Technorati  Blogmemes
 Ask Jeeves  Furl  Reddit  Rojo
 Simpy  Spurl  Socialize It  Earthlink
 Google  Netscape  Windows Live  Yahoo

------------------------------

Posted by Jay McGrath | Leave a comment