Reverse Mortgage FAQs
1. Am I qualified for a reverse mortgage if I currently have an existing loan on my home?
2. My property is held in trust. Do I qualify?
3. To avoid probate, my children and I own the property in joint tenancy. Do we qualify?
4. Are manufactured homes eligible?
5. Are there restrictions on how I can use the money?
6. I’ve had some credit problems. Can I still qualify for a reverse mortgage?
Yes, but the existing loan must be paid off prior to or at the settlement of the reverse mortgage. Quite often the reverse mortgage is used to pay off or refinance an existing loan.
Yes, but you must be the primary Trustee and qualified by age.
Yes, if the children are age 62 and older and live in the property. Otherwise, they would need to be taken off the title for you to participate.
Yes. The home must have been built in 1977 or later and have a permanent foundation that is approved by FHA.
Of course not! After all, it's your money.
Yes, you can, because your credit isn’t a factor in determining eligibility. All owners listed on the property title must be at least 62 years of age, and the home must be the owners’ principal residence. Health and credit issues aren’t a concern.
