Reverse mortgages aren't for everyone, but if you're a senior citizen who wants to convert your home equity into a cash resource, then they're likely just right for you. A reverse mortgage allows you to maintain all the joys of home ownership while receiving payments from a mortgage lender and, most importantly, still residing in your home. If you no longer need to stay in your home, there's no reason to bother with a reverse mortgage as you'd do best to go ahead and sell the residence.
You shouldn't hastily consider a reverse mortgage however. While it may provide an easy source of cash, you have to consider that you're handing over a substantial chunk of your home equity to a lender. There's still a tradeoff.
Who is Eligible for a Reverse Mortgage
Firstly, and most importantly, reverse mortgages are exclusively available to senior citizens. They won't be granted to anyone below the age of sixty two. Thus, income is not typically a consideration as the recipient is likely retired. Reverse mortgages are primarily concerned with home equity anyway.
The health of the mortgage recipient isn't typically an issue, so you shouldn't be forced to undergo any exams or be required to provide a medical history to the lender. Further, receiving a reverse mortgage will not affect, in any way, your current Medicare or social security benefits.
Unfortunately, if you're a mobile home owner, you aren't eligible for a reverse mortgage.
You shouldn't hastily consider a reverse mortgage however. While it may provide an easy source of cash, you have to consider that you're handing over a substantial chunk of your home equity to a lender. There's still a tradeoff.
Who is Eligible for a Reverse Mortgage
Firstly, and most importantly, reverse mortgages are exclusively available to senior citizens. They won't be granted to anyone below the age of sixty two. Thus, income is not typically a consideration as the recipient is likely retired. Reverse mortgages are primarily concerned with home equity anyway.
The health of the mortgage recipient isn't typically an issue, so you shouldn't be forced to undergo any exams or be required to provide a medical history to the lender. Further, receiving a reverse mortgage will not affect, in any way, your current Medicare or social security benefits.
Unfortunately, if you're a mobile home owner, you aren't eligible for a reverse mortgage.
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