Qualifying for a Reverse Mortgage

By Leon J. Thorson

In America, our seniors are in a crisis. Health-care costs are at all time highs, including prescription drugs and normal living costs. Some seniors are opting to skip their prescriptions to pay for groceries, others are rationing their drugs to last twice as long. If you or a loved one have taken these drastic steps, or if you have gone back to work in an attempt to afford living, you should know what thousands of seniors know.

There is hope; there is the reverse mortgage. Not only is it gaining popularity to help people pay for day to day life, it is helping people enjoy life again. With few requirements, it maybe easier to qualify than you thought.

The reverse mortgage qualifiers are:

You must be at least 62 years of age.

You must be a homeowner.

You must have equity in your home.

Qualifying for a reverse mortgage may certainly alleviate a number of the stress factors currently in your life. Do be aware that you still must keep your home maintained. Taxes and insurance also need to be kept up to date.

Reverse mortgages offer tremendous benefits to those that quality, but they are not appropriate for everyone. If your property is in poor condition, it may not qualify as homes need to be inspected and meet specific standards through either the loan company or the government. If you are planning on selling or refinancing a home within the next few years, a reverse mortgage is also not for you.

About the Author:

A MN Reverse Mortgage may possibly be a fiscal life saver for you or someone you care about. To learn more about if a Reverse Mortgage in MN is right for you call Mike Kraus at (763) 355-8540.