No Income or Credit Qualifications
With a traditional mortgage, or a home equity line of credit, you must have sufficient income to qualify for the loan. In the current economy, you must also have great credit to be able to secure a loan and you are required to make monthly payments. In other words you need to have great credit, and a documented steady income from reliable sources, a job...or both, which will then allow you to qualify for the loan and access your home equity. You do not have these requirements to obtain a Reverse Loan.
This was exactly the case for one of our clients. Her home was paid off, but unfortunately she was running out of money at the end of each month. She was unable to get a mortgage or a home equity line of credit because, as she put it.... “When you get old, and don't have a job, you can't pay it back…and they don’t like hiring old people”. She had all this equity in her home that she had spent years building up by making her mortgage payments.... and had no way to get access to it. A Reverse Mortgage was the perfect solution for her.
A Reverse Mortgage has no Income Qualification. You will not be disqualified because of poor credit. You do not need to have a job; you only need to be 62 or older. Why??? Because it is only the equity in your home and your age that qualifies you for the Reverse Mortgage.
You can find out today if your home qualifies for a Reverse Mortgage by filling out the QUICK QUOTE box on the right side of this page!
Quick Quote
