How Do I Qualify

How do I Qualify - Image
 
To qualify for a reverse mortgage in Houston, a homeowner needs to be a minimum age of 62, the outright homeowner of the property or possess a low balance on their mortgage that can be paid off at closing time from the reverse mortgage loan’s proceeds and live in the home as their primary residence. 
 
Next, the homeowner must acquire information for consumers from counseling sources approved by the U.S. Department of Housing and Development (HUD) before the loan is processed. There no credit score requirements. 

Can I apply if I didn't buy my present house with FHA mortgage insurance?
Yes, as possessing an FHA-insured mortgage doesn’t affect a person’s eligibility when applying for a reverse mortgage, simply because it will indeed become their FHA-insured mortgage loan. 

What types of homes are eligible?
Single-family homes or two-to-four unit properties are eligible, as are townhomes, detached homes, condo units and certain manufactured homes. Specifically regarding condominiums, the FHA must approve them and individual units may be qualified for the Spot Loan program.

What's the out-of-pocket cost?
Out-of-pocket costs for reverse mortgages are severely low. Often times, they’re limited to just application fees to cover property appraisals and a credit check.

Many of the other expenses can certainly be paid for by the loan, leading to many homeowners paying their closing costs and other expenditures with the reverse mortgage funds given to them. Advances are added to the loan’s balance, becoming included in the amount owed and paying interest on. 

Any charges for origination fees by lenders that exceed the amount that can be financed with a reverse mortgage will just require the difference to be paid by a homeowner. 

 
Call First Financial Reverse Mortgages today at (281) 575-8050 or toll-free at (866) 974-1303 to see if you may qualify for a reverse mortgage in Houston! 

Free Reverse Mortgage Analysis - Image


 
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