Qualifying for a reverse mortgage is relatively straightforward. There are age, type of house and financial qualifications. Find out if you are.
· Qualifying for a reverse mortgage in Canada depends on: The age of the homeowners on the title. Canadian senior homeowners, age 55 and over, are eligible for a reverse mortgage. There is no maximum age, in fact, the older you are the more money you can access – up to 55% of the value of your home. The type of property. Most types of properties are eligible for a reverse mortgage.
How do Reverse Mortgages Work? When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you. Reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity.
Must My House Be Paid off for Me to Qualify for a Reverse Mortgage?* At the time of application, your home mortgage balance does not have to be paid off to qualify. However, the loan proceeds you receive from a reverse mortgage must be used to pay off the existing mortgage or liens (if there is a mortgage balance owing).
Reverse mortgage loans don’t have to be repaid until you no longer reside in the residence, the last surviving borrower dies, or if you do not comply with loan obligations such as paying property taxes, paying for insurance, or maintaining the property to federal housing administration (FHA) guidelines.
Qualify for a Reverse Mortgage Prior to April of 2015, the only qualifications were that you were 62 or older, had enough equity in your home and that the home met FHA guidelines. In April of 2015, FHA implemented something called Financial Assessment.
You might find reverse mortgage originators that offer higher or lower margins and various credits on lender fees or closing costs. Upon choosing a lender and applying for a HECM, the consumer will receive from the loan originator additional required cost of credit disclosures providing further explanations of the costs and terms of the reverse.
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