When homeowners turn 62, they pass the age requirement to receive a reverse mortgage. Does this mean that anyone whose name is attached to a property automatically qualifies for this kind of loan? There are additional requirements that you should know. Aside from the need for everyone whose name is on your property title to reach the minimum age, there are rules concerning your current equity in your property, whether you live in or just own it, and even the designated type of residence. Additional expectations can make it harder to see clearly whether or not this is something you can apply for; it can also be hard for some homeowners to understand just what their reverse mortgage can offer them.
The guidance you receive from FHL Texas can help you understand the different rules and expectations for homeowners interested in reverse mortgages. We provide personalized support from the start of your inquiry to make sure this is something that is truly right for you. Beyond this help, we offer expert details on the different types of loans available and how they can be awarded. Applying for this kind of loan can offer significant help with retirement and other matters. When you speak with us about your interested, we can make sure applying is successful and in your long-term interest. (more…)