Who Qualifies for Reverse Mortgage? | HECM Reverse Mortgage Basics

Who Qualifies for Reverse Mortgage? | HECM Reverse Mortgage Basics

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In this video I talk about the question / subject, "Who Qualifies for Reverse Mortgage?".
Video Transcript:
Hey there, thanks for stopping by the channel. My name is Shawn and this is Reversed TV.
I'll be talking about reverse mortgage today (obviously),
but more specifically I'll be talking about who qualifies for reverse mortgage.
With that said, let's dive in.
There are two basic qualifications for reverse mortgage. Obviously, there are more and I'm not gonna bore you by reading you a 360 page guideline manual.
So, the very first qualification in terms of who qualifies for a reverse mortgage is, there's an age requirement.
Uh, you have to be either age 62 or age 55 or older to qualify for a reverse mortgage.
The FHA reverse mortgage point of entry is age 62 and up.
And, there are proprietary reverse mortgages where the point of entry is age 55 and up.
Do note that this program is not available in every single state, but they are available in a majority of the states.
The second qualification is that there is an equity requirement. So, with the FHA reverse mortgage you can borrow roughly 36 to 40% of your home value at age 62 and it just increases a little bit with every passing year until you get into your nineties and then you qualify to get around 68 to 74% of the value of your home.
Uh, it's worth noting that for the FHA reverse mortgage this does change every single week on Tuesday and it's dependent on interest rates. As interest rates drop, you actually get to borrow more and as interest rates raise (rise rather), you can borrow a little less.
In fact, at one point in time when interest rates were at all time lows, you could borrow about 52% at age 62. Those days are gone now probably since 2018 that all changed and the program has been roughly what I'm discussing with you right now.
With the proprietary reverse mortgage, you can borrow on a sliding scale ABOUT 32% all the way up to about 60%. And, that's not as interest rate driven as the FHA reverse mortgage (meaning it doesn't change every single week). But, it does change periodically and it is just dependent on what's going on in the secondary market and all that boring sort of stuff.
I hope that helped answer your question. With that said, please drop a "like" and subscribe.
Take care. Have a great day. Have a great evening and enjoy the weekend ahead.

🔥🔥Get Your Free Reverse Mortgage Info Kit at:
(714) 271-8524
[email protected]
https://reversemortgageloanadvisors.com/free-reverse-mortgage-information-kit/

www.ReverseMortgageLoanAdvisors.com and Reversed TV Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead.