Have a look at this nice presentation on reverse mortgage loan, eligibility criteria to obtain this loan as well as advantages & disadvantages of this loan.

6. In order to become eligible for a reverse
mortgage loan, you have to fulfill these
requirements 1. Your age should be at least 62.
2. You must own a single-family home or
other approved property.
3. Your home should be your primary residence.

8. 1.You can use the reverse mortgage proceeds for
whatever purpose you want. You can use it for
funding the education of a family member, for
traveling purposes, for meeting the basic
necessities of life or for anything else.
2.The most widely used reverse mortgage is the
federally guaranteed home equity conversion
mortgages (HECM).
3.The money that you receive through
reverse mortgage is tax-free.
4.As long as you stay in the house, you retain
ownership of the house.

11. Conclusion
Despite some drawbacks, reverse mortgages are
preferable options when it comes to paying for
your healthcare costs, remodeling your home,
making a big purchase, or changing your
lifestyle. Moreover, if you have debts to pay off,
need money for someone's education, or wish to
plan for a vacation, reverse mortgage is a good
choice.

12. MortgageFit
For more information on mortgage
Contact us at (800) 969-6348
Send mails at sam@mortgagefit.com
Find us on: