Can I Get A Reverse Mortgage On My Condo? Read here for how you can get a reverse mortgage on your condominium!
A reverse mortgage is a financial product that allows a senior citizen to liquidate a portion of their home. One question that many people have is whether they can get a reverse mortgage on their condo. Whether they can get a reverse mortgage on their condo is dependent on several things.
The first factor that is used to determine whether or not you can get a reverse mortgage on your condo is if the condo is your primary residence or not. A reverse mortgage is designed to be secured only by a person’s primary residence. If your condo is just a vacation home or part time residence, then you will not be able to get a reverse mortgage on the condo.
Value of Condo
The next factor that is used to determine whether or not you can get a reverse mortgage on your condo is the value of your condo. The amount of reverse mortgage proceeds is largely dependent on the amount of equity you have in your home. If you condo has fallen in value and you still have a traditional mortgage, then you may no longer qualify for the reverse mortgage.
Age of Borrower
The third factor that is used to determine whether or not you can get a reverse mortgage on your condo is your age. A reverse mortgage is only designed for senior citizens that are 62 years of age or older. Even if you are over 62, you still may not qualify for much reverse mortgage proceeds. This is because the younger the borrower is, the less they will receive from the lender. This is because mortality rates are much lower for younger people.
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