Most single family homes are eligible for a reverse mortgage. For an accurate listing of approved homes, review an online FHA or reverse mortgage lender site.
Eligible Homes for a Reverse Mortgage
Most senior owned and occupied single family homes are eligible for a reverse mortgage loan. An FHA or a reverse mortgage lender online site is a convenient way to review the types of homes on the approved list. Condominiums, 1-4 unit structures, and some mobile or manufactured homes are also listed as appropriate homes for a reverse mortgage. The property owners are required to live in one unit of the multi family structure in order to qualify for the loan. Not all mobile and manufactured homes meet the single family restrictions, but many are approved for this type of mortgage program.
Reverse Mortgage for Senior Citizens
Senior homeowners who are at least 62 years old may consider a reverse mortgage to increase their income. A home that is paid for or one that carries a small balance is a good candidate for this type of program. A large portion of the equity that has accrued throughout years of mortgage payments can be accessed and returned to the property owners. This tax-free money is disbursed to the homeowners in the form of monthly payments, a line of credit, or one lump sum payment. The funds do not adversely affect Social Security earnings or Medicare benefits.
A Reverse Mortgage Choice
A reverse mortgage serves as supplemental income for seniors during their retirement years. The money may be used to make home repairs and improvements, or pay off debt. This mortgage program offers peace of mind to live life to the fullest with financial security. Homeowners are enabled to live in their homes until another living option is a better choice.
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