Qualifying for a Reverse Mortgage

By Leon J. Thorson

There is no reason that hard working citizens should have to put their bills before their health care. No one should have to choose groceries or prescription, and yet that is a situation many of our seniors find themselves in. It doesn't have to be this way.

Many seniors have started to tap into the equity they have built throughout the course of their life. Many seniors have decided to take out a reverse mortgage. You may be thinking you don't qualify or that it is a complex process. Rest assured, it is a process that will have you breathing a sigh of relief and it is far easier to qualify than most people think.

The requirements are:

Age 62 or older

You must own your residence.

Equity in your residence

Getting a reverse mortgage will certainly make life easier to live, if not far more enjoyable. It is important to know that you are still responsible for your home. All maintenance and upkeep is yours to do or hire and proper insurance must be adhered to. Taxes are also the responsibility of the homeowner as well.

Is a reverse mortgage right for everyone? The answer is no. You will have a lot to think about when beginning the process of applying, so weigh your options carefully. If your home is in disrepair you will not qualify as properties are inspected. You also will want to avoid the reverse mortgage if you are planning to sell or refinance your property within the next couple of years.

About the Author:

A Minnesota Reverse Mortgage may possibly be a financial life saver for either you or your loved one. To find out more about if a Reverse Mortgage in Minnesota is right for you call Mike Kraus at (763) 355-8540.