How to Know if My House Qualifies for a Reverse Mortgage
Are you looking for ways to save money to have a comfortable future? A reverse mortgage may be the perfect solution for you. It is a loan for individuals aged 62 or older to help them access a portion of their home equity. From the team at GoReverse Mortgage, we’re here to help you determine whether your home is qualified.
Homes That Does Qualify:
- Single Family Homes
- Multi-Family Homes
- Manufactured Homes
As long as you occupy the home as your primary residence, it may be eligible for a reverse mortgage. There are U.S. Department of Housing and Urban Development requirements that must be true for a manufactured home to qualify. A farm on agricultural land is only eligible based on the land’s acreage and the house’s value.
Homes That Don’t Qualify:
- Second Homes
- Mobile Homes
- Multi-Family Homes with Over 4 Units
These homes are unsuitable for a reverse mortgage because the purpose of the loan is to help senior homeowners in their primary residence. For instance, a vacation house is considered a second property. The loan only covers permanent property attached to the land. Co-ops are typically run by corporations and secured by shares; therefore, it is not residential piece of land.
Save Money Today!
Do you have a type of home that is eligible? You can start saving money to live your best life in retirement because you deserve it. With years of experience, GoReverse Mortgage specializes in reverse mortgages for New York residents. If your house meets the requirements, we would be more than happy to assist you!
Get in touch with us today at (718) 215-1630, or fill out a form for a free consultation.