Reverse Mortgage Info - Basic Requirements

Colorado reverse mortgage lenders have a basic set of requirements to determine who might be eligible for reverse mortgages. For instance, senior home owners must be 62 and older to qualify for a reverse mortgage loan. If there is a couple involved in the transaction, the youngest of the two ages will be used to calculate the formula. Also, candidates must own their home as their primary residence.

The amount of funds that clients can qualify for is based on their age, the property’s value, existing liens, the location and current interest rates. There are no minimum income requirements to qualify for a reverse mortgage. Credit scores are not a factor for qualifying.

Eligible properties include: single family homes, condominiums, manufactured homes, and one to four unit dwellings.

To learn more of the fundamentals, check our FAQs on Colorado reverse mortgages. And, if you’d like more information on a reverse mortgage, you may contact any number of Colorado reverse mortgage lenders, or call me at (720) 641-3482. I’d be happy to help you with any of your questions.

This entry was posted on Thursday, October 4th, 2007 at 10:35 pm and is filed under Colorado Reverse Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.