Our Mortgages 
Qualifying for a Reverse Mortgage is simple. There is no risk to you and no obligation on your part. You need to be 62 or older, live in your own home, and have a desire to stay there! Most homes or condos will qualify, as long as it is your principal residence.
Our Senior-friendly process will tell you how much money is available to you to use any way you wish. You can use the money for anything you want to and you never have to make any monthly payments. You could buy a new car, put a new roof on your house, fix the air conditioner; you name it. You could even choose to invest in other financial services making your retirement more comfortable. What you do with your money is up to you. Our plans are federally insured and the concept of a Reverse Mortgage is endorsed by the AARP, NRMLA, and FHA. This is the most regulated part of the Mortgage Industry. You can be confident that you are entering into a safe and secure relationship.
Will my House qualify for a Reverse Mortgage? Many times seniors consider a Reverse Mortgage as a viable way of increasing their retirement cash flow, but sit and wonder if their property will qualify. While they sit and “wonder”, rates are fluctuating and in some cases moving against their interests.
By “interests” I mean the amount of cash benefits they might derive from a Reverse Mortgage. Usually, in the case of a Reverse Mortgage, if the interest rate climate is one of increasing rates, waiting is NOT in the senior’s best interest. We will save that discussion for our next bulletin, so let’s go back to qualifying property types. This is really fairly simple. There are four or five classes of property that you will encounter with your seniors; they should fit into one of these classes.
- Single Family Detached Homes
- Single Family Attached Homes (condos and townhouses)
- Duplexes, Tri-plexes, and quads where one unit is owner occupied
- Manufactured housing built after 1976, to HUD standards WITH a HUD medallion on it, permanently tied to the ground, double wide, and able to pass a heightened scrutiny type of inspection.
- New! Manufactured Homes titled as Condos
- Co-ops coming soon.
In all cases, the senior must occupy the home as their primary residence. This means they call it “home”; they eat Thanksgiving Dinner there and entertain their kids; you get the picture. There is an originator running around Florida telling people that if they occupy the house for one day of the year, that is sufficient. It is NOT – what that is, is fraud. You client must have the property as their homestead; they must get utility bills there, keep clothing there, I hope this picture is coming through loud and clear. As more and more of you “forward” originators get into this business, there will be more and more attempts made at “creative occupancy”. Please don’t do that. This is a wonderful program and it does wonderful things for seniors. But the property is the ONLY source of repayment, and with the exception of a few private programs out there HUD and Fannie Mae REQUIRE that the subject property be the principal residence. I think I have said enough. Now let’s talk about condition. Remember, the house does not have to be perfect. There can be minor repairs that need to be done, and most of the Reverse Mortgage programs will allow the loan to close holding back a portion of the benefits to fund the needed repairs. You are probably used to having to complete repairs before your client can close. This is different with most Reverse Mortgage customers.
