Does My Home Qualify For A Reverse Mortgage?

Does your home qualify for a reverse mortgage? And there’s a few things we look at for this.

The first one is, is the home your primary residence? We cannot do a reverse mortgage on a vacation home or on an investment property.

The home must be your primary residence. The second thing we look at is what type of a property is it? The most common is a single family detached regular house. We can also do reverse mortgages on condos, manufactured homes and multi-family residences, so between two and four units.

Anything above four units, we cannot do a reverse mortgage on, but again, you have to live in the property. So if it’s a multiunit property, it cannot be an investment property.

The last thing we look at as to whether your home qualifies for a reverse mortgage is the condition of the property. The property has to be in a decent condition and you have to have maintained the upkeep on the property. Basically what we’re mainly looking for is health and safety issues. As long as the home doesn’t have any major problems with it, and there’s no health or safety issues, your home will qualify for a reverse mortgage.

I hope that helps you out. And if you have any other questions regarding reverse mortgage or about the topic I just talked about today, would love to talk to you about that… 303-670-0137 or baxterteam@fairwaymc.com