Reverse Mortgages Virginia Beach is a financing option in which seniors may borrow money off of the equity within their property that has accumulated over time. Essentially, the process allows seniors to acquire money to sustain themselves without the hindrance of mortgage payments. Throughout this process, seniors retain ownership of their property without the worry of foreclosure.
Eligibility Requirements for Reverse Mortgage
In order to receive a reverse mortgage, you are required to meet specific eligibility requirements. You must be retirement age or older. In most cases, 62 is the minimum age requirement. The property in which you wish to include in this reverse mortgage should be your first home and not a vacation property. If you live within a property for less than half of the year, it does not meet the eligibility requirements for this loan product.
You are subject to FHA loan requirements which mean that the property must meet the property type requirements for the loan. In most cases, the property must be a single-family property that was built after 1976. Although some lender requirements may vary. The primary homeowner must be listed first on this loan. Although additional co-signers are eligible for inclusion. The property owner may make adjustments to the loan and property title whenever needed. The property remains in the name of the homeowner and ownership is not transferred to the lender.
Local Mortgage Lender
Reverse Mortgage Pro is a mortgage lender who specializes in reverse mortgage products. These products enable seniors to gain access that they need during critical times without the worry of monthly mortgage payments. If you are a senior and a homeowner you can receive more information about these loan products by contacting this lender directly.
Summary
Seniors who wish to borrow off their home equity should consult their mortgage lender and learn more about Reverse Mortgage Virginia Beach. This loan product caters specifically to senior homeowners. The product allows the senior to receive emergency funds for a wealth of reasons without the worry of foreclosure. If you are a senior and require a fast and effective financing option, you should consult your mortgage lender about this loan product immediately.
