How To Avoid Reverse Mortgage Qualifications Problems

A senior makes it wise, if he or she makes sure the tings mentioned below are done correctly

, before he even starts the reverse mortgage application process. The lender or the counselor are the right experts to guide with this issue.

The seniors, who are in the normal financial statuses will not have any problems with the reverse mortgage qualifications, but the seniors, who are in the certain financial processes must handle the applications with care and to use the experts.

1. The Impact Of The Credit Record.

As said above a senior does not need any specific credit score to qualify for the reverse loan and no documents about the credit score is needed by the lender. However, if a senior has fallen behind the mortgage loan payments and the lender has already started the foreclosure process, a senior has a possibility to save the home by taking the reverse mortgage loan and by paying with that the mortgage payments away. This depends on the stage of the foreclosure process. This option should be checked with the counselor or lender.

2. The Impact Of The Bankruptcy Proceedings.

If a senior is in the middle of the bankruptcy process, he most probably will not qualify to the reverse mortgage. But if a senior is in the bankruptcy process after the bankruptcy proceedings, he have better possibility to qualify.

3. Not All Properties Are Accepted.

The equity of the borrowers permanent home is the only guarantee, that the reverse mortgage loan will have. This means, that the lenders are interested about the property types. The homes in the agricultural areas, homes with a lot of acreage, the condominium homes and the manufactured homes are the home types, which must be checked from the counselor or from the lender.

4. The Title Things.

The home title can have influences on the qualification. The seniors, who have homes with something uncommon in their home titles should ask about the influences from the lender or the counselor.

The things, which belong to this group are the trusts, power of attorney or liens from the earlier lawsuits, back taxes, repairs, renovations done for the property. It is wise to ask from these things from the lender or from the counselor, because they are quite easily solved.

As a senior can see from the text above, all things linked with the property are wise to ask from an expert already in the start of the application process. This requires, that a senior does his or her homework, i.e. lists the possible things before meeting the expert.

by: Juhani Tontti

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