NOVEMBER 10, 2021 – Reverse mortgage loan has long been a favorite for the elderly to own a house and live there in the second half of their lives. For people who had jobs that required travel or were in the defense services, being a homeowner was often out of the question, unless it was bequeathed by the parents. Such people, or their families have often hopped from house to house as their financial situation altered with time. But what has always been in their hearts is the acquisition of a home, or being a proud homeowner.
Though rules state that reverse mortgage under 60 isn’t applicable. So what is supposed to be done if a 55 year old wants to be a homeowner? As luck would have it, popular mortgage information website Reverse Mortgage Loan Advisors has excellent information on products where people qualify for reverse mortgage age 55.
Reverse Mortgage Loan Advisors. The premium website in the United States that provides the most comprehensive knowledge on loans and mortgages. According to the website, if you have a credit score of 620+ with full payment of prior debts and property taxes as applicable, you’ll easily qualify for the mortgage plan. If the credit score is between 600 and 619, there might be a few hiccups, but by and large the loan will be approved.
However, those with a credit score of less than 600 will have to have a special tax and insurance escrow account called a LESA so that the loan can cross the minimum threshold of approval. Since the launch of the plan on September 3 this year, 20 states have given the approval for it to be launched so far. They include states like AZ, CA, CO, FL, GA, PA, RI etc. The minimum and maximum loan amount has been set between $100,000 and $4,000,000.
“People do have to show proof of income, including liquid assets while applying for Reverse Mortgage at age 55. Though they don’t have to worry about debt to income ratio. Of the loan amount, you can borrow this way:
- Age 55 – 27.4% – 40.1%
- Age 56 – 28.5% – 41.3%
- Age 57 – 29.6% – 42.3%
“Any lender in the 20 states can offer the said mortgage on any type of property, except for manufactured homes or co-operatives. There is so much more to learn on this that I strongly recommend that you visit my website. Reverse mortgage under 60, as low as 55, is a piece of cake now”, said the founder of the website Reverse Mortgage Loan Advisors.
About Reverse Mortgage Loan Advisors
Reverse Mortgage Loan Advisors is a website that provides thorough information on all types of mortgages in the United States. The owner is a licensed loan advisor in multiple states.