To qualify for any loans, there are always requirements that one must meet. Whether it is a title loan or payday loan, the lending institution always has some terms and conditions that each applicant should meet before they can get a loan approval. This situation is also applicable when looking for the best Reverse Mortgages Richmond can offer.
The first thing that the reverse mortgage lenders consider is the age limit. By law, anyone applying for a reverse mortgage loan must have reached 62 years and above. This means that you cannot qualify for this kind of loan if you are below the age of 62. Age is not all that counts; you also need to live in the house in question.
The law dictates, in order to permanently live in the home, you must spend more than six months of each year in the home. You cannot get such loans on a vacation home that you only visit for a few days or months of the year. It is also possible to acquire such a loan on a property that you jointly own with another party. There are limits, however, to the number of people who can own a single home.
The limitation on the number of homeowners is three. If you own one home together with your spouse and another party, you can get a loan on that home. There is a catch, however, in that you must all meet the minimum age requirement of 62. If any of the co-owners is under 62 years, the group will not qualify for the reverse mortgage.
It is also important to make sure you understand the kinds of homes that can qualify for the mortgage. Not any house is eligible for the reverse mortgage program. One to four unit homes are eligible, as well as any manufactured homes that were built after 1976. Condominiums can also qualify, but they must first go through an approval process from the department of housing and urban development.
There are properties that are absolutely ineligible for the Reverse Mortgages Richmond. A good example is homes in cooperative home development programs. It is also important to understand that this mortgage program is on a non-recourse basis.