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The Types Of Homes That May Qualify For A Reverse Mortgage

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include single-family homes

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2-4 unit properties,

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condominiums, townhouses and

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newer manufactured homes.

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Co-ops do not qualify.

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The owner must be at least 62

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with enough equity in the home

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to qualify.

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Borrower credit

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and medical status are not relevant

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to loan payments

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since you don’t make loan payments on a reverse mortgage.

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Lenders will assess borrowers’ financial capacity

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to pay taxes and insurance,

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and may set aside loan funds

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to pay these in the future.