Reverse Mortgage: Different Property Types That Are Allowed

by Lori Buenavista on December 2, 2011

It is not easy to have the application for a reverse mortgage be approved. If we would like to have it approved, there are so many things that we need to take into consideration. The age of the person who will apply for the loan, and the type of the property are some of the things that needs to be considered in applying for a reverse mortgage. Some of the pre-qualifying conditions include properties like single family homes, vacation homes, townhouses, condominium units, rental homes, and a lot more. It is extremely vital that those who apply for such loan is at least 62 years of age.

Other requirements include a detailed inspection on the property. Some of them include inspection on the property if it has a smoke detector, carbon monoxide detector, permanent water heater, and other fixtures. Those fixtures need to pass a certain standard in order for the property to be accepted on the reverse mortgage application. If the heater on the property is that of the portable one, it will not pass the requirement. It is also necessary to consider all electrical wiring to be properly set up. All pipes for water and gas should all be maintained properly in order to avoid leakage.

Try to get the assistance of a credible company just like Reverse Mortgage San Diego who knows everything that we need to know about reverse mortgage. Some educators in San Diego Reverse Mortgage are highly skilled in getting the loan application a smooth process because they are experts in this process. If we fail to comply on the requirements, we cannot have the mortgage application approved. It is extremely vital for us to consider those things that way we can have the application approved on its first attempt.

Upon application, the property will be put into check by the appraiser. The duty of the appraiser is to check the property if it passes all of their requirements. However, if there are some problems, the homeowner need to fiz them as soon as possible. After the renovation, the appraiser will take pictures on the property and submit them to the office for final recommendations.

The requirements for condominium units are more stringent than that of a single home property. Those who do not have any idea how long would it take to have the condominium unit to be approved, the process may take a few months. An expert educator in reverse mortgage is the best person who can help us shorten the entire process. There are so many online companies that offer such services. They can be of great help to have the application approved in no time.

Learn more about Reverse Mortgage. Stop by Reverse Mortgage Educator’s site where you can find out all about reverse mortgage and what it can do for you.

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