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Why do we need this information for a quote?

• Age is a factor. Keep in mind that one of the requirements of a reverse mortgage is that the borrower should be at least 55 years old. Additionally, age can affect the loan amount you qualify for.
• The value of your primary residence is also a factor. Since a reverse mortgage converts home equity into cash, the amount of available equity is an important consideration. This means that an appraiser will look over the property to determine its fair market value. 
• Finally, an assessment of the borrower’s financial situation will also be a factor. This is important because, while borrowers do not need to make monthly mortgage payments, they are still obligated to take care of all property charges including property taxes, homeowner’s insurance, any HOA payments, all maintenance costs, etc.

Other Reverse Mortgage Requirements

• Age – As a borrower, you need to be at least 55 years old, though a non-borrowing spouse can be younger.
• Ownership – In addition, you need to own the property which will be the subject of the reverse mortgage. This equity in the home is needed to qualify. With a reverse mortgage, you will remain the owner on title.
• Residence – Finally, you need to live in the property as your primary residence a minimum of 183 days per calendar year.

Why Can’t I See My Results Instantly?

• Unlike typical mortgages, reverse mortgages involve much more specific data to get an accurate quote. We believe you deserve the most accurate quote possible, so we’ll call you with our best estimate based on the information in this form, and if you want to move forward, we can collect more information to give you an exact quote and our best service.