Facts About Getting a Reverse Mortgage

Video Transcript

"Hi, my name is Bob Dixon, and I'm known as Mr. Reverse Mortgage. I'm a former HUD agency counselor, and I've seen probably every type of reverse mortgage that there is in the U.S.A. Now, the question today is facts about getting a reverse mortgage. And it's pretty simple to get a reverse mortgage. If you're over the age of sixty two and own your own home, you qualify for a reverse mortgage. There's no credit checks; no anything involved in a reverse mortgage. It's based on the age and the value of the home. Now, one of the great resources for the different ins and outs of a reverse mortgage, is to go to the AARP website, and they have a booklet called Homemade Money. That pretty much goes over everything from A to Z, and it's from a independent source. By the way, on the federal program the AARP had a great deal of input in setting up a reverse mortgage to protect the seniors, to make sure they're getting the best possible deal on a reverse mortgage. And again, it's a pretty simple process; you're over the age of sixty two. There are a few mortgages that are age sixty but they're not through the federal government. And then, it's a a matter of whatever your home appraises at. It's a combination of those two that tells you whether you qualify for a reverse mortgage. Now, there's a lot of different facts on which ways to go, and that's not something I can explain in two minutes, but the booklet, Homemade Money, and if you type that in in your Google search engine it'll bring it right up and you can read it right in front of you right now. And if you have any questions I'm available also. My name is Bob Dixon, known as Mr. Reverse Mortgage. Have a nice day."