Can I Get a Reverse Mortgage If I Have Health Problems?

Some people may find it difficult to qualify for a traditional mortgage if they have health problems that are keeping them from holding a steady job. With a reverse home mortgage there are no income requirements. In fact, many senior citizens choose to borrow reverse loans to help pay for medical costs.

Reverse Mortgage Guidelines

One of the reasons reverse loans appeal to many seniors is because there are no asset, income, or credit requirements. Anyone who owns a home and is 62 or older can apply for a reverse mortgage. However, whether or not you actually receive money depends upon how much home equity you have and your age. The older the you are, the more money you qualify to receive through a reverse loan.

Paying for Medical Care

Once you receive money from a reverse mortgage you decide how to spend it. The money can be used for medical costs such as doctors fees, prescriptions, or in-home care. You can also use it to pay for a long-term care insurance policy or even life insurance. Reverse mortgages also can be used to renovate your home to add ramps, handrails, or make other changes that can improve your qualify of life.

You can get more information on reverse mortgage guidelines by contacting a housing counselor approved by the Department of Housing and Urban Development. If your existing health insurance isn’t going far enough to cover your medical costs, a reverse loan could supplement your income and help pay for the care you need. You can begin shopping for reverse mortgage lenders here to compare different loan packages.

This entry was posted on Tuesday, June 15th, 2010 at 1:53 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.