It is in fact now much tougher than in the past to get a Reverse Mortgage. The key to success for retirees and seniors going forward seeking a Reverse Mortgage is to plan. In short, don’t wait until you have spent your last dollar before you decide to apply for a reverse. The loans are now being scrutinized for risk and not everyone is going to be eligible. A plan could be as simple as inquiring six to twelve months ahead of time before the basis for need becomes funds of last resort. If you want to maximize your chances of obtaining a reverse mortgage, start with a plan and an experienced loan officer that not only can explain the complexities of the program so you can clearly understand them, but also provide guidance to help you get the loan.
George H. Omilan
President-CEO - NMLS# 873983
Jefferson Mortgage Group LLC
Helping seniors with Reverse Mortgages in Virginia, Maryland and Pennsylvania.
Questions/Comments encouraged.