Three Reverse Mortgage Requirements to Meet in Las Vegas

Homeowners know that their properties build up equity over time. If the economy takes a sudden and steep downturn, that equity could suffer a bit. But overall, if your home is paid off, there is some value. Once you have retired and your home is paid off maybe you are ready to do something else with your life. For those who would like to extract some of that equity from their home, there are reverse mortgages in Las Vegas.

Reverse Mortgage Requirements

Here are three qualifications you must meet in order to qualify for this financial instrument.

Age

First and foremost, you must meet the age requirement in order to qualify for a reverse mortgage without exception. This is a financial tool specifically designed for older adults who are retired or about to retire. Since they will no longer have an income, they can request a loan backed by the equity of their home that helps them live comfortably through the rest of their life in Las Vegas. The youngest name on the title must be at least 62 years old.

Primary Residence

Another qualification that must be met in order to qualify for a reverse mortgage in Las Vegas is the person who files the application must use that specific address as their primary residence. There are no exceptions to this rule, either.

Financial Eligibility

Just as important in order to qualify for a reverse mortgage is the financial eligibility requirement. Ideally, the majority of the mortgage in Las Vegas will already be paid off and the home will have enough equity. (Read more on the documents needed for a home loan.)

Applications do get turned down if any one of these requirements is not met. For more information, you can always consult with a professional in this area.