How To Income Qualify For A Reverse Mortgage

A homeowner 62 years of age can income qualify for a reverse mortgage for over $300,000 with income of roughly $2,000 per month.

How is this possible? We are going to take a look at a comparison on qualifying for a bank HELOC for $200k vs obtaining $200k from a HECM reverse mortgage line of credit.

The income needed to qualify for a HELOC is quite a bit higher than the income required to qualify for the HECM reverse mortgage line of credit.

I made a 10-minute video which will take an actual HELOC applicant’s income and debts and compare the two loans side by side to demonstrate how much income is needed to qualify for each loan.

I think you will be surprised at the difference.

I will also go over how a HELOC can be frozen due to a drop in the home value, and how the HECM reverse mortgage line of credit stays open even if property values drop along with other differences between the two loans.

Click here to watch this video.

Feel free to fill out the contact form if you have any questions or concerns, or email me at [email protected], or call me at 805-276-1942

Warm regards,

KW

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This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default.. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

Kevin Walton

NMLS #245923
Phone: (805) 276-1942
C2 Reverse Mortgage Corporation
12230 El Camino, Suite 100, San Diego, CA 92130


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Kevin Walton, Residential Mortgage Loan Originator, NMLS #245923 // C2 Financial Corporation NMLS #135622 
Kevin Walton, Residential Mortgage Loan Originator, DRE #, 01453270//C2 Financial Corporation DRE#, 01821025 
Corporate: 858-312-4900 // www.c2financialcorp.com/  
[email protected]

Kevin’s cell: 805-276-1942

This licensee is performing acts for which a real estate license is required.  C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025: NMLS # 135622.  Loan approval is not guaranteed and is subject to lender review of information.  Loan is only approved when lender has issued approval in writing.  Specified rates may not be available for all borrowers.  Rate subject to change with market conditions.  C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender.  The services referred to herein are not available to persons located outside the state of California. 

As a broker, C2 Financial Corporation is NOT approved by the FHA or HUD, but C2 Financial Corporation is allowed to originate FHA loans based on their relationships with FHA approved lenders.

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