Reverse Mortgage
HOW DO YOU QUALIFY?
How Do You Qualify?
How Do You Qualify?
To be eligible for a reverse mortgage, you must:
- Be 62 years or older (a non-borrowing spouse may be under age 62)
- Own and live in your home as your primary residence.
- Undergo a financial assessment to ensure a reverse mortgage can serve you as a sustainable, long-term retirement solution
- Receive counseling by an independent, HUD-approved third-party to confirm you understand your obligations and responsibilities with a reverse mortgage
- Maintain the property and continue paying property taxes, homeowners insurance, homeowner association and any other applicable fees
Does Your Property Qualify?
Single-family homes or 2-4 unit homes (You must occupy one of the units)
HUD-approved condominiums*
*SSF Advantage loans do not require FHA approval
Manufactured homes that meet FHA requirements
How Much Money Could You Qualify For?
The size of your loan amount is based on three primary factors.
Your Age: The age of the youngest borrower or eligible non-borrowing spouse—the older you are, the more funds may be available
Your Home’s Value: The higher your home appraises at, and the more equity you have in your home, may make more funds
available
Current Interest Rate: Fixed and adjustable rate options are available—the lower the interest rate, the more funds may be available
We're Here To Help
We’re always happy to chat, but sometimes you need to do things at your own pace. Our tools and resources are available whenever you need them.
CONTACT
Shining Star Funding
Corporate Office
527 Sycamore Valley Rd W, Danville, CA 94526
(925) 820-2981
For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity.
Interactive calculators are self-help tools. Results received from this calculator are designed for comparative and illustrative purposes only, and accuracy is not guaranteed. Shining Star Funding is not responsible for any errors, omissions, or misrepresentations. This calculator does not have the ability to pre-qualify you for any loan program or promotion. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only. Shining Star Funding does not guarantee any of the information obtained by this calculator.
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CMG Mortgage, Inc. dba Shining Star Funding, NMLS ID# 1820 (www.nmlsconsumeraccess.org, www.cmghomeloans.com), Equal Housing Opportunity. Licensed by the Department of Financial Protection and Innovation (DFPI) under the California Residential Mortgage Lending Act No. 4150025. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing