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Qualifying Criteria
1. All borrowers must be 62 years of age or older.
2. Your property must be in "lendable" condition. "Lendable" means average condition or better. If repairs are needed they can be paid from the proceeds of a Reverse Mortgage.
3. An appraisal of your Home is required. Single Family homes, Condo's, Townhomes, Manufactured on Permanent Foundations sited on land you own & 2-4 Unit properties all qualify if they are a principal residence.
4. Credit History is not a factor in the approval process.
A. Bankruptcies must be Discharged 1 day.
B. Outstanding judgments can be paid.
C. Back Taxes can be paid.
D. Foreclosure redemptions are allowed.
E. Consumer or other debt can be paid.
5. Income is not a factor in the approval process.
6. The property must be your Principal Residence.
7. Your health is not a factor in the approval process:
A. The senior need not be competent.
B. A guardian or Trustee can act for the Senior.
8. Borrowing in the name of a Trust is allowed.
9. Existing Mortgages can be paid off.
10. Other debts Can Be paid from proceeds.
E-mail questions to: ken@ampy.com or call 800-481-9999 ext 118 or 119 - Ask for Ken Terrill
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