Frequently Asked Questions
Find the most frequently asked questions below:
01Who qualifies for a reverse mortgage loan?
A reverse mortgage for seniors is granted to those aged 62 years or above, and the property being used for the loan should be the applicant's primary place of residence. There should also be no or very low mortgage pending on the property and the senior should have the financial means to pay off any potential future housing costs. Other requirement
02What is lenders mortgage Insurance?
Lenders Mortgage Insurance is one way of getting into home-ownership without having the 20% deposit which is typically required by most banks and financial institutions. With Lenders Mortgage Insurance, lenders may allow you to borrow a higher proportion of the purchase price, allowing you to purchase a property with a smaller deposit than would ot