Do you have to be employed with
a steady income from that job?
Asked by Anonymous
Answered 6 months ago
A steady job is not required to obtain a reverse mortgage. There however is a minimum residual income requirement. For example, if your total income is $1500 a month, your total debt must be at least $1.00 less to qualify. Since there is no mortgage payment, your expenses would be utilities, taxes, insurance and any other obligation reporting on your credit report.
I can help you as we are licensed in FL.