Reverse mortgages can be expensive and are not for everyone. How a Reverse Mortgage Works With areverse mortgage, instead of the homeowner making payments to the lender, the lender makes payments to the homeowner. The homeowner gets to choose how to receive these payments (we'll explain the ...
Reverse Mortgage Requirements Will Tighten Up Jan. 1
You need cash for a down payment and closing costs, plus the income and credit score to convince lenders you’re a good bet.To encourage homeownership and make loans available to more buyers, the Federal Housing Administration helps mortgage lenders offer loans that require a down payment as ...
Home equity conversion mortgage (HECM):A HECM is areverse mortgageinsured by the FHA that allows those over the age of 62 to tap the equity in their home as tax-free income. Energy–efficient mortgage (EEM):This is a mortgage designed for the purchase of an energy-efficient home, or to...
Under Dodd-Frank, theConsumer Financial Protection Bureau (CFPB)has jurisdiction to create new rules and regulations for the mortgage industry. According to these rules, the loan originators must look at a borrower’s total current income and existing debt. They need to make sure that the existin...
Social Security Number: Banks will require applicants to have their SSN in order to apply for an account. This is to report interest and other factors to the IRS. If you don’t want to provide it, some will accept a Taxpayer Identification Number. Age: All banks require you to be 18 ...
The article reports on stricter standards imposed by the U.S. Department of Housing and Urban Development for counselors working with seniors applying for reverse mortgages supported by the U.S. Federal Housing Administration.EBSCO_bspTotal Securitization & Credit Investment...
Home Equity Conversion MortgageA reverse mortgage that allows homeowners age 62 and up to exchange home equity for cash. 203(k) Mortgage ProgramA mortgage that includes extra funds to cover the cost of repairs, renovations, and home improvements. ...
The world’s population is getting older these days. Frailty, a gerontologic health condition associated with ageing, has serious consequences. One crucial remedy for the elderly population is the development of ageing-in-place infrastructures. To better understand the market requirements for ageing ho...