Eligibility: Generally, to qualify for a reverse mortgage homeowners must be age 62 or older (although some select lenders offer reverse mortgages to individuals as young as 55). This applies to both reverse mortgages offered by private lenders and reverse mortgages through the Federal Housing Admin...
It examines the scepticism and criticism on the use of this investment strategy from the media and financial institutions. It argues that reverse mortgage products are attracting a new breed of strategic senior borrowers who are proving the industry's naysayers wrong.LynchMartin...
Homeowners age 55 and older can use a reverse mortgage to receive up to 55% of the current value of their primary residence in cash without selling or refinancing.
Reverse mortgage loans can be a useful tool, but they aren’t without drawbacks. Pros Provide tax-free supplemental income Allow homeowners to age in place Don’t require repayment during the borrower’s lifetime — unless they move Cons Balance grows with time and is often settled by the...
If you live in a community with ahomeowners association, you’ll need a copy of its rules stating the required dues. Reverse mortgage borrowers are responsible for paying their HOA dues, so your lender may ask for recent statements and proof of payment. ...
To ensure my ability to continually anticipate and serve your every mortgage need, I regularly pursue extensive continuing education to stay current on all the rules and regulations. I’ve also passed a VERY strict statewide ethics exam AND a 7-year background check. ...
If you own your home and are at least 62 years of age, a reversemortgageallows you to take out a loan against the equity in your home that you don't have to repay during your lifetime, so long as you're living in the home and haven't sold it. If you want to increase the amou...
Term payment plan: This option providesequal monthly paymentsfor a set period. Once you reach the end of the term, your reverse mortgage is considered "maxed out" because you've hit yourprincipal limit, which is the maximum amount you're allowed to borrow based on your age, interest rates...
There are several factors that go into calculating how much of your home’s equity you can convert to cash with a reverse mortgage. Current reverse mortgage interest rates, age, and your home’s appraised value are all taken into consideration. Typically, the range of funds you can qualify ...
Can I end up owing any money to the reverse mortgage lender? No. According to the HECM mortgage note, the borrower shall have no personal liability for payment of the debt secured by this mortgage; the lender may enforce the debt only through sale of the property. As a "non-recourse" ...