A feature article published by the Washington Post, May 19, 2017 on the subject of Reverse Mortgages covers many topics of concern to seniors shopping for home loan options. The author sheds a good light on the HECM for Purchase. Please click on the attached site and read the entire article. https://www.washingtonpost.com/realestate/seniors-looking-to-downsize-their-homes-may-want-to-consider-this-reverse-mortgage-option/2017/05/18/b66dd268-2f4c-11e7-9534-00e4656c22aa_story.html?utm_term=.e23b95994111
Of common concern to those who are interested in the topic of reverse mortgage is: Q: How large can the outstanding loan balance grow. ”….. the good news is that under no circumstance will you — or your estate — have to pay the lender a deficiency between the market value of the … (2 comments)
Visit HUD.GOV to get your basic questions answered but consult a reverse mortgage specialist to learn if you qualify.
Senior homeowners should ask themselves the following question: Am I finding it harder and harder to keep up with monthly obligations and my mortgage payment? At my age, how can I find additional money that will allow me to make improvements to my home that are necessary for me to remain in my home? Am I interested in taking steps toward additional financial security and preserving my assets? If you answered Yes! please … (0 comments)
If you are looking for ways to unlock the equity in your home and re-position those assets for your immediate and future benefit, you need to work with a Reverse Mortgage Specialst. Someone who is knowledgeable and experienced and who cares enough to put YOU and your family first before the sale. There are fewer "reverse mortgage specialists" than you think and the list does not include Robert Wagner, Fred Thomson or the Fonz. Internet shopping is a fine place to start since you may not know anyone personally who has a reverse … (0 comments)
When the day comes that California homeowners (age 62 or older) decide to look into a senior home loan (a reverse mortgage) finding the right professional is key. It is not enough for a home loan specialist to have a license. A seasoned professional who is attentive and knowledgeable will provide the kind of service you need. A good communicator will provide all the information you need both written and verbal. A specialist will be up-to-date on all the current loan types available and any guideline changes. For example, the starting date for … (0 comments)
You won’t need to provide all of the items on the list below to support your reverse mortgage application but you must act fast. Reverse Mortgage guidelines are changing March 2, 2015. The changes may affect your ability to qualify and you will be required to provide many more financial documents such as tax returns, income statements & more.
1. Identification (2 pieces, all borrowers) · Drivers License or state issued ID or current passport · Social Security Card or Medicare Card 2. Proof of Homeowner’s Insurance · Name … (0 comments)
March 2, 2015 is the scheduled date for major changes* to the Reverse Mortgage guidelines. Retirees, baby boomers and homeowners who have been delaying getting informed about this special home loan (for which you must be 62 to qualify) would be wise to get started NOW. Why? If you move quickly you can have an application completed and an FHA case number assigned to you prior to March 2, 2015 and your application will fall under the current guidelines which are less stringent.
Here is a quick look...... 1. A financial assessment could make it tougher to qualify. … (2 comments)
reverse mortgage sacramento: Reverse Mortgage & Certificate of Occupancy
- 10/09/14 05:30 AM
Reverse Mortgage & Certificate of Occupancy On the anniversary of your reverse mortgage close date, you will receive a letter from your lender which must be signed and returned. The "Annual Occupancy Certificate" is very, very important to your Lender and the FHA They want to know that you are residing in your home. After all, their only collateral is your home. therefore, you are required to certify that such is true.
It is all very simple: sign, date and return.
Guidelines require that you live in the property as your primary residence, maintain it, pay taxes and insurance and pay HOA dues (if applicable) just as you … (1 comments)
reverse mortgage sacramento: Reverse Mortgages in Sacramento County.
- 09/22/14 06:29 AM
Reverse Mortgages in Sacramento County Information regarding Reverse Mortgages is easy to find on the internet but learning about your own situation is probably what you are really looking for. Contacting a Reverse Mortgage Specialist who will provide you with a no-cost and no obligation loan comparison is time well spent. Make sure the loan officer you talk to is a specialist. A second opportunity to review the details occurs with required reverse mortgage counseling. A licensed counselor will also answer your questions and review the FHA guidelines and your options. Enhancing your retirement via a HECM reverse mortgage (either refinance or purchase) is an opportunity worth studying. Title to your … (0 comments)
The Department of Housing and Urban Development has eased the terms of reverse mortgages for surviving spouses. The new policy, as described by Brad Finkelstein in a recent edition of Origination News, is as follows:
"A non-borrowing spouse, specifically named in the HECM documents and continuing to occupy the home as the principal residence, will not be required to repay the loan right away as long as he or she continues to meet certain criteria. These include maintaining the primary residence and paying taxes and insurance on the property."
If you say yes to the following questions there is a good chance you are eligible for a Reverse Mortgage in Sacramento, California or any city or state that is your primary residence. Here are five simple questions. 1. Is your current home your primary residence? 2. Are you 62 or older? 3. Does extra cash or earning interest on a line of credit intrigue you?
4. Is your Sacramento home free and clear? .........If not, is your current equity more than 50% of your home's … (3 comments)
reverse mortgage sacramento: Reverse Mortgages in Sacramento, California?
- 07/01/14 03:41 AM
Reverse mortgages in Sacramento, California? If you are a Sacramento, California homeowner and you are considering a reverse mortgage an important step is to find a reverse mortgage specialist with experience; someone who understands the ins and outs of the various programs available and can explain them in a way that you can understand. That someone should have assisted a large number of homeowners in not only refinancing but purchasing a home with a reverse mortgage. Taking the time to talk to a specialist about your Sacramento home and the benefits to you will help you make that important decision. … (0 comments)
Considering the reverse mortgage option?
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