There are so many questions that arise about reverse mortgages. The main questions are related to whether or not a reverse mortgage makes good sense and if they are safe. Seniors and their families need help in getting enough information to determine if a reverse mortgage is the right loan product to suit their needs. Many times I will advise a senior not to do a reverse mortgage if it is not in their best interest. I am going to address the most common aspects and concerns of reverse mortgages over the next few days. Please feel free to ask questions below or call me directly.
Eligibility requirements for reverse mortgages?
- Borrower must be at least 62 years of age
- Property must be primary residence
- Home must meet FHA property standards
- Maintain home with necessary repairs, property taxes and insurance
- No income or employment requirements
- No credit requirements
Most seniors choose to do a reverse mortgage to unlock the equity that they have in their home. Most reverse mortgages today are known at the HECM, or Home Equity Conversion Mortgage. This is an FHA loan which is guaranteed by the Federal Government. Reverse mortgages can actually be used today to buy a home!
Loan amount based on:
- Age of the youngest borrower
- Interest rate on program choice
- Appraised value or FHA county loan limit (varies depending on where you live)
Please visit me over the next few days to get more information about revese mortgages including: Loan payment options, costs, counseling, objections and most often asked questions.
Thank you for visiting!