Reverse Mortgages for Washington's Seniors
Washington State senior homeowners find information regarding Reverse Mortgages easily on the internet but learning about your situation (or on behalf of a friend or loved one) from a knowledgeable professional is probably what you are really looking for. A Reverse Mortgage Specialist will know about guideline changes that occur from time to time. Make sure you speak to a loan officer with experience during your quest for information and ask for client comments.
Scheduled for March 2, 2015, Reverse Mortgage Guidelines change. The new changes affect eligibility and here are the latest:
1. A financial assessment could make it tougher to qualify.
2. Additional documentation which may include tax returns, payment histories, and proof of assets.
3. LESA - Life Expectancy Set Aside - calculated during the application process means money held back for future taxes. And.....
4. Credit scores will be considered.
If you apply before March 2, 2015, your reverse mortgage specialist will secure an FHA case number assigned to your name. Completing the application prior to the pending changes will allow your loan to be processed under current (less stringent) guidelines. Counseling (see below) must be completed, the application must be taken, and the FHA case number must be issued, all before March 2. So don't delay getting information.
From Leavenworth to Tri-Cities and Vancouver, Seattle to Quincy, Washington seniors are now enjoying the benefits derived from moving from a conventional forward mortgage into a Reverse Mortgage. I am proud to have helped many of them. Some have refinanced a current home and a few have purchased a new home that is more suitable for a changing lifestyle.
Most folks don't really "own" their homes in the true sense because they are still making house payments and will continue to make payments after retirement until the mortgage is officially paid in full. Considering how many years and months that could be, will reduced income following retirement place financial hardship? Would it be comforting to know that you have no mortgage payment until you leave the home permanently? (If your home is free and clear, you will have more net money.)
To those who qualify for a Reverse Mortgage, the existing mortgage (and other liens) are paid off first and you choose how you wish to receive any remaining assets from several options.
Counseling is still required and other standard guidelines remain in place such as maintaining the home, paying taxes, insurance, HOA dues (if any) and the home must be your primary residence.
To find out if you qualify, call a specialist in reverse mortgages. Getting answers to all of your questions and providing you with information including a loan comparison with no cost or obligation is the purpose of your search.
A senior home loan may be just the ticket to freeing up cash for enjoying an independent lifestyle during retirement. Reverse mortgages for Washington's Seniors.
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