${fontLinkMarker}
[search start]
[searchform start]
${searchinput} ${searchbutton}
[searchform end]
[search end] [socialicon start]
${socialicon}
[socialicon end]
[logo start]
${logo 65x110 resizable}
[logo end]
[sitename start]
${sitename}
[sitename end] [caption start]
${caption}
[caption end]

By: mario_williams6 | April 12, 2016

1. What is a reverse mortgage?


A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. FHA’s HECM provides these benefits. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.


2. Can I qualify for FHA’s HECM reverse mortgage?

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan.


 


3. Can I apply if I didn’t buy my present house with FHA mortgage insurance?

Yes. It doesn’t matter if you didn’t buy it with an FHA-insured mortgage. Your new FHA HECM will be FHA-insured. You can get a detailed explanation here: http://reversemortgagealert.org/introduction/


4. What types of homes are eligible?

To be eligible for the FHA HECM, your home must be a single family home or a 1-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.  You can also have a duplex if one unit is occupied by the borrower.


5. What’s the difference between a reverse mortgage and a bank home equity loan?


With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.  By using our Reverse Mortgage calculators we can give you determine the amount that you can receive.

You don’t make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes, insurance and other conventional payments like utilities. With an FHA HECM you cannot be foreclosed or forced to vacate your house because you “missed your mortgage payment.”


6. Can the lender take my home away from me?


No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current and maintains the property.


7. Will I still have an estate that I can leave to my heirs?

When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest to the lender. The remaining equity in your home, if any, belongs to you or to your heirs.


8. How much money can I get from my home?

The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.9. Should I use an estate planning service to find a reverse mortgage?

We do NOT recommend using any service that charges a fee for referring a borrower to an FHA lender. We provide this information and HECM housing counselors are available for free or at very low cost, to provide information and counseling for you.  We have contacts that you can call from your own home to complete the counseling requirement.


9. Should I use an estate planning service to find a reverse mortgage?

We do NOT recommend using any service that charges a fee for referring a borrower to an FHA lender. We provide this information and HECM housing counselors are available for free or at very low cost, to provide information and counseling for you.  We have contacts that you can call from your own home to complete the counseling requirement.


10. How do I receive my payments?

You have five options with a HECM Variable rate loan.

Tenure – equal monthly payments as  long as at least one borrower lives and continues to occupy the property  as a principal residence.

Term – equal monthly payments for a  fixed period of months selected.

Line of Credit – unscheduled payments  or installments, at times and in amounts of your choosing until the line  of credit is exhausted.

Modified Tenure – combination of line  of credit with monthly payments for as long as you remain in the home.

Modified Term – combination of line of  credit plus monthly payments for a fixed period of months selected by the  borrower.

You have one option with a HECM fixed rate loan.

Right now we find that over 90% of Reverse Mortgages are using the HECM  fixed rate loan.  This has a lot to do with the economy and what has happened to the variable rates the last few years.  On this option you have to take the money out lump sum.  You can put this into any savings plan and take the money out monthly as you need it.

Category: Uncategorized 

Tags:

Comments:

kiss

Posted on : September 16, 2017

myxerfreeringtonesappk.com today everybody tries to have a one of a kind, kissanimemobileapk.com highlight stuffed Smart phone that can draw in the consideration of spectators and watchers. speedposttracking-gov.in


Danette

Posted on : September 16, 2017

I don’t have much idea about Reverse Mortgage system and this site provide some basic idea related to that. After reading this article I feel that these are some basic knowledge that we all need. You are explaining it very clearly here and keep up the good work.private guided tours of the louvre


Lavish

Posted on : September 14, 2017

Checkout everything related to ps4 remote play app here.


Lavish

Posted on : September 14, 2017

Thanks and must checkout about Tutuapp VIP Apk here.


Manoj Tiwari

Posted on : September 01, 2017

nice man. you should also check out cartoon streaming sites 2017 today.


kiss

Posted on : August 31, 2017

KissAnime was a site where we were able to watch anime without any problem. KissAnime has been the mainstay of anime watching for years now
XVideoServiceThief Wikipedia
jio phone delivery Date
kissanime
geometry dash


Big Bash

Posted on : August 22, 2017

Live Big Bash Scores & Results. Read the latest Big Bash News. Find more Big Bash Scores & Team News, Results at FOX SPORTS Big Bash Live Streaming


ISL

Posted on : August 22, 2017

Watch ISL live streaming and catch the latest action live from the Hero Indian Super League 2016 all in one place
ISL live streaming


fifa

Posted on : August 22, 2017

Fifa World Cup 2018 Theme Song – Official Video, Mp3 Free [Download] – We are just a few months away from actual kick off of Fifa World Cup 2018 but the craze and buzz among the football fans
FIFA World Cup Theme Song
FIFA World Cup 2018 Theme Song


John

Posted on : August 01, 2017

An intriguing discussion is worth comment. I think that you ought to publish more on this subject matter, it might not be a taboo matter but generally people don't discuss these issues. To the next! Kind regards!!
Game Guardian APK
Download Game Guardian
Game Guardian
Game Guardian for iOS


Kevin

Posted on : July 31, 2017

Check some of the best sites for movies. Here


root ly

Posted on : July 13, 2017

This is one of the best post but the best thing seth rollins wrestlemania is there are some places out there where you can stream the games online and enjoy the life or already broadcasted matches right on your PC.


manm

Posted on : July 11, 2017

uktvnow has been one of the best apps to enjoy watching live tv in uk. i will recommend every to download UKTV Now


Real madrid vs Barcelona Live

Posted on : July 10, 2017

Barcelona vs Real Madrid Live stream

watch Barcelona vs Real Madrid Live stream online free

Barcelona vs Real Madrid Video Highlights

This is very nice blog and informative. I have searched many sites but was not able to get information same as your site. I really like the ideas and very interesting to read so much and Please Update and i would love to read more from your site

Thanks


jigar

Posted on : July 04, 2017

Customer Care Number is very useful for customers who are related to government and private sectors.


Gerald

Posted on : June 26, 2017

it is considered to watch the movies online after you download it, as it is time-consuming and requires a lot of data, and sometimes when you are watching a movie your internet connection might get lost, therefore it is considered to watch free movies online without downloading once you have it in your installed devices.


wownice

Posted on : June 23, 2017

this is one of the best post but the best thing is UKTVNOW Apk


t20 global League

Posted on : June 23, 2017

A new T20 league, SA T20 Global League has announced by Cricket South Africa (CSA). Watch SA T20 Global League Live Streaming
FIFA world cup theme song


Seth Rollins

Posted on : June 18, 2017


What's Going down i am new to this, I stumbled upon this I have discovered It positively useful and it has aided me out loads. I am hoping to contribute & aid different users like its helped me. Great job.
Wimbledon 2017 live stream


adam

Posted on : June 14, 2017

Mexico vs Russia Live Streaming Free Online: 24th June 2017. We are providing Group A match Mexico vs Russia Live Streaming free online Link, Match Prediction,fifa confederations cup 2017 live stream
gold cup 2017 live stream


isl

Posted on : June 12, 2017

Kerala Blasters vs Atletico de Kolkata (ATK) live streaming match prediction highlight-Kerala Blasters vs Atletico de Kolkata (ATK) ISL 2017 live streaming
Big Bash 2017 Live Streaming


fifa

Posted on : June 12, 2017

Mexico vs Russia Live Streaming Free Online: 24th June 2017. We are providing Group A match Mexico vs Russia Live Streaming free online Link, Match Prediction, fifa confederations cup 2017 live stream

gold cup 2017 schedule


tutuapp

Posted on : June 12, 2017

tutuapp APK Download for Android, iOS TuTu App Pokemon Go– TutuApp has become one of the most popular App these days WiFi password hacker software free download for Desktop, Android Mobile, iPhone, iPad- Have you ever wondered if a WiFi password hacker program really works or not


myxer

Posted on : June 12, 2017

Find myxer software downloads at CNET Download.com, the most comprehensive source for safe, trusted, and spyware-free downloads on the Web If you are looking for vshare Download, then this is the right place to get vShare Download on your iPhone, iPad and Android Phone's


Shantanu Ghosh

Posted on : June 07, 2017

Smartphones can be customized in a variety of ways, one of the most common methods could be changing your ringtone; however, there are a lot of options available too. If you love itunes ringtones every once in a while, then you must be knowing how difficult it is to find a good tone. http://mobilespie.com/526/iphone-ringtones-itunes/


Jerry

Posted on : June 07, 2017

Now there is another app which is just as good as Tutu App if not better this app is quite new and it is also gaining popularity in the app community. You can expect the same type of Vshare experience in TutuApp ios 10.2


Darry

Posted on : June 07, 2017

Changing your mobile’s ringtones every once in a while is what most of us like to do. Since we get to hear our tones quite often, i.e. whenever we receive a call, we often fall short of Top 5 Free Ringtones Download Websites for iPhone, Android mobile phones.


Nikky

Posted on : June 06, 2017

there are some places out there where you can stream the games online and enjoy the life or already broadcasted matches right on your PC right here or mobile devices and we would be telling you about them.


James

Posted on : June 04, 2017

It is a video calling application developed by Apple that allows users to video chat with your friends, family or officials over the internet.
The FaceTime app runs on iOS devices having the front facing cameras where each chat participant is required to have the FaceTime application installed on his/her device. read more on facetiimeforandroid.co


Michael

Posted on : June 04, 2017

If you are a Hollywood fan then you might have been struggling to watch your favorite movies online, and the worst part is when it consumes hours to find out free movie streaming sites with no signup. We present you 18 best 100% free movie streaming sites to
watch movies online for free .


matt demon

Posted on : June 04, 2017

xVideoServiceThief video plugin is an open source online youtube video downloader for downloading videos from Youtube and alike video sharing websites.


Jessica

Posted on : June 04, 2017

However, the number of hookup apps or 10 Best Hook up Apps or Dating Apps for One Night Stand are freaking high, in the market, and all hookup apps claim to be the best. So, if you’re puzzled which one is the legit app to get hooked for one-night stand, then just continue reading this article


Harvey

Posted on : June 04, 2017

First of all the app was only available for ios users and it gained a lot of popularity as the vshare app market allowed the ios users to install most of the paid apps free of cost.


Mike

Posted on : June 03, 2017

One of the best websites in the market for you to download free tones is Myxer free ringtones . Yes! This is the best free media service providing free tones till date


Rachel

Posted on : June 02, 2017

FIFA Confederations Cup 2017 is decided and it will be held in Russia from 17 June to 2nd July 2017. The Confederations cup 2017 draw for the schedule release date is held on 26 Nov 2016 at Kazan.
fifa confederations cup 2017 live streaming


Post a Comment

[footer start]
${footer}
[footer end]