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What You Should Know About HUD Reverse Mortgages
Reverse mortgages have been in existence since in the U.S. since 1961 and have become more popular recently due to the surge in housing values between 2001-2006. If you are a home owner, age 62 or older and you are considering a reverse mortgage, here are some questions you should ask:
What Are the Qualifications to Get a Reverse Mortgage?
Homeowner;
62 years of age or older;
No mortgage balance or small mortgage balance that can be paid off with loan proceeds;
What Are the Advantages of Reverse Mortgage?
No payments due as re mortgages long as the borrower lives in the home;
Borrower cannot be foreclosed on for delinquent payments;
No debt-to-income ratio requirements;
No income requirements;
Flexibility - You can receive your cash in a lump sum or periodic payments. Payment options can be changed during the life of the loan.
What Are the Disadvantages?
Reverse mortgages are generally more expensive in up-front fees than other sources of financing;
Restrictions on how much you can borrow based in your age and HUD lending limits;
The value of the borrower's estate is reduced by the amount of the loan;
The homeowner is re mortgages required to receive HUD-approved Housing Counseling prior to obtaining the mortgage
Are There Any Types of Homes Other Than Single-Family Dwellings Eligible?
Eligible homes include:
Single-family dwellings
2-4 unit houses occupied by the borrower as their primary residence
Townhouses
Condos
Mobile homes
Many seniors are now using reverse mortgages to supplement their retirement. The popularity of this type of financial vehicle is ever-increasing. For many Americans, their home is their largest asset, and the equity in that home is a viable source of needed capital.
Eliot re mortgages Hobbs is a home builder, real estate investor, real estate agent. More information can be found at mortgages brokers
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