Knowing More About Reverse Mortgages

Knowing More About Reverse Mortgages

Knowing More About Reverse Mortgages

If you are a senior citizen in the United States with goals of owning a home, a reverse mortgage may be a viable option for you. Nowadays, and in this economy, the idea of needing to do monthly mortgage payments can seem overwhelming. This can be especially also true as you get older and close to retirement age.

The wonderful thing about reverse mortgages is that they need small to no upfront payments. Quite often the house owner will not even have to do a payment until after their death. Such types of mortgages are consequently ideal for people who anticipate having an estate that will help to make home loan payments but who might not possess the money to currently make payments themselves.

Within the United States, the potential homeowner should be no less than 62 years old to qualify for a reverse mortgage. The nice thing regarding them is the fact that there is no minimal income requirement, nor is there a particular credit score necessary to be eligible. Requirements do, nevertheless, exist. Possible homeowners should be able to afford the home and pay for taxes on it, in addition to insurance, water, gas, along with other utilities.

The money received from the reverse mortgage could be utilized to pay off virtually anything. If you have a current mortgage, however, it's required that you settle that with the funds as well. It must also be noted that some types of houses will not qualify for a reverse mortgage, although other kinds like mobile homes have special conditions. These can include things like being built after 1976 and is a permitted permanent foundation kind of structure. The possible owner should also undergo an approved third party financial counseling session before the reverse mortgage will probably be approved.

Reverse mortgages are offered via HUD, also referred to as the Housing and Urban Development Office of the United States government. The current lending limit as of 2009 is $625,500, a figure that is continuously increasing over the past couple of years. Additionally, $6,000 is the maximum a loan originator can impose for a mortgage origination fee on a reverse home loan.

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