You must have sufficient home equity.The home must be one of the following property types: single-family home a two- to four-unit home with one unit occupied by the borrower. The home must meet Federal Housing Authority (FHA) minimum property standards and flood requirements.The home must be the borrowers’ primary residence.To be eligible for a reverse mortgage, you must meet the following criteria: The homeowners must maintain the condition of the home and stay current with property taxes and hazard insurance. Unlike a traditional home equity loan or home equity line of credit (HELOC), you don’t have to repay a reverse mortgage until the home is sold** or the last surviving borrower (or a non-borrowing spouse who meets certain requirements) no longer lives in the home. You continue to live in and own your home. With a reverse mortgage, you make no loan payments†. Some loans also let homeowners finance a new home purchase. Here are some details on the program, also, remember the Reverse Mortgage can be used to purchase property.Ī reverse mortgage is a loan that enables homeowners and homebuyers age 62 or older to convert some of their home equity into cash or a line of credit. When you come across a senior that is over 62 that needs to have supplemental income or move financial security, I'd like for you to remember me and have them to contact me for a consultation to see if the Reverse Mortgage Program is the right program for their situation. I’ve made move to Finance of America (an Blackstone Company) and I’m looking forward to your help, I’m turning my focus towards helping seniors solve they financial concerns with the Reverse Mortgage program.
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