How to Get a Reverse Home Mortgage
You May Be Sitting on a Pile of Cash
Are you eligible? Here are the requirements:
• You must be a homeowner at least 62 years old
• You must own your home outright, or have a low enough mortgage balance that can be paid off with proceeds from the reverse mortgage
• You must live in the home
• Your home must be a single family dwelling or a 1-4 unit home with one unit occupied by the borrower
• Some HUD approved and FHA approved manufactured homes may also eligible
• You are required to get information from an approved HECM counsellor
Steps to Get Your Reverse Home Mortgage:
Meet the qualifications listed above.
1) Consider all your options. Talk with a trusted family member or financial expert who knows all about these loans and make sure a reverse mortgage is the best option for your specific situation. Check the government's website for additional information here.
2) Figure out how much how much you will need to pay and how much you will get from your home. Use this handy calculator to determine what you can expect from a reverse mortgage.
3) Pick a lender for your reverse mortgage. If you have a good relationship with your current bank, you may want to have them do the loan for you. Take the time to research all rates and services of your bank and other financial lenders as well. You may be able to negotiate a better deal if you're aware of what's available in terms of interest rates and services offered. Be sure to look for fees like origination fees, closing fees, credit report costs, appraisal fees, additional service costs, and any other fees.
4) Apply. After you've done all your homework, all you need to do is submit your application. Good luck!
If you have questions, you can call the Housing Counseling Clearinghouse at (800) 569-4287
Published by M. Kayo
50 years life experience (wisdom comes with age, right?). 25 years experience writing copy for ads, articles, marketing materials, publications, catalogs, and various radio/TV commercials, Ezine Articles Pla... View profile
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1 Comments
Post a CommentGreat tips and timely information.