How to Get a Reverse Mortgage

How to Get a Reverse Mortgage. The Home Equity Conversion Mortgage, known
as a reverse mortgage, allows you to cash in on the accrued value of your home. Find out what’s involved and how you can benefit
from this program. You will need To be 62 years old To own a
home A low mortgage balance and money for fees. The FBI has issued a scam warning for conventional
reverse mortgage loans, recommending that buyers go with FHA-approved lenders. Step 1. Determine whether you qualify first by being
at least 62 years old. Step 2. Determine whether you meet home ownership
rules by owning either a single family residence or one unit of a one- to four-unit property. In some cases, a condo or a mobile home may
also qualify. Make sure you meet the criterion that says
you must occupy the home in order to qualify. Because this program targets the principal
residence — the place where the borrower does most of their living — summer homes,
time-shares, and even RVs may qualify. Step 3. Make sure your home has a low enough mortgage
balance — no more than 65 percent of its current value. Step 4. Inquire about the official calculation, which
includes your age, the home’s appraised value, and the FHA loan limit in the area. There are no income or credit requirements. Step 5. Pay fees for origination, appraisal, title,
escrow, recording, and monthly service. Step 6. Abide by the terms of the loan agreement. Failure to do so can cause the loan to be
called back. Did you know Reverse mortgages increased more
than 1,300 percent between 1999 and 2008.

4 thoughts on “How to Get a Reverse Mortgage

Leave a Reply

Your email address will not be published. Required fields are marked *