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For a reverse mortgage how long do you have to own home?

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2011-06-08 04:13:34
2011-06-08 04:13:34

You can purchase a home with a reverse mortgage from the get go, or wait 3 months after the purchase to handle it as a refinance. Some lenders try to make you wait a year, however FHA's requirement is 3 months once you have purchased the home.

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To qualify for a reverse mortgage, the borrower must be at least 62 years old, own their home in full (or be able to pay the balance on their home with the proceeds of the reverse mortgage), and live in that home as their primary residence.


Reverse mortgage is a loan given to homeowners aged 62 years and above to help them convert part of the equity in their home into cash and you can get it only if you own a home.


There are no age requirements when considering a reverse mortgage. If you own a home and have equity you can apply. Make sure to research before doing so.


Yes. You can only get a mortgage if you own the home.Yes. You can only get a mortgage if you own the home.Yes. You can only get a mortgage if you own the home.Yes. You can only get a mortgage if you own the home.


In regards the the Reverse Mortgage, or Senior Reverse Mortgage, all you need to qualify is for the house to be appraised by a HUD / FHA approved appraiser. You are then eligible to receive a reverse mortgage, so long as you have enough equity in the home, and you are age 62 pr older. In many states, the Reverse Mortgage or HECM (Home Equity Conversion Mortgage) allows for a new home purchase with the use of reverse mortgage funds, this rule does not apply nationwide. Although HUD and the FHA recently passed the HECM Reverse Mortgage home purchase program, allowing you to purchase a new home with reverse mortgage proceeds, borrowers in Texas are not yet eligible. Rules in individual states may vary. Please see a specialist in your own state for more details.


Yes, AARP does, in fact, offer a reverse mortgage to seniors. You must be atleast 62 years of age and own your home to get a reverse mortgage with AARP as well as most other places that offer them.


A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage provides unique benefits for its target market: someone over 62 who lives in his/her primary residence, who has substantial equity in his/her home, and who has little or no income. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home. If an individual is a senior citizen and does not intend on moving out of his or her home for some time, a reverse mortgage may be an option worth considering. Eligibility is set by the Federal Government; The Federal Housing Authority FHA tells HECM lenders how much they can lend you, based on your age and your home's value. However, the up front costs and bank fees can be very high. The homeowner is responsible for maintenance, repairs, municipal fees, insurance and taxes.You qualify for a reverse mortgage if:You are over the age of 62.You live in the house as your primary residence.You own your house in full or are able to pay the balance on your home with the proceeds of the reverse mortgageIn many states, the Reverse Mortgage, or Senior Reverse Mortgage, allows for a new home purchase with the use of reverse mortgage funds, this rule does not apply nationwide. Although HUD and the FHA recently passed the HECM Reverse Mortgage home purchase program, allowing you to purchase a new home with reverse mortgage proceeds, borrowers in Texas are not yet eligible. Rules in individual states may vary. Please see a specialist in your own state for more details.


If you own a home and have some equity in it, you can get a reverse mortgage. You select how you want to be paid and you can get a monthly payment. The lender gets their money back when the house is sold.


You still own the house if you have a reverse mortgage, yes.


Yes, a reverse mortgage is very similar to other mortgages in this regard. you own the home and may build or renovate accordingly. In many cases seniors take a reverse mortgage out to pay for improvements to the property. Any equity in the home is yours to keep, so if the improvements increase the value of the home you may be making a good long term investment as well, as long as the loan balance doesn't exceed the home value due to market conditions over time.


A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage provides unique benefits for its target market: someone over 62 who lives in his/her primary residence, who has substantial equity in his/her home, and who has little or no income. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home. Eligibility for a reverse mortgage is set by the Federal Government; The Federal Housing Authority FHA tells HECM lenders how much they can lend you, based on your age and your home's value.One very important facet of the reverse mortgage process is the consumer counseling that is required for borrowers contemplating a reverse mortgage. Your lender can help you find counseling agencies and most programs are approved and monitored by HUD and/ or AARP. The counseling is required to make sure that the terms and risks of the program are clear to you. Counselors are obligated by law to review with you all of the implications of the new mortgage, and what your potential options are.AnswerIn many states, the Reverse Mortgage, or Senior Reverse Mortgage, allows for a new home purchase with the use of reverse mortgage funds, this rule does not apply nationwide. Although HUD and the FHA recently passed the HECM Reverse Mortgage home purchase program, allowing you to purchase a new home with reverse mortgage proceeds, borrowers in Texas are not yet eligible. Rules in individual states may vary. Please see a specialist in your own state for more details.


If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.


Basically, a reverse mortgage is a special loan that allows you to borrow against the equity that you've built up in your home. You must be at least 62 to apply and you must own your home or be able to pay off the home with the proceeds from the reverse mortgage. The borrower must also live in the home as a primary residence and the home must meet certain HUD criteria.


In order to aquire information about a reverse mortgage you may speak to a loan officer at your bank. A person must also be a senior citizen of at least 62 and own their home before even thinking about talking to smeone about a revrse mortgage.


In these times of economic uncertainty, more senior adults are considering a reverse mortgage. A reverse mortgage is a loan offered to seniors with equity in their home and makes the amount of that home equity available in a lump sum or in monthly payments to senior homeowners. This loan doesn’t have to be repaid until the home is sold, the senior homeowner moves onto some type of senior living facility or passes away.Requirements for a Reverse MortgageTo qualify for a reverse mortgage, a senior adult must be at least 62 years old, own his or her home outright or have a minimal amount owed on the mortgage, and the home must be the principal residence of the owner. Taking a reverse mortgage is a big financial decision and it is important that applicants understand the pros and cons of a reverse mortgage. As with any large financial transaction, senior adults need to be sure they are not being taken advantage of by predatory lenders or unscrupulous family members.The amount of a reverse mortgage loan is determined by a variety of factors, including the appraised value of the home, the age of the loan applicant andif the loan will be taken in a lump sum or several payments. Older loan applicants for a reverse mortgage have fewer requirements and typically more money is available for the loan.Pros of a Reverse MortgageSenior finances can be stretched very lean and a reverse mortgage can be a good source of income for senior adults. A reverse mortgage allows seniors to use the value of their homes to pay off debts, attend to medical needs or enjoy travel. One of the best aspects of a reverse mortgage is that the ownership of the home remains with the senior homeowner. This can be a great source of comfort to seniors and their families, while providing a source of cash to care for themselves and ensure that seniors have more choices about their future.Cons of a Reverse MortgageA reverse mortgage does have some drawbacks. A reverse mortgage is a rising loan, which means that the amount of the loan continues to rise because there are no monthly payments. A reverse mortgage can also be more expensive than other types of loans due to the fees and costs of paying off the mortgage.


Designed for seniors, a reverse mortgage is a loan that allows the homeowner to convert some of the equity in their home into cash or monthly income, while retaining home ownership. A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage provides unique benefits for its target market eg: someone over 62 who lives in his/her primary residence, who has substantial equity in his/her home, and who has little or no income. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home. Eligibility for a reverse mortgage is set by the Federal Government; The Federal Housing Authority FHA tells HECM lenders how much they can lend you, based on your age and your home's value. The mortgagor is not required to make any payments, the home is owned by the bank upon the death of the mortgagor and the transaction is structured so that the loan amount will not exceed the value of the home at that time. That feature should raise a red flag. That means the homeowner isn't given the fair market value of the property initially because the bank must figure in the interest over the possible life of the loan. Good credit is not relevant because the home provides the security for the loan. In some cases the heirs have the option to pay off the mortgage when the owner dies but the cost can be extremely high. This type of mortgage has higher up front fees than conventional mortgages and those costs become part of the original mortgage which accrues interest at a rapid rate. This is an important factor to consider because the mortgage must be paid in full if the owner decides to sell the property or if their heirs desire to keep it after their death. Especially troublesome is the fact that many reverse mortgage lenders will send a loan officer to the senior's home to sign the loan documents and the senior has no benefit of having another pair of eyes and ears present at the transaction. To be eligible for a reverse mortgage, you need to be at least 62 years old, occupy the home as a primary residence, and either own your own home outright or only owe a small amount on your existing mortgage loan that can be paid off at closing with the proceeds from the reverse mortgage. In general, a reverse mortgage is tax free and has no income restrictions. Additionally, most payments from a reverse mortgage won't affect Social Security or Medicare benefits. In fact, many seniors use a reverse mortgage to supplement their Social Security and Medicare, allowing for more financial security. Reverse mortgages also work in a purchase transaction. You can purchase a home without making a single monthly mortgage payment. This option allows seniors to move close to family when the need arises. There are various ways seniors can benefit with a reverse mortgage including receiving additional tax-free monthly income or a lump sum payment, cancelling a current mortgage payment, funding long term care insurance and in-home care, renovations and repair work to their homes. In many states, the Reverse Mortgage, or Senior Reverse Mortgage, allows for a new home purchase with the use of reverse mortgage funds, this rule does not apply nationwide. Although HUD and the FHA recently passed the HECM Reverse Mortgage home purchase program, allowing you to purchase a new home with reverse mortgage proceeds, borrowers in Texas are not yet eligible. Rules in individual states may vary. Please see a specialist in your own state for more details.


Reverse mortgages can definitely be a 'good thing' however it really depends on your personal situation. Many seniors find it beneficial to explore reverse mortgages if they are having trouble keeping up with bills or heath care expenses. A Reverse mortgage can help but allowing you to draw from the equity your home has built up over the years with out having to sell it. This can help many people retire more comfortably. In order to obtain an NJ reverse mortgage (or in other states I believe), you must be at least 62 years of age, live in your home as a primary residence, and own the home in full (or at least be able to pay the balance of your home with the proceeds of the reverse mortgage).


You can find out more about reverse mortgages by contacting a mortgage broker, or by visiting the library. However, here is a little bit of imformation I have found for you concerning "reverse mortgages". First off, you should know that you must be 62 years of age to qualify for a reverse mortgage. You also need to already own your home outright -- no more mortgage payments!


Taking out a reverse mortgage is easy. The requirements are few and the sum of money you can borrow depends on your age and the unpaid balance of the original home loan. The reverse mortgage loan will be yours to use for any reason. Buy a new car; go on world-wide vacation, remodel the house, or buy new furniture. The reverse mortgage loan has no stipulations. It is yours, free and clear, to do with as you like.However, before the lender grants the loan, there are stipulations that must be met. Borrowers who apply for a reverse mortgage must get counseling to be sure that they understand every aspect of the loan and what it entails before the loan is granted. With this type of stipulation it is obvious that a reverse mortgage is not as safe as it sounds.1. Understand that to qualify for a reverse mortgage you must own the home and be at least 62 years old. If you do not own the home outright, the remaining mortgage must be a small amount. This is important because the house will be paid off in full by the reverse mortgage loan.2. In essence, you are paying off the original loan and replacing it with the the reverse mortgage loan. In this case, the bank becomes the beneficiary of your home when you die.3. Monthly home payments, as you knew it, are no longer required. You do not have to repay the amount of the reverse mortgage loan either. You own the house free and clear. The money you receive on the reverse mortgage is yours to use without restrictions.4. However, there is one stipulation required prior to getting a reverse mortgage. Keep this in mind, it is of the utmost importance, because you can stand to lose your home if you do not understand. One of the stipulations for a reverse mortgage loan is (1) you must live in the home. (2) pay your homeowner taxes. (3) keep your home insurance up to date. (4) take care of the property, trim bushes and cut the grass.5. There is the catch! If you or your estate do not adhere to the steps above, your home can go through a foreclosure, and the bank will claim ownership of the house. You could find yourself, at the age of 75 or 85 or older, with no home and no place to live. You will be homeless.There are pitfalls to a reverse mortgage. These will be explained during counseling. Unless you understand every word, do not sign the reverse mortgage loan. It is good practice to take someone with you-do not go alone. Never sign any contract, no matter how good it sounds, if you do not completely understand what you are signing. Heed this warning.


The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.


You are eligible if the home meets FHA guidelines. At your age, you would qualify for more than half the value of your home in available proceeds. You can take it as a lump sum, in small monthly payments or any amount you wish if you leave it in a reverse mortgage credit line. Yes long as you have equity you can do a reverse mortgage.


As the population ages and as life expectancies have risen in recent decades, many senior citizens are quickly realizing that they have not saved enough money for retirement. Social security may provide some income, but often it’s not enough to offset monthly expenditures. In order to have a new source of income, some seniors are choosing to take out a reverse mortgage on their home. A reverse mortgage is a type of loan where the bank makes payments to the homeowner with the proviso that after the homeowner dies or no longer lives in the house, the loan will be repaid by the surviving family or through liquidation of the home.To qualify for a reverse mortgage, individuals must be at least 62 years old, own a home outright, and use that home as a primary residence. The amount of a reverse mortgage is dependent on the value of the home, the borrower’s age, and the current interest rates. Once the reverse mortgage has been approved, homeowners can elect to receive the equity of their home in one lump sum or spread out in a series of monthly payments.Although there are many advantages to having a reverse mortgage, there are also some cons.One advantage of having a reverse mortgage is that instead of making payments to the bank, the bank pays the homeowner, giving them extra income. Payments are made as long as the person lives in the home, which could potentially be long enough that the payments received outweigh the value of the home. Also, with a regular mortgage, not everyone can be approved or pass credit checks. Because of the nature of a reverse mortgage, credit checks are not necessary. Finally, the value of the loan is locked in at the time of closing and tied directly to the value of the house. After the homeowner’s death, his or her heirs will only be responsible for the value of the home.The primary disadvantage of a reverse mortgage is that the fees and closing costs are high. Also, the additional income received through the reverse mortgage may disqualify some homeowners from receiving Medicaid or other state or federal government assistance programs. Finally, the burden of repayment falls on the heirs of the homeowner. If they cannot repay the debt, they will be forced to surrender the home to the lender.


Quicken loan have their own website which has a section on mortgage rates and includes a mortgage calculator. It also has a separate section on reverse mortgages.


Mortgage payments can be calculated by the bank the mortgage is financed through. To do this on your own, there are websites with mortgage calculators such as calculators.bankrate.com.


If you contact your mortgage provider they will be able to tell you how much you still owe them, which, coupled with the market value of your home, will tell you how much you own of your home.



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