The AARP site has a lot of information about reverse mortgages and helps you make and informed decision in regard to whether it is the right move for you.
Many of your large nation banks will offer a AARP reverse mortgage. You may be able to go through a mortgage broker as well who can help you navigate the application process and offer competitive rates.
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.
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.
It may help to contact your bank, building society or money service provider. Another way of finding a reverse mortgage calculator is to visit "Reverse Money Calculator" website.
One can find information regarding reverse mortgage fees by contacting one's mortgage/insurance/bank provider. The customer service people will help provide the information one needs.
An AARP Reverse Mortgage Calculator helps seniors estimate how much they could potentially borrow through a reverse mortgage loan based on factors like age, home value, and current interest rates. It provides a rough idea of the funds they may be eligible to access as a financial resource for retirement planning.
Many of your large nation banks will offer a AARP reverse mortgage. You may be able to go through a mortgage broker as well who can help you navigate the application process and offer competitive rates.
You can contact any mortgage company or bank or you can call AARP and they will help you to get the quote you are looking for. your phone book is also a good place to look.
You can not get a reverse mortgage if you already have a reverse mortgage in exsistence. If you do not have one you can go to a few places for help such as; rvmortgage.com and allrmc.com
Reverse Mortgage Calculator Use this calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.
You can read about the pros and cons of a reverse mortgage from reputable sources such as government agencies like the Consumer Financial Protection Bureau (CFPB), financial websites like Investopedia, and resources provided by organizations specializing in housing and elder care, like AARP. These sources typically provide balanced information to help you make an informed decision.
A reverse mortgage counselor is there for you if you need advice or help. What you need to do is get in contact with your mortgage company and ask to speak with a counselor. They will be able to direct you to the correct person to speak with.
Another person is allowed to live with you even though you have reverse mortgage. You can have the other person help pay the mortgage.
Please go to your bank and see if they can help you. You have an established relationship with them and that is the best place to start your search. If they don't provide a reverse mortgage product they should direct you to someone who can. Before you do so, make sure you educate yourself on the pros and cons of reverse mortgage.
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.
Yes, you can have a reverse mortgage on a condo. However, the condo must be approved by the Federal Housing Administration (FHA) for reverse mortgages. The condo complex must meet certain eligibility criteria set by the FHA.
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.