the the remaining spouse can still live in the home
A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. 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.
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.
The timeframe for repayment of a reverse mortgage is typically when the borrower moves out of the home, sells the home, or passes away.
Yes.
Getting the reverse mortgage on your home entails finding the area the home is located, the amount of the mortgage owed on the home, and the estimate of the home value. It usually helps elderly clients if their home value is significantly more than the mortgage owed, if any.
Reverse mortgage rules can be found at your local bank and at Consumer Information, Home Guides, Investopedia, Reverse Mortgage Daily and Market Watch.
A reverse mortgage is for Seniors 62 and older. It uses equity in the home as a loan. It typically does not have to be repaid until the home is moved out of permantly. A regular mortgage is when you borrow money and pay it back on a home to build equity in the home. AARP does not recommend reverse mortgages.
The meaning of reverse mortgage (lifetime mortgage) is when a senior citizen who owns a home wants to convert the equity in their home to monthly income or some sort of line or credit.
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 Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
Reverse Mortgage A reverse mortgage is a loan that allows homeowners age 62 and older to access a portion of the available equity in their homes without having to sell the home, give up title, or make monthly reverse mortgage payments.
The home owner is responsible for repairs to the property. Depending on the amount available under the reverse mortgage, funds from the reverse loan may be available to make those repairs.