0
If your home is in forcloseure can you qualify for a reverse mortgage?
Wiki User
∙ 14y ago
No you typically do not unless you have significant equity in your home. Reverse mortgages are typically where you draw down the equity in your home. I am assuming that if your home is in foreclosure that you would have exhausted the equity or the lender would have considered rewriting your loan. There are several resources that can provide you with additional information, I have included them in links for you.
If you are stuck, you might want to consider the alternative and try to buy your home back when they do the auction.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
How do you qualify for a reverse mortgage?
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.
What is a reverse mortgage broker?
A reverse mortgage broker is someone who assists to qualify homeowners to borrow money against the value of their home. The mortgage payment is deferred until the homeowner dies or the house is sold.
Who can qualify for a reverse mortgage?
Applicants for a reverse mortgage must be 62 years of age and a home owner. The home cannot be a trailer or cooperative house, and it must meet the U.S. Department of Housing and Urban Development standards.
How can you get a reverse mortgage on your partial interest in the property?
You can only get a reverse mortgage on owner occupied property. All parties living in the home must be age 62 or older. investment homes - second homes - homes built before 1976 - do not qualify
How do you pay back Reverse mortgage?
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.
How do you qualify for a reverse mortgage?
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.
Can you qualify for a Reverse mortgage with balance owed on original mortgage?
Yes. The reverse mortgage must however pay off the existing mortgage balance, which means you need some equity to make the qualification work. If there is not enough equity in the home to qualify for a reverse mortgage you may choose to bring in the amount needed to finish paying off the existing mortgage- thus eliminating the mortgage payments for good.
What is a reverse mortgage broker?
A reverse mortgage broker is someone who assists to qualify homeowners to borrow money against the value of their home. The mortgage payment is deferred until the homeowner dies or the house is sold.
Who can qualify for a reverse mortgage?
Applicants for a reverse mortgage must be 62 years of age and a home owner. The home cannot be a trailer or cooperative house, and it must meet the U.S. Department of Housing and Urban Development standards.
What kind of home is approved to be an FHA 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.
How does a reverse mortgage purchase work?
Similar to a purchase with a regular mortgage. The difference is that you need a large enough down payment to qualify, and you won't ever have to make a mortgage payment on the new home.
Reverse mortgage senior citizens?
A reverse mortgage is a financial product available to senior citizens that allows them to borrow against the equity in their homes. Unlike a traditional mortgage, with a reverse mortgage, borrowers do not have to make monthly mortgage payments. Instead, loan proceeds are typically distributed to the borrower in the form of a lump sum, monthly payments, or a line of credit. The loan is repaid when the borrower sells the home, moves out of the home, or passes away.
How can you get a reverse mortgage on your partial interest in the property?
You can only get a reverse mortgage on owner occupied property. All parties living in the home must be age 62 or older. investment homes - second homes - homes built before 1976 - do not qualify
How do you pay back Reverse mortgage?
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.
What is reverse equity mortgage?
a reverse equity mortgage usually refers to a reverse mortgage, also referred to as a HECM loan. (Home Equity Conversion Loan). The key difference between a regular mortgage and a reverse mortgage is that no monthly mortgage payments are due on a reverse mortgage. A reverse mortgage also does not have credit or income requirements because there are no payments due. Qualification is based on age- minimum age 62- the value of the home and its location.
What is reverse mortgage and how does it work?
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.
Can a mobile home be used in a reverse mortgage?
Yes, in very limited circumstances. If the land is completely paid for and has other permanent improvements, it may qualify. I've seen a 10 acre horse training facility in a resort area qualify. Though the mobile home was treated as if it did not exist for appraisal purposes, there was enough value in the guest cottage, barns and outbuildings to issue the reverse mortgage, it took an extremely capable mortgage broker to make it happen.
