According to a recent AARP study 31.6 percent of seniors have experienced a substantial decline in home values in the past three years, and a fourth have exhausted their personal savings. Overall, more than half of those surveyed age 50+ were not too or not at all confident that they will have enough money to live comfortably throughout their retirement years. One-third of respondents also...
Importance of Reverse Mortgage Counselors
There is a vast amount of information available on reverse mortgages. When making a decision as big as this one, it is no wonder that many people do their homework. Researching reverse mortgages is good preparation for a required HECM counseling appointment. FHA funds housing counseling agencies nationwide to provide borrowers with information on reverse mortgages through face-to-face or...
Eligible Reverse Mortgage Property Types
There is often confusion about what property types qualify for a Reverse Mortgage. A home equity conversion mortgage (HECM ) is a Reverse Mortgage. If you are considering a Reverse Mortgage, the first step would be to determine whether or not your property is eligible. Property types that qualify for an FHA insured Reverse Mortgage include single family residences, 1 to 4 unit homes, approved...
Turned Down for a HELOC? Unlock Your Home Equity with a Reverse Mortgage
If you’ve been turned down for a traditional home equity line of credit (HELOC), you may still be able to get the money you need by tapping into your home’s equity using a reverse mortgage. While a HELOC may not be an option for you during these tight credit times, if you’re a homeowner aged 62 or over with sufficient equity in your home, it’s relatively easy to qualify for a reverse mortgage...
Despite Banks Abandoning The Sale Of Reverse Mortgages They Are Still A Viable Option
Within less than a year both Bank of America and now Wells Fargo have exited reverse mortgage market. The reasons for the departures may have more to do with infrastructure set-ups, being able to achieve profitability, and getting in compliance with changing regulations from the Department of Housing and Urban Development (HUD) than with the product itself. In the past reverse mortgages received...