What are reverse mortgage pros and cons?

What are reverse mortgage pros and cons?

It is a good idea to weigh the pros and cons of a reverse mortgage before starting your formal application. A good reverse mortgage advisor will talk to you about your individual situation, so that you get a sense of how the pros and cons of reverse mortgages affect you, specifically. Discuss these reverse mortgage pros and cons with your […]

What are HUD reverse mortgage requirements?

A HUD reverse mortgage (also known as an FHA reverse mortgage, HECM or Home Equity Conversion Mortgage) carries certain requirements for eligibility. The HUD reverse mortgage guidelines state that borrowers must: Be 62 years of age or older (borrower may have a non-borrowing spouse) Own the property outright or paid-down a considerable amount Occupy the property as your principal residence […]

What are the reverse mortgage rules or requirements?

The basic requirements for reverse mortgage eligibility are as follows: Be 62 years of age or older Own the property outright or paid-down a considerable amount Occupy the property as your principal residence Not be delinquent on any federal debt Have financial resources to continue to make timely payment¬†of property taxes, hazard insurance, Homeowner Association fees, etc. Participate in a […]

Who is eligible for a reverse mortgage?

Qualifying for a reverse mortgage is surprisingly easy. The borrower(s) must be at least 62 years of age, own their own home, and occupy the home as their primary residence. There are no income, credit score, or health qualifications to meet. Qualifying for a reverse mortgage is less complex than a typical home equity loan. ¬†Approval for a reverse mortgage […]