The New Reverse Mortgage | FREE INFO 1-888-507-6036

Are you searching for the new reverse mortgage? In that case, follow some important essentials to choose the right one.Searching for the reverse mortgage provider is a difficult task. It is just like searching for the right bank that will serve you all aspects of financial matters related to your business or personal.

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The first thing that you must look out for in the company is the experience it has in the mortgage field dealing with the reverse mortgage product.

Being able to find a good reverse mortgage lender allows you to save a considerable amount of money in processing the loan and much bigger over the mortgage's life span. Certainly, different reverse mortgage lenders offer different terms and conditions. This is the reason why it is good to consider working with the right group who will be able to provide help as you find the right home loan provider.

A the new reverse mortgage that provides HECM, which is a popular and secure reverse mortgage program, is good to consider. Most of these companies have been insured by the federal government. Considering this fact, insured mortgage companies are able to offer better rates.

However, spotting the best lender can be hard at times. Reverse home mortgages are not like the ordinary mortgage loans Seeking the assistance of an individual or group specializing in reverse home mortgages is a wise move.

Working with a reverse mortgage lender based locally is safer than selecting foreign lenders. In case you want to meet your broker for some important reason, you can always do so easily without incurring much cost. In case some problems arise, you can conveniently drop by their office. Equally important, large companies often have the best rates to offer to borrowers because they have plenty of clients and can gain much without implementing high interest rates against their customers.

Is A Reverse Mortgage Right For Me?

A reverse mortgage is a unique type of loan, which permits you to convert a section of your home’s equity into cash. To get free reverse mortgage information, Call  CALL 1-888-507-6036

The lender pays the homeowner hence this loan is referred to as “reverse mortgage.” Living in the home as your main residence is among the mandatory qualification for this loan.

As opposed to the conventional mortgage, reverse mortgage has no requirements for income. There is no need to make any payment as long as you continue to live in your home. In the case of many homeowners, the loan becomes due when the last borrower moves out of the house or passes.

Proprietary Reverse Mortgages is another type of loan. It is designated for people whose homes are of high value. Banks, credit unions and other financial companies offer this loan. 

The U.S Department of Housing and Urban Development (HUB) has a website that provides free reverse mortgage information. These websites are popularly known as the HUD.GOV and have free comprehensive information about the reverse mortgage.

In one of the websites, HUD.GOV tries to answer the possible and Frequently Asked Questions (FAQs) by posting the questions and their answers. Among the questions posed, include a definition of reverse mortgage and the qualification of reverse mortgage. It also spells out that regardless of whether or not you bought your home with FHA mortgage insurance, you can still apply for HECM. 

According to the HUD.GOV, for your home to be eligible, it must be single family or range between 2-4 units with the borrower occupying one of the units. The difference between a reverse mortgage and an equity loan is also comprehensively defined. 

Other questions such as leaving an estate to heirs, whether to use an estate service planning to get a lender and how to receive your payments are also answered in this website. In addition, HUD.GOV states that the possible amount of money you can get from your home varies with the borrower and depends on a number of factors.  

HUD.GOV provides a possible solution given that you change your mind and no longer need the loan after going to closing. It states this through a three-day right rescission where you are given three calendar days to change your mind upon cancelling the loan.

Another source that provides free reverse mortgage information is The National Reverse Mortgage Association. It does this through its website http://www.reversemortgage.org. Moreover, it has both publications and a calculator on the reverse mortgage. 

In summary, please visit these sources to acquire additional information. Other sources such as the Federal Trade Commission (FTC), under the Consumer Information, also provide free reverse mortgage information.  

Free Reverse Mortgage Information

If your age 62 or older you may have considered looking into a reverse mortgage. Before you take action there are several resources that can be made available to you free of charge. You can get the definition of a reverse mortgage here CLICK HERE

FREE REVERSE MORTGAGE INFORMATION | CALL 1-888-507-6036

1. What is a reverse mortgage?

A reverse mortgage is a special type of loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you.  However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.  

2. Can I qualify for FHA's reverse mortgage?

To be eligible for a FHA reverse mortage, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, have the financial resources to pay ongoing property charges including taxes and insurance, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online 

3. Can I apply for a reverse mortgage even if I did not buy my present house with FHA mortgage insurance?

Yes.  You may apply for a HECM regardless of whether or not you purchased your home with an FHA-insured mortgage. 

4. What types of homes are eligible?

To be eligible for the FHA HECM, your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.

5. What are the differences between a reverse mortgage and a home equity loan?

With a second mortgage, or a home equity line of credit, borrowers must make monthly payments on the principal and interest.  A reverse mortgage is different, because it pays you – there are no monthly principal and interest payments.  With a reverse mortgage, you are required to pay real estate taxes, utilities, and hazard and flood insurance premiums.

6. Will we have an estate that we can leave to heirs?

When the home is sold or no longer used as a primary residence, the cash, interest, and other HECM finance charges must be repaid.  All proceeds beyond the amount owed belong to your spouse or estate.  This means any remaining equity can be transferred to heirs.  No debt is passed along to the estate or heirs.

7. How much money can I get from my home?

The amount varies by borrower and depends on:

• Age of the youngest borrower or non-borrowing spouse
• Current interest rate
• Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price; and
• Initial Mortgage Insurance Premium

If there is more than one borrower, the age of the youngest borrower is used to determine the amount you can borrow. 

These are just a few of the most frequently asked questions regarding reverse mortgages. 

We offer a free reverse mortgage counseling service at no cost to you that can provide you with all of the most accurate and up to date information available by calling 1-888-507-6036