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.
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