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Emery N. has sent the following question(s) in the ask experts blog. I am a 65 year old disabled person. I have been living with and taking care of my mother for 23 years. She took out a line of credit type of reverse mortgage, from Financial Freedom; only in her own name. She passed away a little over 3 months... Read Full Article
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Ken Tighe has sent the following question in the ask experts series. My wife will be 65 on April 5, 2017 and I was 65 on 2/4/2015. We currently own our home but want to build a new home on a lot we own that will better accommodate us in our advanced age. We have the cash to build the new... Read Full Article
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Extenuating Circumstances Can Help You Qualify for a Reverse Mortgage Under the new reverse mortgage rules set to take effect April 27, lenders will be required to conduct a thorough analysis of your financial profile before you can qualify—an analysis known as the reverse mortgage “financial assessment.” This assessment weighs things like proof of income and credit history in its... Read Full Article
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when you move out of your home while having a reverse mortgage do you have a certain amount of time to sell the house or is it due asap? Hello Deborah, The reverse mortgage loan is governed by the terms of your legal documents. In other words, the agreements you made with the lender and with HUD... Read Full Article
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If you’re tapping into your home equity through a reverse mortgage, you have probably heard by now about the new reverse mortgage “financial assessment” that is soon to be part of the process of getting a government-insured Home Equity Conversion Mortgage (HECM). The financial assessment, which is similar to the assessment that a “forward” loan originator conducts for traditional... Read Full Article
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We have been sending updates regularly and this will probably be our last call to action before the Financial Assessment (FA) guidelines go into effect for the HUD Home Equity Conversion Mortgage (HECM or "Heck-um") reverse mortgage program. The new program parameters will require HECM borrowers to "qualify" for the reverse mortgage loans with income and credit criteria, not considered... Read Full Article
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2018 New Program Alert: All Reverse Mortgage® Now Accepts Non-FHA Approved Condominium Projects on our All-New Platinum Reverse Mortgage Request our Non-FHA Condo Quote Today! BREAKING: Federal Housing Administration (FHA) today proposed new rules which could soon allow lenders to process spot/single unit approvals for condominiums. I have been told conflicting issues on this subject. I own a condo which is my primary residence. We... Read Full Article
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On August 4, 2014 HUD implemented a new policy for reverse mortgage borrowers with ineligible or "non-borrowing" spouses that allowed the eligible non-borrowing spouse to remain in the home even after the death of the borrowing spouse for as long as they lived (providing they met certain requirements) but it did not make any changes for loans originated prior to... Read Full Article
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what is "repair set aside" on the reverse mortgage estimate sheet and how does it resolve . -Louis Hi Louis, A repair set aside is money that is made unavailable to the borrower and is "set-aside" for the purpose of making needed repairs to the property. HUD and lenders have specific guidelines as to which repairs will qualify for a... Read Full Article
This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency. All Reverse Mortgage, Inc. is an independent company and is not affiliated with, acting on behalf of, or endorsed by HUD/FHA or any government agency. This content is for educational purposes and is not tax advice. Reverse mortgage programs may not be available in all states.
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