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I would certainly – and for a second time – apply for a reverse mortgage immediately, but I know I’m ineligible. Why? Because the ground lease my condo apartment building has with the Battery Park City Authority (BPCA) does not satisfy a requirement that FHA imposes on condo and co-op applicants – and only on condo and co-op applicants --... Read Full Article
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HUD issues dates for implementation of financial assessment for reverse mortgages. In 2013, HUD shocked the reverse mortgage world by announcing that they planned to implement financial assessment guidelines in response to the heavy losses the program sustained in 2012. The guidelines were set to require borrowers to qualify on the basis of income and past credit history for... Read Full Article
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Have a question about the reverse mortgage for Purchase? Call us Toll Free (800) 565-1722. Or, use our purchase calculator to see how the loan may work for you. Other Purchase Articles by All Reverse HECM Purchase FAQ’s HECM Purchase Reverse Mortgage in Today’s Top-10 Retirement Cities 12 Tips Before Purchasing with a Reverse Mortgage
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Comment: my partner is 71, I am 75, We own our condo in CA the balance on the mortgage is 52,000 and the approx value is 150,000-160,000. is this program the best choice for us? Hi Rudy, You know, you used the magic words in there, "..the best thing for us". We are of the opinion that reverse mortgages... Read Full Article
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If I take an initial lump sum is it possible to obtain further equity in a lump sum after a number of years or would I have to pay the loan off and get a new loan? HUD allows you to take your loan as a fixed rate or an adjustable rate loan. The fixed rate loan is a closed-ended... Read Full Article
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how do I determine the appraised value of my home - Lana Hi Lana, This is a great question and the answer is not as simple as it may seem. Let me explain. An appraisal on a property is an estimate of value based on the information available as of a certain date, a snapshot in time if... Read Full Article
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ALERT: HUD Announces Condo Changes Effective October 15, 2019! If I want to buy a condo for $200k all cash, can I then borrow against the equity in a reverse mortgage? Could I take out a sum certain each month or do I have to take it out all at once? I am thinking that the savings from not... Read Full Article
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I have found a place that we would like to purchase but the couple have passed away and also found out they had a reverse mortgage on the place. The family don't want the property and are letting it go back to the mortgage company. How can I get the property with out going through auction and would it have... Read Full Article
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This is a question we get all the time. Borrowers tell us that they have talked to other, larger companies, who have even pulled out HUD stats with a higher number of closed loans versus the number that All Reverse Mortgage has, while citing that because they have closed more loans, the borrower should work with them. I then... Read Full Article
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If you’re in the process of applying for a reverse mortgage, or if you have been considering tapping into your home equity with a government insured Home Equity Conversion Mortgage (HECM) loan, a recent change may mean you can qualify for more loan proceeds. HUD surprised everyone with a Mortgagee Letter of the changes at the very end of June and... 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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