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Shocking Truth About Condominiums and Reverse Mortgages

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Update 12/02/2019 HUD Sends Publishes New Single Condo Rules, Not as Much Relief as Hoped. Senior homeowners who owned condominiums in projects that were not approved by HUD have been waiting for HUD to reintroduce a spot or single unit approval process since it first disappeared in 2009. There were rumors of the spot approvals returning several times through the...
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Reverse Mortgage Credit: Tax Lien, Judgement & Collections

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How Credit History Can Delay the Reverse Mortgage Loan Process Court judgements and outstanding state or federal tax liens can blemish your credit history and make it difficult to borrow money. These derogatory marks on your credit report can also hinder your ability to get a reverse mortgage. A reverse mortgage allows homeowners age 62 and older to borrow...
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5 Rules that Apply to Reverse Mortgages in 2020

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Applying for and taking out a reverse mortgage loan is an important decision for senior homeowners, and it’s one that deserves time and research. Reverse mortgages enable homeowners 62 years or older to supplement their retirement income by converting a portion of their home’s equity into accessible cash flow. Reverse mortgages are powerful financial tools, but they are not one-size-fits-all. To fully...
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Credit Requirements for a Reverse Mortgage Loan

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How will my credit history be examined for a reverse mortgage?  Whether you’re looking to supplement your retirement income, make repairs to your home or buy a new house altogether, a reverse mortgage can help. But there will soon be a few additional steps to taking out a reverse mortgage, making the process more like that of getting a traditional...
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Here’s the Income Requirements for Reverse Mortgage

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If you’re applying for a reverse mortgage for the first time, you will  be subject to meeting new minimum income requirements as part of the financial assessment underwriting guidelines.  The financial assessment for a reverse mortgage is a lot like the process for getting a traditional or “forward” mortgage. It’s a way for the lender to get a sense of...
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Reverse Mortgage Age Requirements for 2020

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If you meet the reverse mortgage age requirement of 62 years, you could be a candidate for the federally-insured Home Equity Conversion Mortgage (HECM) program. The loan can enable you to remain in your home longer and does not need to be repaid for as long as you maintain principal residency in your home and keep up with property taxes...
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Reverse Mortgage for Second Home or Investment Property?

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One question we often get from potential clients is: Can I take a reverse mortgage out on my second home? The short answer is no, not anymore. Prior to the financial crisis, some lenders did offer a private product that allowed borrowers to obtain a reverse mortgage on their second home. But today, most reverse mortgages are through the Federal...
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2018 Reverse Mortgage Condo Spot Approval Update

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ALERT: HUD Announces Condo Changes Effective October 15, 2019! I live in an active retirement community called Somers Village which is an ASSOCIATION. I applied for a reverse mortgage with AIG beginning in Jan 2018. working with a broker or agent. After 6-8 weeks of supplying all the required paperwork, etc, ending with the my condo appraisal. When my...
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When a LESA (Life Expectancy Set-Aside) is Required

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How to Tell if You Need a Reverse Mortgage LESA Qualifying for a reverse mortgage today is a different process than it was in the past. As underwriting standards have tightened considerably in recent years, becoming eligible for a reverse mortgage now requires a more complex analysis of the loan applicant’s financial circumstances. As a prospective borrower, it...
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Top 5 Reverse Mortgage Rules You Must Know

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Applying for and taking out a reverse mortgage loan is an important decision for senior homeowners, and it’s one that deserves time and research. Reverse mortgages enable homeowners 62 years or older to supplement their retirement income by converting a portion of their home’s equity into accessible cash flow. Reverse mortgages are powerful financial tools, but they are not one-size-fits-all. To...
Read Full Article
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