'Qualifications' Category Archives
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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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 against...
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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...
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Do you consider non hud reverse mortgages? My condo association is not fha certified There are only a very few private or proprietary programs available at this time. Prior to the mortgage market meltdown in 2009 - 2010, there were several but they were very slow to reemerge and there have been very few if any sales of their mortgage backed...
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We are under chapter 13 bankruptcy would we be able to do a reverse mortgage? I am 64 my husband is 78 HUD has different requirements for the purchase program and someone who is doing a loan on their existing property. If your desire is to utilize the reverse mortgage for purchase program, you cannot have a bankruptcy for...
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Are the rules for all reverse mortgages the same? Not all rules are the same in the same states let alone from state to state. There are more than one reverse mortgage programs available but the main program being originated today is the HUD Home Equity Conversion Mortgage (HECM or "Heck-um"). The HECM accounts for the vast majority of all the reverse...
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Our stick built home is on 3 acres and is valued at about $375,000. In 2001 we added a manufactured home on the same property. It is on a permanent foundation, is permitted, has its own separate utilities and address. It is presently a rental and is valued at about $150,000. In checking with two different lenders both indicated that...
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UPDATE: 9/3/2017 It is our unfortunate duty to inform all owners of condominium units located in projects that are not currently HUD approved that HUD released a statement today that HUD has decided not to alter the condo approval requirements/process at this time. There had been so many rumblings of new rules to come and with this announcement, HUD has...
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What Are The Main Reasons I Won't Qualify for a Reverse Mortgage? You may be interested in applying for a reverse mortgage, but like any loan, there are certain qualifications you’ll have to meet. And because most reverse mortgages are insured by the Federal Housing Administration, there are many aspects in terms of your finances and home condition that need...
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I will be 62 1-17, my wife is 58, we are both retired at present. We own acreage (deed) under an LP where we are both partners and intend to build a home on it. We can pay outright for the home and own 100% equity in house and acreage. My thought is take a reverse mortgage to fund the...
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