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I live in an active retirement community called Somers Village which is an ASSOCIATION. I applied for a reverse mortgage with Resolute Bank beginning in Jan 2018. working with a broker or agent. After 6-8 weeks of supplying all the required paper work, etc, ending with the my condo appraisal. When my agent went to Resolute to get the final... Read Full Article
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If you’re applying for a reverse mortgage for the first time, you will soon be subject to a new financial assessment that applies to all borrowers as of April 27, 2015 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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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Reverse Mortgage Credit History: How Will a Lender Examine My Credit History and What Do I Need to Know? 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... Read Full Article
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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... 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! 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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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