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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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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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ALERT: HUD Announces Condo Changes Effective October 15, 2019! 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... 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 the... 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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ALERT: HUD Announces Condo Changes Effective October 15, 2019! 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... 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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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
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I am researching Reverse Mortgages for my parents (ages 63 & 66). My only concern is that they own a farm that is preserved in the state of New Jersey. They currently have it for sale, but really do not wish to sell, but think they have no other choice (dad is retired and ill, mom is working again but... 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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