rules for reverse mortgage

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Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of a Home Equity Conversion Mortgage (HECM) for homeowners. We publish articles and tools for older Americans who are considering a reverse mortgage and want to become further educated before making a decision.

Reverse Mortgage Eligibility. The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity.

A reverse mortgage, also known as the home equity conversion mortgage (HECM) in the United States, is a financial product for homeowners 62 or older who have accumulated home equity and want to use this to supplement retirement income. Unlike a conventional forward mortgage, there are no monthly mortgage payments to make.

In the past decade, the number of reverse mortgages backed by HUD peaked at 114,412 in 2009, and dropped to 57,977 last year. New rules that took effect last year help ensure seniors’ ability to repay.

A reverse mortgage loan, like a traditional mortgage, allows homeowners to borrow money using their home as security for the loan. Also like a traditional mortgage, when you take out a reverse mortgage loan, the title to your home remains in your name.

These reverse mortgage qualifications and requirements may seem daunting, but don’t let that prevent you from applying. A licensed professional can walk you through the whole process and let you know if there are other location-specific, property-specific, or borrower-specific requirements that you should be aware of.

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New Rules for Reverse Mortgages The government is changing the loan’s insurance costs and reducing how much applicants can borrow-and the window for borrowing under the old rules is closing fast.

The rule change is expected to increase the number of FHA mortgages. many of whom have made their first purchase in a condominium development, as well as seniors seeking reverse mortgages.

Written by Jim Milano, as originally published in The Reverse Review. We knew it would come and now it is here-or at least it has begun. congress passed the Dodd-Frank Act more than two years ago,