Qualification of the FHA’s Reverse Mortgage
In order for you to be eligible for the HECM, you need to be at least 62 years old and a home owner, have a low mortgage balance which is payable at closing with proceeds derived from your reverse loan. Lastly, you also need to receive free information from the HECM.If you’re looking for more tips, Reverse Mortgage has it for you.
Types Of Eligible Homes
In order for you to be eligible for the FHA, your house needs to be a single family house/home. In other cases, a 2-4 unit house with a single unit being occupied by you (the borrower) can also pass the certification process. Condominiums and manufactured homes which meet the stringent rules are also eligible.
Difference Between A Reverse Mortgage And A Home Equity Loan
A home equity loan requires the borrower to have an adequate source of income in order for one to qualify for a home equity line loan. On the other hand, a reverse mortgage is different from the former due to the fact that it work and pays you. In addition, with reverse mortgage, there are no monthly principals or interests which need servicing.
Types Of Reverse Mortgages
Single purpose reverse mortgages — usually offered by states, non-governmental organizations and local governments.
Federally backed and insured reverse mortgages also referred to as home equity conversion mortgages i.e. HECMS.
Property reverse mortgages –private loans which are backed by the same companies which are responsible for their sustenance and development.
Pros Of Reverse Mortgage
Tenure annuity which provides the borrower an additional monthly source of income provided they continue to stay in their homes.
Support on their pensions. This is particularly helpful as even if the beneficiary dies, their next of kin will continue to reap off the mortgage for years on.
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