Reverse Mortgages are becoming very popular with todays seniors. As the graph to the left shows they are increasing every year and will continue to do so as the baby boomers age. Who qualifies for a reverse mortgage?
The Home Equity Conversion Mortgage (HECM) is the only reverse mortgage insured by the federal government. HECM loans are available in all 50 states, the District of Columbia, and Puerto Rico. To be eligible for a HECM loan:
- you, and any other current owners of your home, must be aged 62 or over, and live in your home as a principal residence;
- your home must be a single-family residence in a 1- to 4-unit dwelling, a condominium, or part of a planned unit development (PUD). Some manufactured housing is eligible, but cooperatives and most mobile homes are not;
- your home must meet HUD's minimum property standards, but you can use the HECM to pay for repairs that may be required; and
- you must discuss the program with a counselor from a HUD-approved counseling agency.
3 comments:
Hi
The value of reverse mortgage lenders are increasing day by day.
Thanks for the info, it was really helpful. I'll surely visit back again later.
reverse mortgage pros and cons
A Wisconsin reverse mortgage allow retirees and the elderly to remain financially independent with a steady and reliable income stream throughout the best years of their lives. This mortgage option taps into the equity you’ve built up in your home and converts it into cash you can put toward living expenses and other purposes.
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