Archive for the ‘Reverse Mortgage’ Category

PostHeaderIcon FHA HECM Loan Limits California 2015

The 2015 loan limits for FHA-insured reverse mortgages the Home Equity Conversion Mortgage will remain unchanged from 2014. The FHA reverse-mortgage product, commonly known as the HECM Home Equity Conversion Mortgage will keep the maximum claim amount of $625,500, the actual loan limits based are based on the senior’s property value, borrower age, and current interest rates. Reverse mortgages let homeowners the age sixty two and older to borrow against the value of their property without any requirements for the monthly mortgage payments. There is no repayment is required as long as a senior lives in the home. The reverse mortgage is repaid, with interest, when the homeowner expires, or sells the home.

If a homeowner is of the age 62 or older and have some equity built up, and are currently occupying the residence, and are eligible, you may be able to participate in FHA’s Home Equity Conversion Mortgage (HECM) program.  The HECM is FHA’s reverse mortgage program that enables senior homeowners to draw out some of the equity in their house with limitations or a single disbursement lump-sum payment at the time of mortgage closing.

You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

HECM Borrower Requirements

The individual applying must:

Property Requirements

The following eligible property types must meet all FHA property standards and flood requirements:

More can be found about reverse mortgages by visiting http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmabou

Work with a top HECM lender who supplies the only reverse mortgage insured by the U.S. Federal Government. Learn more about the 2015 FHA loan limits in California, FHA Streamlines, VA IRRRL’s, Jumbo FHA Loans and more by consulting with an expert.

PostHeaderIcon Reverse Mortgage California

Our reverse mortgage California branch is more than capable and willing to assist any senior who is looking to increase their income due to rising prices of debts, health costs, mortgages, or all of the above.  Because of this benefit offered by our California-based branch many senior citizens and homeowners are helping themselves to the benefits promised by reverse mortgage California lender.Unlike other companies our reverse mortgage California service as well as other loan divisions we ensure that our clients get the best deal out of our mortgage policies. Our California reverse mortgage offers complete, comprehensive and reliable programs and getting rid of non-essential and junk fees that can strain a senior citizen’s or homeowner’s money and clients can be assured that our California-based office and other affiliates will not impose such junk fees or unreliable mortgage payment programs on clients who deserved better mortgage deals.We also can state with confidence that our mortgage company is in compliance with the government’s mortgage regulation programs for any US citizens who are 62 and above and our monthly disbursements that passes through our reverse mortgage California loan products and other loan products are very competitively priced. This in turn ensures that all premiums paid by seniors and homeowners as well are not costly enabling our clients to spend less for their premium payments.

If you are a first-timer living in California who is thinking of getting a reverse mortgage that is reliable, comprehensive and less costly than other mortgage companies we recommended a HECM reverse mortgage in California. Our personnel will help you get started by calculating the amount of cash you qualify for and discuss other options that will aid you in getting the best mortgage that we can offer.

Whether you’re an homeowner, senior citizen or both we are happy to announce that you are qualified for our Reverse Mortgage regulated program provided that your age is 62 and above. In fact our Reverse Mortgage California programwill not be receiving your payment, it is the reverse, and we are the ones who pay you in a set upfront amount or monthly installments. Simply put, our reverse mortgage company is unlike other reverse mortgage companies, we save our clients’ money.

If you have questions about our reliability and authenticity we can inform you with confidence that our company ReverseMortgage California program is a certified company and is a member of and US Department of Housing and Urban Development Approved Reverse Mortgage Lender. You and other clients can be secure in the knowledge that our California-based mortgage company is legitimate and there is no need to worry full disclosure of all fees associated with obtaining a reverse mortgage in California

More information and assistance are easily available at our Orange County office. You can also access our website and use our free reverse mortgage calculator to help determine if a reverse mortgage in California is right for you. If by some change you are not able to visit our office in Orange County California we can schedule a free consultation over the phone. Please remember, if you have any questions concerning a Reverse Mortgage California loanand its qualifications for seniors who are residents of the State of California. Our reverse mortgage policies are very useful in these times tough economic situation. The sizes of pensions of some senior citizens are decreasing because of the economic problems and its very slow recovery. Because of this some senior citizens look to go back to work at an age that can be very demanding and difficult for them. They have to do this to help supplement their income to help pay off debts. Just imagine that kind of dilemma that senior citizens are facing, in their gold years, they are supposed to have it easy, enjoying their hard-earned savings and pensions, instead they are exerting effort with great difficult just to ensure their nest-egg are not depleted. A reverse mortgage California loan could change all that for qualified seniors, contact a reverse mortgage expert today and have a California reverse mortgages explained to you properly.

It is because of this that we at Trinity Reverse Mortgage Californiahas mortgage policies that enable senior homeowners to have money for their mortgage and premiums that can be paid with little money. Of course it’s not free, but you must admit that company’s policies are much easier to deal with when compared to other companies and it delivers what it promises: reliable and comprehensive mortgage policies.

Getting a  Reverse Mortgage Californiaspecialist to go over programs and qualifications is easy we have plenty of agents that work all Southern California cities like, San Diego, Los Angeles and Orange County to point out a few. If you are a resident of any state that have our affiliates are licensed in feel free to call and go over your particular situation. Contact a reverse mortgage California representative today and see how easy it can be.

Because of the various benefits and advantages like tax-free disbursements a Reverse Mortgage California mortgage may be for you.Having a HECM reverse mortgage backed by the Federal Housing Administration and US Department of Housing and Urban Development, your reverse mortgage will be underwritten properly. Contact a reverse mortgage specialist now and get all the answers to you questions.

So if you are a senior and own your home in California and who needs money for any reason at all, getting a Reverse Mortgage Californialoan may be for you. Because of our companies efficient and reliable reverse mortgage policies, no longer will a senior worry about losing their precious, hard-earned home that may be affected by the out bills and debts.

Reverse Mortgage California lenders are standing by to answer any questions you may have.

PostHeaderIcon Reverse Mortgage Explained

Reverse mortgages are unique financial loans that give seniors the opportunity to withdraw a portion of their property equity and defer payment until their house is bought. The most common of these is a HECM reverse mortgage or ( Home Equity Conversion Mortgage) they are not like other bank loan loans, these financial loans carry rigid age guidelines To qualify for a reverse house loan, debtors can be no younger than sixty two years old. To learn more and to have reverse mortgages explained properly an interested senior should consult one of our reverse mortgage specialist.

According to facts gathered by the Countrywide Council on Aging (NCOA) in 2010, the average borrower is seventy three. In last few years, the regular demographic has been rapidly altering. The NCOA has lately found that one particular out of every single five candidates is amongst 62 and 64 years of age. These loans are no longer just for older retirees. Younger seniors are now considering these loans and for very, very good reason. Learn more and to have reverse mortgages explained properly, contact one of our senior mortgage consultants explain the process.

Reverse Mortgages Explained

Reverse mortgages are only accessible to seniors who own their properties outright or will be ready to pay off their current mortgage with the proceeds of their new loan. This implies that, after getting a mortgage, seniors get to keep on living in their houses without obtaining or to be concerned about new mortgage loan payments. Relying on the amount of equity a senior has amassed, he or she may also stroll away with extra tax-free proceeds that can be utilized however the senior sees fit. To have reverse mortgages explained in detail speak with a reverse mortgage lender.

Seniors usually get these financial loans for two principal causes: to increase their quality of lifestyle or lessen debt. As earlier discussed, reverse loans eradicate seniors’ month to month home loan installments. Added proceeds can be utilized to pay-off higher-interest rate credit cards, pay out health-related bills or eliminate other debts. A current study conducted by the Associated Press and Existence Goes Robust showed that the wonderful majority of seniors 66 and mature want to remain in their present residences throughout retirement. Obtaining a reverse mortgage aids seniors remain in their properties while reducing their month to month charges and freeing up further funds. Read more and get reverse mortgages explained the right way by the experts, call us today.

Although many seniors want to decrease their personal debt, other people want to boost their high quality of daily life. For some seniors, a reverse home loan is a resource that permits them to vacation, renovate their property or get pleasure from other luxuries. As long as the mortgage satisfies a senior’s demands, there is no appropriate or wrong way for seniors to use their mortgage proceeds. Speak to a reverse mortgage expert and have reverse mortgages explained to you over the phone or in person. If you live in areas where the value of the homes are very high like San Diego, you may want to speak with a local reverse mortgage San Diego lender to review your options.

There are numerous eventualities in which a reverse mortgage would be advantageous. Many seniors pick to get a reverse mortgage explained so later on in retirement when their property has dwindled and their remaining mortgage loan stability is minimal. Given that mature borrowers qualify for the greatest payouts, this approach helps make sense for many applying seniors

If Seniors want to get a more aggressive strategy. Rather of finding a bank loan when their property have been depleted, some seniors acquire their financial loan earlier in retirement with a purchase to give their property much more time to increase. A portion of borrowers also use these financial loans to prolong implementing for Social Security benefits. Equally reverse mortgages explained for these techniques aid seniors optimize their retirement cash and prepare for their future fiscal needs. Thank you for reading our post reverse mortgages explained.

PostHeaderIcon Reverse Mortgage Los Angeles

Getting a Reverse mortgage in Los Angeles has become increasing more and more popular with individuals 62 years of age or older; the seniors can turn the equity in their home into cash. It is very important for a property owner to fully understand the complexity of obtaining a Los Angeles reverse mortgage, the ramifications, and the alternatives. Our reverse mortgage Los Angeles experts will help provide an overview of how to obtain a reverse mortgage in Los Angeles. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved lender. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more It is very important to speak with a reverse mortgage Los Angeles approved lender to determine the correct reverse mortgage for the applying senior.

A Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program which allows the homeowner to withdraw some of the cash from your property. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both. You can also use a HECM reverse mortgage to purchase a primary residence in Los Angeles if you are able to use enough cash to pay the difference between the HECM reverse mortgage proceeds and the sales price plus closing costs for the Los Angeles property you are purchasing.

IS AN HECM REVERSE MORTGAGE RIGHT FOR YOU?

Everyone’s situation is different, and in order to decide if obtaining a HECM reverse mortgage in Los Angeles  is right for you, you must take a look at the benefits and drawbacks and apply them to your circumstances.

The Benefits of an HECM Reverse Mortgage include:

  • Many lenders won’t take your credit rating into consideration.
  • You still retain ownership of the home; you can sell it or move out whenever you wish, and any equity left after settlement belongs to you.
  • The terms and payment schedules are very flexible.
  • There is a non-recourse feature to most HECM reverse mortgage s, which means you will never repay more than the value of the home.
  • A HECM reverse mortgage is non-taxable income.
  • No worries about foreclosure as long as the taxes and insurance are kept current.

 

The amount you may borrower will depend on:

  1. Age of the youngest borrower
  2. Current interest rate
  3. Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price; and

Initial Mortgage Insurance Premium–your choices are HECM Standard or HECM SAVER

What costs are associated with getting a HECM?

• Loan Origination Fee

• Third party fees (i.e., appraisal, inspection, lender title policy, etc.)

• FHA Mortgage Insurance Premiums

• Servicing Fee

• Interest

While the main difference between a traditional home loan and a Los Angeles reverse mortgage is that you do not have to make payments, the traditional home loan often combines many of the expenses that go along with home-ownership. Reverse mortgage Los Angeles specialists should advise you that you will be responsible for paying your real estate taxes and insurance on the property. If your current mortgage includes these things in your monthly payments, it is certainly a factor to consider. All options will be discussed when reviewing you reverse mortgage application with our reverse mortgage Los Angeles lender.

Reverse mortgage Los Angeles lenders understand just how difficult it can be to make ends meet. The reverse mortgage Los Angeles experts agree that this type of loan could be just what a homeowner needs to improve their quality of life. Instead of working past the age of retirement to try to make ends meet, consider how the reverse mortgage Los Angeles loan could change your life. Reverse mortgage Los Angeles consultants are ready and willing to help you out of your current financial situation. They can help you with use of a reverse mortgage calculator to determine the monthly payments an any fees associated with the transaction.Contact our one of our reverse mortgage Los Angeles agents and discuss any concerns you may have.

PostHeaderIcon Reverse Mortgage San Diego CA

Reverse mortgage San Diego lenders lend money to those people who are 62 years old or older, and are in need of a loan. This loan allows home owners to convert part of their home equity; one has an opportunity to draw the mortgage principle in large quantity by receiving payments monthly over a specified period of time. This can either be a revolving credit line or combination.
Before one take the home loan, it is advisable to speak to San Diego home loan expert and learn on the terms and conditions of the loan. Reversed mortgage vary in term of the lender and then percentage interest. For this reason, one is advice to understand fully what it entails before getting one and learning the hard way. When home owners understand the details, fully then it would be easy to identify the type of reverse mortgage that they would be able to handle.
Single purpose reverse mortgage, this type of mortgage is not expensive, but it has its own limitation. The loan can only be used for a specific purpose that can either be specified by the government or the loan specialist. If one says that the loan is for clearing taxes or making house repairs, then that is what the loan would be used to do. This type of loan best fits those with moderate or low income.
The other form of loan is Federally Insured reversed loan also known as the Home equity Conversation loan (HECMs), this loan are more costly since the upfront cost is high. For those planning to stay in their house for a short while, it would be recommendable to borrow small loans. These types of loans are readily available and do not restrict those who borrow the loan.
The last form of reverse mortgage San Diego can offer is the property reversed mortgage, this is the type of loan that are given to home owners by the private companies. In some instances, the loans are usually backed by some companies that develop them. This type of loan is costly and available to those types of people that have a high level of income. There are no restrictions as to how and when the money would be spent.
There are important factors to consider, when it comes to the much one would be able to borrow from Reverse mortgage San Diego lender. Some of the factors that are the key include the age of the home owner, the interest rate at which one is borrowing with, value of the home in question and also the location of the property. The borrower is given an option to either collect their cash as a lump sum or receive small quantities each month.
There is a limitation that are set when it comes to reverse mortgage San Diego, firstly one is not permitted to fully relies equity of their property, there is a certain percentage that is given to the lenders so as to ensure they do not obtain the right to one’s home. Evidently the price of the loan would be less than the value of the property.

The advantage of this form of reverse mortgage San Diego loan is that it does not affect the medical benefit that the senior may be getting or even social security. Even if, one has a loan life continues as usual, the aim of the loan is to assist the elderly, but not to frustrate and strain them.

Reverse mortgage San Diego lenders tend to offer attractive services for instance home improvement and then claim that reverse mortgage is the best option, one should not just hoe into money borrowing without shopping around and ensuring that the option they go with is the best one in the market. There are several places where one can borrow reverse loan is San Diego thus giving one an opportunity to find the best. There are those that might end up pressurizing one to purchase other financial product, like the insurance.
It does not matter how far one goes with the application, there is always an opportunity to cancel the loan in case one changes the mind. One has at least three business days to do that to cancel the request without being penalized. After one cancelled, the loan officer has up to 20 days to refund any cash that one might have paid. Thank you for visiting our post reverse mortgage San Diego

PostHeaderIcon San Diego Reverse Mortgage

Reverse mortgage uses a home’s equity as collateral. You will borrow money from the market value of your own home in San Diego or any other state instead of going to a bank to get a loan. Reverse mortgages in San Diego have their disadvantages and advantages that you need to be aware of before you decide to borrow some money against your property. Advantages The reality remains that elderly people have a harsh time trying to generate an income, get a loan to pay for their health care costs and so on. Most lenders of reverse mortgages in San Diego cannot do business with them because they have statistics that say those individuals will not be able to pay the loan back at a high rate. They do not have a secure source of income, and the proximity of their passing away make a loan difficult all the time. However, reverse mortgage San Diego lenders are more willing to grant a loan to those elderly individuals with a home as collateral; because they have something secure they can sell quickly to get their investment back.

Disadvantages you could not be able to pay back your loan, and this situation will make you lose your home. Another disadvantage of getting a reverse mortgage in San Diego is that the value of the loan might exceed the value of your home. The reason being that the compound interest that you would have to pay for your reverse mortgage in San Diego could make repayment almost impossible. Your home could be under water due to the compound interest accumulated over thirty years. I mean that you could even sell your home, and you would not be able to pay off your debt. You also must be aware of the fact that some lenders would file a lawsuit against you if you sell the property, thus forcing you to keep it against your will. This situation will make you lose more money in the long run.

Elderly people will have a hard time dealing with these  financial issues because the lack the strength needed to keep a property in good standing. They will have to hire someone else to keep the property in good standing, and it means more spending that they almost cannot afford to pay in many cases. You need to think it over when it comes to get a reverse mortgage in San Diego or any other city. A reverse mortgage San Diego that you cannot pay will leave your loved one homeless if you pass away before paying off the debt. A reverse mortgage San Diego lender will have a lot of payout options available, and you should consider the right one for your particular situation. You will receive the proceeds of the reverse mortgage in San Diego as soon as the mortgage is approved. The lender will give you a lump sum, which could be several hundred thousand dollars to spend it as you wish. This option is great for people who are not prone to handle money the wrong way. If you can spend this money in productive deals or just keep it in its original amount, you can use this option without any issues. If you think that there is a possibility that you could lose this amount of funds from your reverse mortgage in San Diego, you should avoid using this payout option right away. The term payment option allows you to receive the proceeds of the reverse mortgage in San Diego over a 10-year or even a 20-year period. Another important payment option is tenure, which allows you to receive a payment every single month while you dwell in the house. Another option is the line of credit, which is like a credit card.

A line of credit will allow you to use money whenever you want for whatever purpose. However, you should use this money carefully because if you do not pay it back, your interest rates might eat you alive. Another important payout option is the modified term/tenure. If you use this option of your reverse mortgage in San Diego, you will have a credit line which you can use to withdraw additional money from either your tenure or term payout option of your reverse mortgage in San Diego. Please make sure that you are going to use this money the right way before you try to get it. You have many advantages if you use a reverse mortgage in San Diego, but you should also assess the disadvantages as much as you can. Thank you for visiting our post reverse mortgage San Diego.

PostHeaderIcon Reverse Mortgage Calculator

Reverse mortgage calculator

Have you heard that there is a way to get money for your home and still live in it for the rest of your life with a reverse mortgage? It is true and using a reverse mortgage calculator helps you to see how much you will receive. However, if you type “reverse mortgage calculator” into a search engine, you immediately return a lot of information that overloads you with technical advice.

For those of you desperately searching online for concise information concerning how to use a reverse mortgage calculator to find out how much money you can expect, there is hope. Even if you are not a financial genius or have learning disabilities with math, you can easily use a reverse mortgage calculator to figure out if you are eligible for the return on your home investment.

Reverse mortgage calculator and cash for seniors

The most important thing to understand is how a reverse mortgage calculator can show you how to live out the rest of your days based on the value of your home. If you are at least 62-years-old and own your own home, you may be eligible for a reverse mortgage. The way that it works is that you get money from the bank for your house –- but you continue to live there. The reverse mortgage calculator will allow you to see how much money you will get and how long you can continue living in your home.

For example, if you are single (and continue to remain single) and think that you will live another 30 years, you can use a reverse mortgage calculator to see how much money you will receive every month. At the end of the term, after your death, the bank will own your home and place it on the market for sale. Any residual sales amount is passed on to the people indicated in your will. The bank will not pass on debt to survivors and the residual amount can be estimated by using information on the reverse mortgage calculator page.

How the reverse mortgage calculator began

Many seniors are interested in staying in their own home and avoiding nursing home care. To say the least, these expenses can be extreme. To cover the costs of staying in your home, the Federal government set up a program called the Home Equity Conversion Mortgage under the Fair Housing Administration.

To help consumers understand how they could turn their home into cash while still living there for decades, the government enlisted the help of web developers to make the first reverse mortgage calculator. Today, this tool is used to make the dreams of seniors come true and shows them how to receive up to $625,000 maximum in home equity.

What to expect from a reverse mortgage calculator

Navigating these types of financial waters can seem too good to be true. Is there a catch? If you are worried about the details, a reverse mortgage calculator will address your eligibility and give you a chance to review what the offer specifically entails for your situation.

Some of the information that you will need to use a reverse mortgage calculator is:

  • Your five-digit ZIP code
  • Date of birth
  • Spouse’s/co-owner’s date of birth
  • Estimated home value
  • Outstanding liens or mortgages for home in question
  • Current monthly mortgage payments
  • Amount of upfront cash you would like access to
  • Home repairs estimate
  • Line of credit indication

Results from a reverse mortgage calculator

If you take all of the time to put your answers in a reverse mortgage calculator, what can you expect in return? In general, the results will tell you whether you qualify and gives you five types of payment options based on the information you put in the reverse mortgage calculator.

Those five payment options are:

Tenure - Monthly payments of equal amounts throughout the time at least one owner is living in the home.

Term - Fixed monthly payments of equal amounts for a specific period of months or years. Use the reverse mortgage calculator to adjust the months and see which period of time is more profitable.

Line of Credit - A lump sum that you can access that is not found in monthly payments.

Modified Tenure - This is a tenure option combined with a line of credit.

Modified Term - This is a combination of fixed term and a line of credit. To figure out if this is a better option, the reverse mortgage calculator can help to make comparisons.

What a reverse mortgage calculator cannot do

While the online tool known as the reverse mortgage calculator is an incredibly easy device to use, it is not the perfect option for everything. For instance, there is a way to get money from the value of your home known as a home equity loan. The reverse mortgage loan may sound a lot like a home equity loan, but there are some differences. For this reason, you should not use your favorite reverse mortgage calculator to comparison shop for home equity loan estimates.

Another thing that the reverse mortgage calculator does not do is reserve you in a program, lock in certain rates, promise that this is the loan amount your will receive, or sign you up for a bank to call and offer you a reverse mortgage. In fact, the reverse mortgage calculator is merely a tool to give you an idea of how much you will receive if the bank approves your request. The final steps toward securing a reverse mortgage begin when you apply online.

PostHeaderIcon HECM Reverse Mortgage

HECM Reverse MHECM Mortgage

Reverse mortgages have become more popular in recent years. They allow seniors who own a home but have little cash or savings to benefit from the equity in their home while still living in it. Reverse mortgages work similar to a home equity loan, except that funds aren’t repaid until the owner dies or leaves the residence permanently; any equity left in the home after repayment will still go to the heirs of the borrower. Have a San Diego home loans expert discuss any, and all financing option available to you.

The most common type of reverse mortgage is a Home Equity Conversion Mortgage, otherwise known as an HECM reverse mortgage; HEMCs constitute approximately 90% of the market for this type of loan. A HECM reverse mortgage is insured by the FHA, which implemented the program in 1989.

Despite the advantages of obtaining an HECM reverse mortgage, relatively few homeowners have taken the initiative to try them out; less than 5% of seniors who qualify for this program have participated since the HECM reverse mortgage was first offered by the FHA.

A part of the problem may be a reluctance to let of the value in a home that they worked so hard to pay off; another factor may be a lack of understanding about how an HECM reverse mortgage works.

IS AN HECM REVERSE MORTGAGE RIGHT FOR ME?
Everyone’s situation is different, and in order to decide if an HECM reverse mortgage is right for you, you must take a look at the benefits and drawbacks and apply them to your circumstances.
The Benefits of an HECM Reverse Mortgage

  • Many lenders won’t take your credit rating into consideration.
  • You still retain ownership of the home; you can sell it or move out whenever you wish, and any equity left after settlement belongs to you.
  • The terms and payment schedules are very flexible.
  • There is a non-recourse feature to most HECM reverse mortgage s, which means you will never repay more than the value of the home.
  • A HECM reverse mortgage is non-taxable income.
  • No worries about foreclosure as long as the taxes and insurance are kept current.

The Disadvantages of an HECM reverse mortgage

  • An HECM reverse mortgage is still a loan, and must be paid back by you or your heirs when circumstances warrant repayment (death, relocation, or sale of the the home.).
  • There are fees involved. You can lower these by shopping around, and they can be added to the balance of the loan.
  • If housing values fall or stay flat, there is less left over for your heirs.

WHO CAN QUALIFY FOR AN HECM REVERSE MORTGAGE?
In general terms, any homeowner over the age of 62 who has paid off or paid down their mortgage is eligible to apply for an HECM reverse mortgage. However, there are a few other qualifiers for borrowers as well as for the eligibility of properties.

In addition to those requirements, all income must be verified; taxes must be up to date with no delinquencies; the home must be fully insured, including flood and hazard insurance; and the borrower may not have any Federal delinquencies, such as student loans outstanding.

To be eligible for an HECM reverse mortgage, the property must be the main residence of the borrower. It must also be a single-family home, or a multiple-unit home with no more than four units; the borrower must live in one of the units. In addition, condos or manufactured homes can be considered for an HECM reverse mortgage as long as they meet HUD or FHA standards.

HOW DOES AN HECM REVERSE MORTGAGE WORK?
An HECM reverse mortgage works much the same as any other home loan. An eligible homeowner will apply for an HECM reverse mortgage, and after performing a title search and verifying income and credit the borrower can be approved for an HECM reverse mortgage for the amount of the estimated sales value, up to the FHA HEMC cap of $625,500.

The amount you qualify for depends on the age of the youngest person on the loan agreement, the current interest rate, and the appraised value of the property.

There are two different types of HECM reverse mortgage: HECM Standard, which has higher fees at closing but allows for a larger loan amount; or an HECM Saver mortgage which has lower fees and insurance, but reduces the amount for which you can qualify.

HECM Reverse Mortgage Fees
Other HECM reverse mortgage fees include:

  • FHA insurance premiums, which can be added to the balance of your loan.
  • Origination fees. These are currently set at $2,500 for homes valued at $125,000 or less, and at two percent of the value for every $200,000 of assessed value, up to six percent.
  • Third-party fees, for appraisals, inspections, and other costs to outside companies.
  • Service charges, which are limited to $30-35, depending on your interest rate. These are added to your loan balance on a monthly basis.
  • Interest. You can choose a low adjustable or fixed interest rate. The adjustable rate is capped at five percent over the life of the loan.

Educate yourself and shop around for the best HECM reverse mortgage for you and your situation.

PostHeaderIcon Reverse Mortgage Orange County

Reverse Mortgage Orange County

There are lots of instances in one’s life exactly where a money shortage can cause a great deal of troubles. Home owners over the age of 62 are definitely not immune to this circumstance, however the 1 factor that most don’t understand is the fact that they have a lot more alternatives than an individual of a younger age. Reverse mortgage Orange County professionals might help individuals who qualify to obtain by means of the leaner occasions and get started enjoying life as they must. There are various reverse mortgage Orange County lenders standing by to assist you make some good modifications inside your financial scenario.

The initial step the reverse mortgage Orange County professionals will take is examining your present situation. Even though you do not have to own your house outright, your home does will need inside a condition that would deem it as lendable to reverse mortgage Orange County lenders. If your home was in require of lots of repair, it may perhaps not qualify below the terms in the reverse mortgage Orange County lender. The reverse mortgage Orange County professionals might advise you to make several repairs before continue processing the loan.

The reverse mortgage Orange County lenders will present this kind of loan on several unique varieties of houses. Even so, the dwelling needs to be your key residence. For instance, for those who presently own a multi-unit constructing, you may nevertheless qualify, according to the reverse mortgage Orange County professionals, by merely creating one of many units your permanent or key residence. When applying for any conventional mortgage, your credit is going to be scrutinized. This can be not one thing that the reverse mortgage Orange County lender will do. Based on reverse mortgage Orange County consultants, your credit background will typically have no impact on the choice of whether or not you’re approved for this reverse mortgage. Orange County residents who have a less than great credit rating will nevertheless have the ability to qualify for this sort of assistance from a reverse mortgage Orange County loan officer. There are lots of occasions in one’s life exactly where a money shortage may cause lots of issues. Property owners more than the age of 62 are definitely not immune to this scenario; however the 1 factor that most don’t understand is the fact that they’ve much more choices than somebody of a younger age. Reverse mortgage Orange County specialists might help those that qualify to obtain via the leaner occasions and begin enjoying life as they ought to. There are lots of reverse mortgage Orange County lenders standing by that will help you make some good modifications inside your monetary scenario.

The very first step the reverse mortgage Orange County experts will take is examining your present scenario. Whilst you don’t have to personal your house outright, your house does require inside a situation that would deem it as lendable to reverse mortgage Orange County lenders. In case your house was in require of lots of repair, it might not qualify below the terms from the reverse mortgage Orange County lender. The reverse mortgage Orange County specialists might advise you to create a couple of repairs prior to continue processing the loan.
The reverse mortgage Orange County lenders will provide this kind of loan on numerous various kinds of houses. Nevertheless, the house should be your main residence. For instance, in the event you presently personal a multi-unit developing, you can nonetheless qualify, based on the reverse mortgage Orange County specialists, by merely creating among the units your permanent or main residence.

When applying to get a conventional mortgage, your credit will probably be scrutinized. This really is not something that the reverse mortgage Orange County lender will do. Based on reverse mortgage Orange County consultants, your credit background will usually have no influence on the choice of whether or not or not you’re authorized for this reverse mortgage. Orange County residents who’ve a much less than ideal credit rating will nonetheless have the ability to qualify for this kind of help from a reverse mortgage Orange County loan officer. Your earnings will also not play a element in whether or not or not you’re authorized to get a reverse mortgage. Orange County lenders comprehend the cause behind this kind of loan service would be to permit those that have reached their later years to become in a position to reside comfortably. Earnings will by no means play a element in approval by the reverse mortgage Orange County experts.

Reverse mortgage Orange County specialists also state that when you have an current mortgage on the home, back taxes, or any other kinds of liens on the home, you are able to use the proceeds from the reverse mortgage to spend them.
The reverse mortgage Orange County lenders all discover that recipients are thrilled to locate out that their advantages may be paid out in various choices. 1 person might decide to have 1 lump sum of money, whilst an additional prefers to possess monthly payments sent to them. How you select to obtain the cash will rely in your present monetary scenario.
The quantity received by every person authorized for this kind of mortgage will probably be various. Reverse mortgage Orange County lenders base this quantity on the age from the homeowner, the present rate of interest, and also the worth from the house. An appraisal from the house should be completed prior to the lender will provide you with a quantity.

Reverse Mortgage Orange County

Your age plays a element within the choice creating procedure since the term from the loan doesn’t expire. You can be authorized for the loan in the age of 65 and, if you’re nonetheless alive at age 95, you can nonetheless be receiving payments. All reverse mortgage Orange County specialists will agree that this really is among the factors that the choice is becoming increasingly more well-liked amongst residents within the region. The reality which you might be receiving additional money every month for the rest of one’s life certainly tends to make it a difficult provide from the reverse mortgage Orange County lender to turn down.

Reverse mortgage Orange County lenders do wish to warn everybody, although, that the advantage of payments received isn’t to become transferred. Ought to the recipient from the reverse mortgage Orange County loan be deceased, the balance on the mortgage will turn out to be due. This really is also the situation in the event the owner chooses to sell the home on their very own or they no longer use the house as their main residence.
Whilst the primary distinction in between a conventional house loan and also the reverse mortgage is the fact that you don’t have to create payments, the conventional house loan frequently combines numerous from the costs that go together with homeownership. Reverse mortgage Orange County specialists ought to advise you which you will probably be accountable for paying your genuine estate taxes and insurance coverage on the home. In case your present mortgage consists of these issues inside your monthly payments, it’s definitely a element to think about.

Reverse mortgage Orange County lenders comprehend just how challenging it could be to create ends meet. The reverse mortgage Orange County consultants agree that this kind of loan might be just what a homeowner requirements to enhance their high quality of life. Rather of operating previous the age of retirement to attempt to make ends meet, think about how the reverse mortgage Orange County specialists could alter your life. Reverse mortgage Orange County agents are prepared and prepared to assist you to out of one’s present monetary scenario.

PostHeaderIcon Reverse Mortgage San Diego

Reverse Mortgage San Diego

There are many times in one’s life where a cash shortage can cause a lot of problems. Homeowners over the age of 62 are certainly not immune to this situation, but the one thing that most do not realize is that they have more options than someone of a younger age. Reverse mortgage San Diego experts can help those who qualify to get through the leaner times and start enjoying life as they should. There are many reverse mortgage San Diego lenders standing by to help you make some positive changes in your financial situation.

The first step the reverse mortgage San Diego professionals will take is examining your current situation. While you do not need to own your home outright, your home does need in a condition that would deem it as lendable to reverse mortgage San Diego lenders. If your home was in need of a lot of repair, it may not qualify under the terms of the reverse mortgage San Diego lender. The reverse mortgage San Diego experts may advise you to make a few repairs before continue processing the loan.

The reverse mortgage San Diego lenders will offer this type of loan on many different types of homes. However, the home must be your primary residence. For example, if you currently own a multi-unit building, you could still qualify, according to the reverse mortgage San Diego experts, by simply making one of the units your permanent or primary residence.

When applying for a traditional mortgage, your credit will be scrutinized. This is not something that the reverse mortgage San Diego lender will do. According to reverse mortgage San Diego consultants, your credit history will generally have no impact on the decision of whether or not you are approved for this reverse mortgage. San Diego residents who have a less than perfect credit rating will still be able to qualify for this type of assistance from a reverse mortgage San Diego loan officer.

Your income will also not play a factor in whether or not you are approved for a reverse mortgage. San Diego lenders understand the reason behind this type of loan service is to allow those who have reached their later years to be able to live comfortably. Income will never play a factor in approval by the reverse mortgage San Diego professionals.

Reverse mortgage San Diego experts also state that if you have an existing mortgage on the property, back taxes, or any other types of liens on the property, you can use the proceeds from the reverse mortgage to pay them.

The reverse mortgage San Diego lenders all find that recipients are thrilled to find out that their benefits can be paid out in different options. One individual may choose to have one lump sum of cash, while another prefers to have monthly payments sent to them. How you choose to receive the money will depend on your current financial situation.

The amount received by each individual approved for this type of mortgage will be different. Reverse mortgage San Diego lenders base this amount on the age of the homeowner, the current interest rate, and the value of the home. An appraisal of the home must be completed before the lender will give you a number.

Your age plays a factor in the decision making process because the term of the loan does not expire. You could be approved for the loan at the age of 65 and, if you are still alive at age 95, you could still be receiving payments. All reverse mortgage San Diego experts will agree that this is one of the reasons that the option is becoming more and more popular among residents in the area. The fact that you could be receiving extra cash each month for the rest of your life definitely makes it a hard offer from the reverse mortgage San Diego lender to turn down.

Reverse mortgage San Diego lenders do want to warn everyone, though, that the benefit of payments received is not to be transferred. Should the recipient of the reverse mortgage San Diego loan be deceased, the balance on the mortgage will become due. This is also the case if the owner chooses to sell the property on their own or they no longer use the home as their primary residence.

While the main difference between a traditional home loan and the reverse mortgage is that you do not have to make payments, the traditional home loan often combines many of the expenses that go along with homeownership. Reverse mortgage San Diego experts should advise you that you will be responsible for paying your real estate taxes and insurance on the property. If your current mortgage includes these things in your monthly payments, it is certainly a factor to consider.

Reverse mortgage San Diego lenders understand just how difficult it can be to make ends meet. The reverse mortgage San Diego consultants agree that this type of loan could be just what a homeowner needs to improve their quality of life. Instead of working past the age of retirement to try to make ends meet, consider how the reverse mortgage San Diego experts could change your life. Reverse mortgage San Diego are ready and willing to help you out of your current financial situation.

Reverse Mortgage