Delinquent in Property Taxes and Insurance
What should I do if I have a reverse mortgage and I received a notice that I am “delinquent,” “in default,” or behind on my property taxes and insurance? Act quickly. If you delay, or ignore the notice, you could eventually be forced to leave your home. Keeping current on your property taxes and homeowners insurance is a condition of your reverse mortgage. If you get behind, you are considered “in default” on your reverse mortgage. Default means that you are not meeting the requirements you agreed to when you took out the loan. Unless you take steps to “cure,” or fix your default, your loan could get foreclosed on…
VA Reverse Mortgage?
I saw an ad for a no-payment reverse mortgage from the Department of Veterans Affairs (VA). Is this legitimate? Answer: No. The VA does not offer no-payment reverse mortgages. Some mortgage lenders run misleading ads directed at veterans that promise special deals, imply VA approval, or offer a “no-payment” reverse mortgage to attract older Americans desperate to stay in their homes. You should look out for and avoid loans that advertise: Official-looking logos implying that the loan comes from a government agency like the VA or the Department of Housing and Urban Development (HUD). Government agencies guarantee some loans, but they do not lend directly. Promises of amazingly low rates. Offers…
Question About Spouses and Reverse Loans
If my spouse dies or moves to a nursing home, what happens with my reverse mortgage? Answer: It will depend on whether you and your spouse are co-borrowers on the reverse mortgage loan, and when the loan was made. Most reverse mortgages are Home Equity Conversion Mortgages (HECMs). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. Under the rules governing HECMs, if you live with a spouse, it is a good idea to make your spouse a co-borrower when you apply for a HECM if you both meet the qualifying age of 62. If you are a co-borrower, you can continue living…
Reverse Mortgage Ads
The Reality In Reverse Loan Advertisements Chances are you’ll see appealing images of youthful retirees on the golf course or experiencing other recreational activities in a reverse mortgage advertisement. A reverse mortgage is a specific type of loan which enables property owners 62 and older to borrow against the accumulated equity inside their homes. The mortgage has to be paid back once the borrower passes away, moves, or no longer resides in the house. Seniors pointed out the ads made reverse mortgages appear to be a great way to travel around and enjoy retirement while they were still young and active. However Americans live longer, more active lives than previously.…
How Much Can I Get With A Reverse Mortgage?
How much money can I get with a reverse mortgage? Answer: This depends on the type of loan, the lender you choose, and the payment option that you select. Most reverse mortgages today are Home Equity Conversion Mortgages (HECMs). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. With a HECM loan, you can receive your money in one of three ways: as a line of credit, in monthly installments, or a lump sum. You can also get a combination of monthly installments and a line of credit. Note: This webpage has information about HECMs, which are the most common type…
Reverse Mortgages for Manufactured Homes in Corvallis Oregon
Is It Possible To Get A Reverse Mortgage with a Manufactured Home in Corvallis OR? The quick response is yes. Even though the short answer is yes, there is much more to getting a reverse mortgage in Corvallis on a manufactured home. Reverse Mortgage FHA Specifications For Manufactured Homes In Corvallis Oregon 1. The house in Corvallis must have been constructed on or after June 15th of 1976. Dwellings constructed previous to June 15, 1976, even with improvements, don’t meet the HUD standards and cannot be accepted as compliant with the HUD Code. FHA will not insure mortgages on manufactured homes produced before June 15, 1976. The majority of mortgage…
Reverse Mortgage Interest Rates & Fees
Not only will reverse mortgage interest rates in Corvallis vary from bank to bank. Interest rates will vary depending on the loan product you choose to use. Below is a general guide on searching for the best interest rate on your reverse mortgage in Corvallis. 1. Fixed Rate Reverse Mortgage – This typically will have the highest interest rate of all of the options available for you. Nevertheless, additionally it has the least amount of potential risk as you will know precisely how much you’ll owe on the loan anytime in the future. The down side to the fixed rate is that you are limited to the amount of equity…
HECM – Home Equity Conversion Mortgage
What You Must Be Aware Of Regarding Getting A HECM Including, Options, Costs, Requirements and Getting The Best Deal The HECM program makes it possible for elderly homeowners to withdraw some of the equity in their home in the form of monthly payments for life or a fixed term, or in a lump sum, or through a line of credit. This reverse mortgage loan program allows families to remain in their home while using a portion of its equity. The total income that an owner will get through the program is the maximum claim amount, which is calculated with a formula including the age of the owner, the interest rate,…