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Frequently Asked Reverse Mortgage Questions..
What's a Reverse Mortgage?
It’s a type of mortgage loan for those 62 and older that can be used to refinance or purchase a primary residence. The most popular reverse mortgage program is the FHA’s Home Equity Conversion Mortgage or HECM for short, insured by the U.S. Federal Government.
Who qualifies ?
- At least one borrower must be 62 years of age.
- The home must be a primary residence and an eligible property type.
- You must have sufficient equity in your home.
- You must meet the financial assessment requirement.
What types of homes are eligible?
The home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. Condominiums and manufactured homes that meet FHA & HUD requirements are also eligible.
Does the bank own the home?
The homeowner retains title and ownership of the property. As a homeowner, you are still responsible for maintenance of the property, property taxes & homeowners insurance payments, or any HOA or condominium dues.
How does a reverse mortgage purchase work?
The property your looking to purchase must be used as your primary residence. Depending on factors such as your age, interest rate and the properties appraised value; a reverse mortgage could cover anywhere from 35% to 65% of the homes appraised market value.
Can you make payments?
Yes payments can be made in any amount. If you decide to payoff your reverse there are no prepayment penalties.
Reverse Mortgage Information
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