You must have paid off much or all of your traditional mortgage. In addition to the three essential requirements above, you’ll also have to meet several other guidelines to qualify for a reverse mortgage. The home maintenance must be up-to-date. After you apply for a reverse mortgage, your home will be appraised.
The Financial Assessment requires reverse mortgage originators to do a number of things now that they haven’t necessarily had to do in the past. And this includes one of the FA’s unspoken rules not.
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Most reverse mortgages must be repaid (including all unpaid interest and fees) when they leave the home permanently. This includes when they sell the home or die. However, most reverse mortgages are owner-occupier loans only so that the borrower is not allowed to rent the property to a long-term tenant and move out.
Bottom line: FHA-insured reverse mortgages for seniors won’t be disappearing in 2013. But they won’t offer as much cash, and may be tougher to obtain if FHA imposes new rules designed to cut its.
Essentially, the mortgage works in the reverse direction of a forward mortgage, which is where the term "reverse" comes from. All loans must eventually be repaid, and this one is no different. The loan is due once the borrower sells the home or passes away. Of course, the borrower may also choose to pay off the loan at any time.
If you have a reverse mortgage, let your heirs know. Soon after you die, your lender must be repaid. Heirs will need to quickly settle on a course of action.. See Also: Tighter Rules on Reverse.
· "[Reverse mortgages] can be a very useful tool for seniors who plan to stay in the home for a long time,” says Jim Kinney, who heads Financial Pathway Advisors in Bridgewater, N.J. As the name indicates, a reverse mortgage is the opposite of a conventional home loan.
The amount of money you can borrow with a reverse mortgage depends on your age, how much equity you have and the interest rate on the loan. With the new rules, seniors will be able to cash out.
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