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You can never owe more than what your house is worth, and you cannot lose your home?
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HECM stands for Home Conversion Equity Mortgage?
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Both spouses on title must be 62 or older to qualify for a reverse mortgage?
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The FHA
HECM Reverse Mortgage Loan Limits have recently
been raised to $417,000 nationwide.
This change just signed into law now offers
many more senior homeowners around the U.S.
the opportunity to access more equity in
their homes with a reverse mortgage.
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1.
Determine If You Qualify
Although the qualification process may vary
by lender, there are typically no income or
health qualifications and only minimal credit
score requirements needed to qualify for a
reverse mortgage. The amount of the reverse
mortgage loan for which you qualify is determined
by several factors, including:
Homeowner age - all homeowners on title
must be at least age 62
Current appraised value of the home
Current interest rate
We suggest you complete our Free
Reverse Mortgage Analysis and Quote Form
so we can determine if you qualify. |
2.
Explore whether a reverse mortgage program
would fit your needs
Assistance is available to explain your various
reverse mortgage options and to help you determine
if a reverse mortgage best addresses your
financial needs. If you decide a reverse mortgage
is the right solution for you, the next step
is determining which reverse mortgage loan
program works best for your particular situation. |
3.
Get Educated
Regardless of the reverse mortgage program
you choose, counseling by a Department of
Housing and Urban Development (HUD)- approved
counselor or a Freedomn Association of Retired
Persons (AARP)- approved counselor is required.
The counselor is there to help make sure you
are fully aware of your options and that you
understand the reverse mortgage program and
the loan process itself. With your consent,
a representative of your lender may arrange
for a HUD-approved counselor to contact you,
or they may provide you with a list of approved
counseling agencies in your area. In addition
to counseling, you are encouraged to also
seek advice from your family, legal, and financial
advisors. |
4.
Appraisal
Upon completion and submission of your application,
the lender will schedule an appraisal to determine
the current market value of your home and
whether or not any repairs will be needed
in order to meet loan underwriting guidelines. |
5.
Underwriting
Underwriters will then review the loan file
and appraisal in accordance with the applicable
FHA or lender loan policy. Upon completion,
a representative of your lender will notify
you of the lender's decision and inform you
of any conditions that must be met prior to
loan closing. |
6.
Loan Closing
If approved, you will then decide how you
want to receive your cash from the loan proceeds.
The final step will be signing the documents
at loan closing. Disbursement of payment from
your reverse mortgage loan may begin within
just days after closing. |
7.
If you qualify, and think a Reverse Mortgage
could be of benenfit to you ... Get started
today!
If you complete our Free
Reverse Mortgage Analysis and Quote Form
and you do qualify, we will then contact you
to discuss if a reverse mortgage best addresses
your financial needs. If so, we will help
you get the process started. You've been taking
care of your home for years. Isn't it about
time your home started taking care of you?
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