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Borrower Requirements and Responsibilities - Reverse Mortgage

Any existing mortgage must be paid off using the proceeds from the reverse mortgage. Occupancy requirements: The property used as collateral for the reverse mortgage must be the primary residence. Vacation homes and investor properties do not qualify.
http://www.reversemortgage.org/.../Borrower-Requirements-and-Responsibilities

Reverse Mortgage Requirements for 2017 Eligibility

The HECM reverse mortgage loan was introduced over 30 years ago to provide seniors with a secure financial tool for retirement. But how does it stack up against a home lending tool like the VA Loan, which you may be more familiar with from your original, traditional mortgage? A
https://www.americanadvisorsgroup.com/news/reverse-mortgage...

How reverse mortgages are pushing senior citizens into ...

Jul 06, 2018 · In December, the federal agency fined three companies — American Advisors Group, Reverse Mortgage Solutions and Aegean Financial — for alleged false claims, saying they told seniors with reverse mortgages that they would not have to make monthly payments or face foreclosure, omitting the risks of failing to pay property …
https://www.washingtonpost.com/business/economy/more-seniors-are...

What is a Reverse Mortgage for Seniors? | Discover …

HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) 1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. 2 After obtaining a reverse mortgage, borrowers must continue to pay property taxes and insurance and maintain the home according to FHA guidelines. Typically …
https://reverse.org/what-is-a-reverse-mortgage

Reverse Mortgage Loan Rules & Requirements (2017)

The reverse mortgage loan began as a way to help seniors use their equity to age in their home. Therefore, the four most important borrower rules for reverse mortgages are as follows: Therefore, the four most important borrower rules for reverse mortgages
https://www.americanadvisorsgroup.com/news/reverse-mortgage-rules

What Is a Reverse Mortgage | How Does It Work in …

A reverse mortgage is a loan for senior homeowners that allows borrowers to access a portion of the home’s equity and uses the home as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. 1 At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage
https://reversemortgageguides.org/reverse-mortgage/what-is-a...

HECM for Purchase - Reverse Mortgage

A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.
https://www.reversemortgage.org/.../HECM-for-Purchase

Reverse Mortgage Eligibility Requirements | Find Out If ...

Eligibility Requirements; Reverse Mortgage Fees; What is a Reverse Mortgage? Eligibility Requirements . In general, to be eligible for a reverse mortgage the youngest borrower on title must be 62 years old or older and have sufficient home equity. You must also meet financial eligibility criteria as established by HUD. Determining whether or …
https://reversemortgageguides.org/.../eligibility-requirements

HUD FHA Reverse Mortgage for Seniors (HECM) | HUD.gov

Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.
https://www.hud.gov/program_offices/housing/sfh/hecm/hecmhome

Reverse Mortgages | Consumer Information

Reverse mortgages can use up the equity in your home, which means fewer assets for you and your heirs. Most reverse mortgages have something called a “non-recourse” …
https://www.consumer.ftc.gov/articles/0192-reverse-mortgages