- – Posted by The Florida Upfront Mortgage Broker
- More and more, people in Florida are hearing about Reverse Mortgages. With the cost of everyday items going up and the fixed amounts of income for most seniors, Reverse Mortgages may offer a solution. Could a Reverse Mortgage be the answer for your situation? Read the post and contact me. What exactly is a Reverse Mortgage? What are the qualifications to obtaining a Reverse Mortgage? What are the loan program features?
- Let me begin with the question, “What is a Reverse Mortgage”?
A Reverse Mortgage is, in simple terms, a loan against your home that requires no repayment for as long as you live there. Today’s reverse mortgage programs contain numerous safety features to reassure seniors that they retain their rights as the homeowner, and they cannot put themselves, their home, or their family at any financial risk. These protections are mandated by law for the FHA HECM and by Best Practice for conventional programs.
- What are the qualifications for a Reverse Mortgage?
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♦All borrowers must be age 62 or older
♦Properties must meet all lender requirements for condition, safety, and soundness
♦Reverse Mortgage consumer counseling is required
♦Multiple property types may be acceptable (dependent on program) including:
1. Single Family Dwelling
2. 2-4 unit Owner Occupied Properties
3. Condo’s
4. PUD’s (Planned Urban Developments)
5. Manufactured Homes
6. Modular Homes
♦Second Homes are eligible under certain programs
♦Direct home Purchases are currently eligible under certain programs, Jumbo Programs, and the Fannie Mae HomeKeeper. They are projected to be available under HECM products in the near future (pending finalization of legislation).
- What are the Reverse Mortgage program features?
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- ♦No Required Monthly Mortgage Payments
♦No Income Required To Qualify
♦No Credit Scores Required To Qualify
♦No Restrictions on How You May Use The Proceeds
♦Non Recourse Mortgages
Each program has slightly different features but most programs share the following:
- Some of the available ways you can access your proceeds are:
- ♦Lump-sum draw of all proceeds
♦Monthly Tenure Payouts
♦Monthly Term Payouts
♦Line of Credit
♦Or a combination of the Above Options
- The above post is just a small portion of the facts about Reverse Mortgages, please call me so we may talk in further detail about your situation.
- Respectfully,
The Florida Upfront Mortgage Broker
Joe Bartolotta
Residential, Commercial & Reverse Mortgages
Direct 407.340.0220
Joe (at) the upfront mortgage broker (dot) com
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With the foreclosure rate having jumped from 1% to 2%, it’s hard to see how the reverse mortagage people can make it right now. Only way I see is to nudge up the front fees still further. And, this is so hard to do, what with FHA taking such a big bite.
Jack,
Thanks for the comment. I’d have to disagree with you regarding the Reverse Mortgage market, FHA has set limits on what they will allow the fees to be. I am certain that a Reverse Mortgage is a viable solution for some people, note that I did not say ALL people. Everyone has different circumstances and it is the responsibility of the originator to disclose the advantages and disadvantages to a Reverse Mortgage given the clients situation.
Great post Joe, thanks for the information.
Thanks for leaving a comment Marylou. Please come back and read more anytime.