Eligibility & Age Requirements

  • You and any co-borrowers must be at least 62 years of age
  • Your home must be your primary residence
  • You must own your home free and clear, or the existing mortgage is required to be refinanced with the reverse mortgage proceeds
  • Educational counseling with a HUD-approved counselor is required


Reverse mortgage costs

  • A deposit for the appraisal is an out-of-pocket cost
  • There are additional closing costs which may be financed as part of the loan, such as:
    • Title insurance
    • Mortgage insurance premiums
    • Attorney fees


Reverse mortgage repayment

You do not need to repay the loan as long as all program requirements are met, including:
  • You or one of the borrowers continue to live in the house
  • You keep the taxes and insurance on the property current
  • You maintain the property to FHA standards

?

Reverse mortgage repayment

  • There is no requirement that the home be sold, only that the loan be repaid.
  • If you die and your heirs choose to retain ownership of the home, the full outstanding loan balance?must be paid.
  • Because the home is the only collateral attached to the loan, any remaining home equity, along?with your other possessions, belongs to you or your heirs.

?

Two essential facts

Making an educated decision begins with understanding your responsibilities when applying for a reverse mortgage loan. Two points you need to be aware of are:
  • You must live in the home as your primary residence.
  • You must stay current on property tax and homeowner's insurance payments and maintain the home?to FHA standards.

?

CLICK THE BUTTON BELOW TO VISIT OUR REVERSE MORTGAGE WEBSITE

 
韩国在线-高清观看