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Refinance Reverse Mortgage? Educate Yourself First!

We’ve all heard the expression “if it sounds too good to be true it probably is.” A best reverse mortgage loan for seniors may sound like that to you. That is why education that answers the question, “What is a reverse mortgage for seniors?” is where we begin. Contact our reverse mortgage specialist today!

best reverse mortgage companies

Refinancing a reverse mortgage loan requires expertise in not only the explanation of reverse mortgage procedures and benefits but the know-how and thorough understanding of reverse mortgage guidelines to enable you to take advantage of reverse mortgage solutions to improve your retirement.

How a Reverse Mortgage Loan Works

First, there are certain home reverse mortgage qualifications that must be met in order to be eligible for reverse mortgage for seniors. Second, best reverse mortgage services should provide explanations that include the benefits as well as the negatives to better enable you to make an informed decision.

In Order to Qualify for Reverse Mortgage Quote

You must:

  • No closing cost option available
  • The youngest owner must be 62 years of age or older
  • Have a clear title or considerable equity
  • The property must be occupied as your principal residence
  • Be counselled by an HUD- approved reverse mortgage counsellor
  • Your property must:

  • Meet all FHA property standards and flood requirements
  • Be a single family home or 2-4 unit home with one unit borrower occupied
  • Be in an HUD-approved condominium project
  • Be a manufactured home that meets FHA requirements

Refinance A Reverse Mortgage : August 2014 Rule Changes Impact Couples

In August 2014 rules went into effect which corrected a situation that frequently left the younger spouse facing penalties or foreclosure upon the death or relocation of the elder if the loan was taken out in their name.

The Best Reverse Mortgage Company : Rules Changed

Beginning with that August change, the best reverse mortgage does not become due and payable upon the death of the mortgagee or their relocation to a facility outside of the home. The surviving spouse or resident can remain in the home as long as taxes are paid, property is maintained and all other conditions which bound the mortgagee are met.

Reverse Mortgage Requirements

Facts About Reverse Mortgage : Costs

There are a number of fees and charges that are required with reverse mortgages, lenders may require them upfront or allow them to be financed into the loan.

  • Mortgage Insurance Premium (MIP) - guarantees receipt of your loan advances even if the loan servicer ceases operation.
  • Third party charges - closing costs for items such as appraisals, title search and insurance, inspections, credit checks, surveys, recording fees and mortgage taxes.
  • Loan origination fee - If your home appraises at less than $125,000, a lender can charge an origination fee up to $2,500, homes valued at more than that amount, allow the lender to charge up to 2% of the first $200,000 of the appraised value, plus up to 1% of any amount greater than $200,000. Origination fees are capped at $6,000.
  • Servicing fee - Lenders can charge you a monthly servicing fee covering functions like sending your account statements, customer service and disbursing loan proceeds.

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