Home Reverse Financial Planning Mortgage
By David Johanson
Home reverse financial planning mortgages are becoming popular in America. A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. These mortgages are different from traditional home equity loans or second mortgages. For example, they do not require any payments until the borrower no longer uses the home as their principal residence.
In order to qualify for the home reverse financial planning mortgage, the borrower is required to fulfill the following criteria.
- The borrower must be a homeowner
- 62 years of age or older
- Own his/her home outright
- Have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan
- What is more, the borrower must live in the home
Apart from these qualifications, a borrower is also required to receive consumer information from HUD-approved counseling sources prior to obtaining the home reverse financial planning mortgage. However, it does not matter if you did not buy it with an FHA-insured mortgage, you can still apply.
Again, there are certain specifications for home as well. For example, your home must be a single-family dwelling or a two-to-four unit property that you own and occupy. Townhouses, detached homes, units in condominiums, and some manufactured homes are also eligible. However, condominiums must be FHA-approved.
Overall, you can use the home reverse financial planning mortgage to supplement Social Security, meet unexpected medical expenses, make home improvements, and more.
David Johanson has written many more articles about mortgages and bank loans.
Article Source: Important Reverse Mortgage Information for Confused Consumers
Important Reverse Mortgage Information for Confused ConsumersBy Charley Hwang
Before you talk to a reverse mortgage broker, do you homework. L...
Reverse Mortgage Wholesaler - Hassle Free Experience
Reverse Mortgage Wholesaler - Hassle Free ExperienceBy Charley Hwang
Increased popularity of a certain type of mortgage expands the competition...
Using a Reverse Mortgage Creatively
Using a Reverse Mortgage CreativelyBy Troy Shellhammer
The Reverse Mortgage is quickly becoming the most popular senior financial vehicles in A...
Reverse Mortgage Calculator
Reverse Mortgage CalculatorBy Troy Shellhammer
Most seniors who are interested in learning more about the Reverse Mortgage process will often u...
Reverse Mortgage - Reverse your Monthly Mortgage Payment
Reverse Mortgage - Reverse your Monthly Mortgage PaymentBy Troy Shellhammer
One of the most frequent questions that we receive when assisting w...
http://EzineArticles.com/?Home-Reverse-Financial-Planning-Mortgage&id=678777
.
