A reverse mortgage can help a senior homeowner who’s in fiscal distress but doesn't want to sell his property. Reverse mortgages are available to homeowners age 62 and older and are backed by the Federal Housing Administration. The qualifying home must not have an existing mortgage with a massive balance and must be the applicant's chief residence. A reverse mortgage is based upon the proprietor 's equity in the house and does not need to be paid back until he no longer lives in the house.
Visit the Web Site of the U.S. Department of Housing and Urban Development (hud.gov), which manages the FHA. It has a section dedicated to reverse mortgages. A free publication about these loans,”Use Your Home to Stay at Home,” is also available for downloading on the site. Call HUD in 800-225-5342 to receive additional information or to have the publications mailed to you.
Schedule a consultation with a HUD counselor, who will explain reverse mortgages to you. Search for a counselor near your house on HUD’s website or call 800-569-4287 and utilize the voice system to find a counseling agency. The charges for the service vary by area and your income, but will be offered to you in writing before you attend a counselling session.
Visit AARP’s web site. AARP is a nonprofit association for senior citizens. There is a guide . Utilize the official contact form on the site to ask for extra information on reverse mortgages. You can reach AARP in 888-687-2277 to have information mailed to you.
Contact the National Council on Aging. With counselling on reverse mortgage loans, this bureau provides Americans. Call 800-510-0301 to program an appointment for a meeting. There is a $125 fee for this service if you decide to apply for a reverse mortgage, however the fee is waived if you are facing foreclosure or have a yearly income under $20,000. If you are married, the fee will be waived if your yearly income is under $30,000.
Stop by Reverse.org. That is the site of a group devoted to providing information. An information packet can be mailed to your home when you complete the request-packet form on the site.
Contact your bank. It will provide you with reverse mortgage information if it is an FHA-approved creditor; the reverse mortgage process is managed by FHA lenders. Schedule an appointment with a loan officer and have your questions prepared when you meet with him.