Reverse Mortgage Boom
One of the major reasons for the growth and popularity of a reverse mortgage is due to the easy requirements. Unlike your standard mortgage, refinance, or home equity line, no credit or income verification is required. You do not have to make payments on your reverse mortgage so there is no need to verify your income or to meet a set required credit amount.
The major requirements to qualify for a reverse mortgage is that the homeowner or homeowners must be over the age of 62, and the property must be owner occupied. Properties such as condos, manufactured homes, and two to four unit dwellings (owner occupied) may also qualify if certain guidelines are met. The age requirement is required for all persons on the deed, and this requirement cannot be modified or excluded under any circumstances.
Another reason behind the booming growth of reverse mortgages is the low out of pocket cost. All fees and closing costs are included into the loan to keep the out pocket expense at a bare minimum. An appraisal fee may sometimes be the only out of pocket cost. Normal costs related to mortgages are still required with a reverse mortgage, including an origination fee, title fee, escrow fee, recording fee, and a monthly servicing fee. However, like stated above, these fees can be included in your loan balance.
Stay in your home forever, which is one of the main goals of the reverse mortgage. A reverse mortgage allows seniors to stay in their homes with no payment requirements on the loan until they no longer occupy the home as their primary residence.
To sum things up, Reverse Mortgages are a booming tool for seniors. A reverse mortgage is a loan that enables homeowners 62 or older to borrow against the equity in their home without having to sell the home, give up title or take on new monthly mortgage payments. The reverse mortgage loan proceeds can be used for any purpose. They can be taken out as a lump sum, fixed monthly payments, a line of credit or a combination. With a mixture of the growth of our aging population and the benefits of a reverse mortgage, the boom should continue for many years to come.
Related Tags: equity, reverse mortgage, reverse mortgages, reverse mortgage lender, reverse mortgage information
Troy Shellhammer is a Reverse Mortgage Specialist. He will gladly assist seniors with all their Reverse Mortgage Needs. He can be reached at 1-888-973-8377 and will gladly answer questions and provide Reverse Mortgage Information. Each call is treated with respect and confidentiality.
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