A reverse mortgage, also known as the home equity conversion mortgage (HECM) in the United States, is a financial product for homeowners 62 or older who have accumulated home equity and want to use this to supplement retirement income. Unlike a conventional forward mortgage, there are no monthly mortgage payments to make.
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Reverse Mortgage Restrictions. In order to prevent defaults on HECM loans, the government includes restrictions within FHA reverse mortgage rules. These rules include a limit on how much a borrower can take out in the first year, and also a required set-aside account if there’s a possibility the homeowner won’t be able to keep up with loan.
Reverse mortgages can use up the equity in your home, which means fewer assets for you and your heirs. Most reverse mortgages have something called a "non-recourse" clause. This means that you, or your estate, can’t owe more than the value of your home when the loan becomes due and the home is sold.
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These reverse mortgage qualifications and requirements may seem daunting, but don’t let that prevent you from applying. A licensed professional can walk you through the whole process and let you know if there are other location-specific, property-specific, or borrower-specific requirements that you should be aware of.
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This article will provide an overview of reverse mortgage rules to help you determine if this is a good option for you. What is a reverse mortgage? A reverse mortgage is a type of home loan that lets homeowners borrow a portion of their equity without needing to pay it back until they pass away or leave the home.
Reverse mortgage proceeds can help immensely with retirement planning, but borrowers need to first go through the counseling process. During these sessions, homeowners will meet with an unbiased reverse mortgage counselor, and they’ll be able to ask questions about the HECM loan terms, rules, process and more.
Reverse Helpline is not acting as a lender or broker. The information provided by you to Reverse Helpline is not an application for a reverse mortgage loan, nor is it used to pre-qualify you with any lender. Use our reverse mortgage calculator to estimate the funds you may qualify for through a reverse mortgage.
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