mortgage foreclosure information

A reverse mortgage is a loan, the money or income for homeowners 62 or older. There are no monthly payments and cash is tax free. The cash can be used as a monthly allowance, a lump sum, a credit or a combination. It is a reverse mortgage because the lender payments (or lump sum) for the borrower. The loan is repaid with interest when the homeowner, or a spouse, based on the loan is no longer living in the home. It is not necessary, a good credit rating to qualify.

Reverse mortgages are supported by the U.S. Department of Housing and Urban Development. Depending on the age of the customer and the current interest rates, a certain percentage of the houses value can be borrowed. This is usually 30% to 75% of the houses value. The program requires an independent consultant to the program with the customer. There is no charge for this service and it is to ensure that the homeowner understands the program and other opportunities.

It is possible for a reverse mortgage even if you currently have a regular mortgage, if you have enough to pay for from the current credit. It usually takes about 6 weeks for the conclusion of a Reverse Mortgage. Closing costs FESS lending, appraisal, FHA insurance and other fees as for a conventional loan. Typically only the valuation is to pay out of pocket. Other costs are on the closure.

AARP offers more free information at 1-800-209-8085, Toll-free.

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