Live your retirement without worries. David J. Blatt advises you on how to get a reverse mortgage loan.
Any homeowner who is 62 years old or older can qualify for a reverse mortgage. It is, however, required for the homeowner to be living in the property.
Applying for a reverse mortgage varies for each person and for each individual case. The amount of money that you can get depends on the following factors:
- Your Age
- The Value of Your Home
- Current Interest Rates
- The HUD Loan Limit in Your Area
After being approved for a reverse mortgage, you get to choose how to receive your money. It can be taken through these options:
- As a Lump Sum at the Closing of the Loan
- As a Monthly Cash Advance
- As a Line of Credit
- Any Combination of the Three Options
Paying the mortgage is determined by three different cases. The first case entails the death of the surviving spouse. The second case conveys this payment when the surviving spouse sells the home. Finally, the third case takes place after the surviving spouse moves away permanently or for 12 months in a row.
Reverse Mortgages are safe because they are insured by the U.S. Department of Housing and Urban Development (HUD) and by Fannie Mae®. As a result, payments to borrowers are guaranteed by the U.S. government. Furthermore, these mortgages are only available through HUD approved lenders. Prior to application, independent HUD counseling is required. Moreover, reverse mortgage application does not affect Social Security or Medicare benefits*. As you can see, acquiring a reverse mortgage can be a very helpful option.
To request a reverse mortgage, you must first obtain a counseling certificate from an HUD-Approved Counseling Agency (David can supply you with the phone number of a local counselor in case you need it). After receiving your counseling certificate, you can make an appointment to speak with David Blatt. Under normal circumstances, the entire process should take approximately 45 to 60 days.
* SSI and Medicaid benefits may be affected. Get professional advice.