Yes, there are non-are non-FHA reverse mortgages.
There are private jumbo reverse mortgages that go up to $4 million, meaning that jumbo borrowers can borrow up to around 50% of the value of the home, around $2 million.
And there are private reverse mortgages that will lend against condominiums that do not meet FHA qualifications, for example, if too many of the condo units are rentals.
These are non-FHA, proprietary loans. They do not charge the large up front mortgage insurance fee nor the monthly mortgage insurance fee. Instead, they charge a higher interest rate.
Such loans are typically available if at least one of the borrowers is age 60. However, if the husband is 60 and the wife is 58, the wife will not inherit the benefits of the reverse mortgage if her husband dies before her.
James Robert Deal
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The FHA reverse mortgage is a powerful retirement tool. If you are 62 years or older, and if your mortgage is less than half of the home’s value, you can take out an FHA mortgage that has no mandatory payments. The spouse younger than 62 is protected.
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Sometimes the complaint is that the home has not appreciated in value or has gone down in value. Maybe the borrower has lived so long and drawn so...
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James Robert Deal, real estate attorney and real estate broker. Flat fee payable at closing. Helping buyers, sellers, and brokers. 425-774-6611.
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If you do not have enough income to qualify to buy a home, join together with several others. But a larger home, big enough for several families. With multiple incomes you can qualify. If you want privacy you can jointly buy a tri-plex or a four-plex. These can be bought with an FHA loan with only 3.5% down.
The James Robert Deal NewZ. July 19, 2020.
I am a real estate transactional attorney. There is no charge for inquiries by phone or email. I can often quote a flat fee payable at closing.
The Dodd Frank Act restricted seller financing. It made due-on-sale clauses enforceable. However, lenders generally do not require payoff as long as the buyer pays the payments.