by James Robert Deal | Jan 14, 2022 | Reverse FAQ, Reverse Mortgage, Reverse Mortgage Attorney, Reverse Mortgage FAQ, Second Mortgages
AN INTRODUCTIONTO THE FHA REVERSE MORTGAGE Today I will give you a broad overview of the FHA reverse mortgage. I will go into more detail under each subject on our website. Read more about my background as a real estate lawyer, and real estate broker, and reverse...
by James Robert Deal | Nov 17, 2021 | Reverse FAQ
Factor in these fees if you’re considering a reverse mortgage – MarketWatch Microsoft PowerPoint – OHC_HECMCounselortraining92513 (hud.gov) Reverse Mortgage Net Principal Limit (investopedia.com) https://www.law.cornell.edu/cfr/text/24/part-206 Tax...
by James Robert Deal | Nov 17, 2021 | Reverse FAQ
It does now. The 2019 and 2021 updates make it clear that the survivor on a gay marriage or domestic partnership my inherit the benefits of a FHA reverse mortgage. Because gay marriage was not validated by the Supreme Court until 2015, the survivor of a gay...
by James Robert Deal | Nov 17, 2021 | Reverse FAQ
There is no minimum credit score requirement for an FHA HECM reverse mortgage. But borrowers must demonstrate that they pay their housing related bills such as taxes, insurance, and HOA dues when they come due. They must show that they have enough income to cover...
by James Robert Deal | Nov 15, 2021 | Reverse FAQ
A HECM reverse mortgage has closing costs that are comparable to standard FHA loans. The only cost that is higher with a HECM is that FHA mortgage insurance is higher. For a home with a $400,000 HECM line of credit, the FHA mortgage insurance might be around $16,000...
by James Robert Deal | Nov 15, 2021 | Reverse FAQ
A single borrower cannot qualify for an FHA HECM reverse mortgage if he is not at least 62 years old. A married couple cannot qualify for an FHA HECM reverse mortgage if neither borrower is at least 62 years old. At least one of the borrowers must be at least 62 years...
