Mortgage Service 04

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How To Find Out If HUD Owes You Money

Reverse mortgage, also known as Home Equity Conversion Mortgage (HECM) are special loans specifically made for older homeowners. A reverse mortgage allows borrower to convert a portion of the equity on your home now into cash.
Over the years there is equity that is built up on your home from making mortgage payments. This loans converts that equity and can be paid to you. However, these loans do not require monthly mortgage payments. Instead the interest is added to the loan balance each month. You only have to pay the loan until the borrower is no longer using the home as their principal residence or they fail to meet the obligations of the mortgage. These loans can also be used to purchase a primary residence

Mortgage lenders of all types and sizes have one thing in common: they want to grow revenue and maximize profitability, while reducing operational costs and lowering risk to their organizations.

WHAT ARE THE QUALIFICATIONS?

To qualify for a reverse mortgage you must be a homeowner of 62 years or older. You must own your home outright, or have a low mortgage balance that can be paid off at closing with the savings from the revers loan. You must have a financial resource to pay ongoing property charges like taxes and insurance. You must live in the home as your primary residence and you must work with a reverse mortgage counselor prior to obtaining the loan.

IS MY HOME ELIGIBLE?

All homes that are single family homes or a 2-4 unit home with at least one unit occupied by the borrow your are eligible. There is a list of HUD- approved condos that meet the FHA requirements that are also eligible for a reverse loan.
Click Here To Find out if your home is Eligible ยป

IMPORTANT MORTGAGE DISCLOSURES: When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation. Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product. When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing. Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

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