New Financial Standards for Reverse Mortgage in The Villages, Florida
money.usnews.com
Reverse Mortgage lenders are beginning to require senior borrowers to qualify for loans by proving that they have enough money to continue paying property taxes, home insurance premiums, and other home upkeep expenses. Reverse-mortgage lenders are implementing financial assessment requirements, and the federal agency that insures reverse mortgage loans supports the efforts.
A Reverse Mortgage allows homeowners to tap the equity in their homes, receive money from lenders, and remain in their homes. They have not been heavily used by seniors to date. However, rising numbers of older Americans are approaching retirement, and virtually all studies show that their savings and investments will fall far short of their retirement needs. Using home equity is thus seen as increasingly likely for many seniors, particularly as depressed home values recover and support more attractive property appraisals.
Most reverse mortgages are made using the Federal Housing Administration’s insurance program, known as the Home Equity Conversion Mortgage (HECM). These loans are only available to seniors who are at least 62 years old. Borrowers must use the loan proceeds to pay off any existing mortgages and then receive a portion of their remaining home equity, either as a lump sum, monthly payments, or a line of credit.
Have you considered how to pay for care if you should need it? What if you need home care? You may be healthy now, but if you are 62 or older and looking at the possibility of rising medical costs, prescriptions or home care, then a Reverse Mortgage in The Villages, Florida from iReverse could be the answer. Reverse Mortgages have helped many seniors live stress free in their golden years by using the equity in their homes! Call us today at 800-486-8786 ext 813.