Reverse Mortgage:
Senior Citizens, age 62 and older, may qualify for a Reverse Mortgage. Even if the house is in foreclosure, it can be saved, if the Owner meets the qualifications for a Reverse Mortgage. A reverse mortgage allows you to tap the equity in your home without having to sell or take out another type of loan.
This mortgage is sponsored by the HUD (Housing and Urban Development), a Federal Government Agency that provides a special program for Seniors that have more that 50% equity in their homes. Currently, the maximum value of the your home can not exceed $417,000.00.
One of the more important aspects of the owner’s home is the Current appraised value versus the mortgage amount owed.
One important thing to remember is that the property is always titled/owned by the current owner and remains in that Estate until final disposition of the property which can take as many 12 months after the owner is deceased. And if there is a co-borrower/resident on property, they live there until their demise. Then, the property remains in the family estate and only the amount given to the borrower plus some interest is needed to be paid back. All other equity reverts to the family of the decedents.
For Reverse Mortgages, a Home Equity Conversion Mortgage (HECM) Certificate is required. This Certificate requires a professional Counseling Service instruction and then a Certificate Issued before any Reverse Mortgage may be applied for from any Lender.
For all questions, please be sure to contact our trained staff at Marvel Ventures Mortgage, Inc.
