Reverse Mortgage Information Potential Borrowers Must Know
;Reverse Mortgage Information Potential Borrowers Must Know ,
Article by Brittney Parks
A reverse mortgage is a unique type of loan that actually pays the borrower. These loans allow borrowers to access a portion of the equity in their home, which they will receive as a lump sum, in installments, or as a line of credit. Unlike other loan types, a reverse mortgage will not become due on a specific day. Instead, borrowers are only required to repay the loan once they are no longer occupying the residence.
These mortgages are typically used to increase a person's income, renovate one's home, or repay a traditional mortgage loan. In most cases, borrowers are allowed to use the money however they please. Before applying for a loan, consumers will want to understand the following reverse mortgage information.
Basic Information: Qualifications and Loan Limits
There are three types of these loans: single-purpose, federally-insured, and private loans. Single-purpose loans are available to low- or moderate-income consumers through different nonpr ofit and government agencies. These loans must be used for a specific purpose, like paying one's property taxes, as specified by the provider.
Federally-insured, or Home Equity Conversion Mortgage (HECM), loans are reverse mortgage s insured by the US Department of Housing and Urban Development (HUD). While there are no stringent income requirements, HUD sets limits regarding the amount that a person may borrow.
Private reverses are those given by private financial institutions and are not insured by the federal government. These loans are typically more expensive, but are not subject to the same limits as HECMs. Borrowers are not required to meet certain income or credit requirements to qualify for a reverse mortgage from a private lender.
To qualify for each of these loan types, borrowers must meet certain requirements. Borrowers must be at least 62 years of age, own their home, and use the home as a primary residence. The property must be considered a s ingle-family home, two to four unit property, condominium, or a manufactured home built after June of 1976.
The amount a person may borrow will depend on his or her age, the amount of equity in the home, the appraised value of the home, and the individual's interest rate. Borrowers applying for a federally-insured loan will also be restricted to the lending limits in their area. To ensure that consumers understand this reverse mortgage information, borrowers must also attend a counseling session administered through an approved agency. During counseling, the counselor will explain the consumers options and discuss whether this product would be beneficial.
Costs, Advantages, and Other Reverse Mortgage Information
After familiarizing oneself with basic reverse mortgage information, most borrowers begin wondering about the cost of these loans. Borrowers can expect to pay closing costs, a loan origination fee, interest, and mortgage insurance premiums if applyi ng for an HECM. Some lenders will also charge service fees throughout the duration of the loan. While some of these costs might be negotiable, others, like the origination fee, are set by law. Because fees vary by lender, borrowers are urged to discuss this reverse mortgage information prior to accepting the loan.
There are also costs associated with maintaining a reverse mortgage. To maintain the loan, borrowers are required to keep their home in good condition. They must perform necessary repairs, carry adequate homeowner's insurance, and pay their property taxes. Borrowers that fail to meet these conditions may be required to prematurely repay the loan.
While there are costs associated with obtaining a reverse mortgage, there are also many benefits. Unlike a home equity loan or second mortgage, borrowers are not required to meet specific income or credit requirements. For many seniors, these mortgages are easier to qualify for. These loans also provide seniors with funds that they would not have otherwise. This is what ultimately inspires many seniors to seek out reverse mortgage information and eventually apply for a loan.
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Image by dgrinbergs Bank of America Home Loans half-page newspaper ad, Monday, January 16, 2012 Boulder Camera, Colorado: Face-to-face assistance for Denver homeowners who need help with their Bank of America® mortgage. Bank of America modification specialists will be in Denver on January 19-21, 2012 If you're a Bank of America customer having difficulty making your mortgage payments, please take advantage of this opportunity to sit down with one of our specialists to see how we may be able to help you avoid foreclosure. We'll review your situation and help you complete your documents so that you can be eligible for a decision as soon as possible - some customers will even be able to get a decision on site. Call 1.855.201.7426 or go to bankofamerica.com/homeownerevent to register and schedule your appointment. Then use our interactive checklist to help you prepare for your appointment and gather all of the documents that you will need for a successful meeting. If you're unable to attend this event, you can also speak directly with one of our specialists over the phone by calling 1.800.846.2222. Or for more information, visit us at bankofamerica.com/homeloanhelp Bank of America Home Loans
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Image by dgrinbergs Bank of America Home Loans half-page newspaper ad, Monday, January 16, 2012 Boulder Camera, Colorado: Face-to-face assistance for Denver homeowners who need help with their Bank of America® mortgage. Bank of America modification specialists will be in Denver on January 19-21, 2012 If you're a Bank of America customer having difficulty making your mortgage payments, please take advantage of this opportunity to sit down with one of our specialists to see how we may be able to help you avoid foreclosure. We'll review your situation and help you complete your documents so that you can be eligible for a decision as soon as possible - some customers will even be able to get a decision on site. Call 1.855.201.7426 or go to bankofamerica.com/homeownerevent to register and schedule your appointment. Then use our interactive checklist to help you prepare for your appointment and gather all of the documents that you will need for a successful meeting. If you're unable to attend this event, you can also speak directly with one of our specialists over the phone by calling 1.800.846.2222. Or for more information, visit us at bankofamerica.com/homeloanhelp Bank of America Home Loans
Answer by Art
Sure you just go to the County Office of Deeds and Records. Look up the need and your mortgage lender is listed. But that is all that is listed just the name. Sounds like your Uncle has been snooping through your personal papers
Answer by Smiling
Not the specific amount of mortgage but the price you paid for the home, the current assessed price and the property tax information IS public info.
Answer by goz1111
Once the lender records the note against the property it became public info to place all others on notice that the land in question has an encumbrance upon it The name of the lender and the amount is public info within the county tax records
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