Welcome to Reverse Mortgage Seniors

The Basic Requirements for a Reverse Mortgage

The Basic Requirements Reverse Mortgage The first qualification for a reverse mortgage in America is the borrower has to be at least 62-years-old. Although there are absolutely no credit requirements or minimum income, there are certainly no other requirements and homeowners should ensure they qualify for the loan prior to investing time and money into the entire process. The funds can be used for any purpose for most reverse mortgages. However, the financial borrower must pay off any mortgage which exists with the reverse mortgage proceeds and personal additional funds if necessary. A pending bankruptcy normally slows the whole process.

Applicants must seek free financial counseling from an approved source by HUD (Department of Housing and Urban Development). The financial counseling actually provides a safeguard for the financial borrower and the family. This assures the borrower comprehensively understands the purpose of the reverse mortgage and how it’s obtained. The AARP (American Association of Retired Persons) has proposed a complete plan—which must be approved by the federal US government—for maintaining closing costs low for senior citizens that qualify for reverse mortgages.

Acquiring the Mortgage Program

Homeowners normally learn about reverse mortgages from an advertisement, word-of-mouth, a news article or on the Internet. The owner usually contacts a reverse mortgage lender or even the National Reverse Mortgage Lenders Association for an upfront education. Financial counseling is a requirement for all reverse mortgages as it may be conducted by telephone or face-to-face. By US federal law, a financial counselor must completely review options which are available to the prospective borrower—this includes social services, housing, financial and health alternatives.

The homeowner completes a loan application and chooses a payment plan—whether lump sum payment or fixed monthly payments, line of credit or a combination. Once all pertinent data is received, the lender finalizes parameters of the loan with the homeowner, which can take 4-8 weeks to underwrite the loan package. If the loan package is fully approved, signing of the loan is scheduled.

The homeowner has three business days subsequent to the closing to cancel the loan. The reverse mortgage loan is repaid when the homeowner ceases to be occupant of the principal residence. Of course, the repayment obligation can’t be more than the sale’s price or value of the home.

Seckel Capital

First Name *
Last Name *
Date of Birth *
Home Phone *
Mobile Phone *
Email *
Address *
City *
State *
Postcode *
Loan Amount *
Verification *	Type the characters below.