Review Mortgage Lenders

age for reverse mortgage

Reverse Mortgage Tips - Coming of Age TV

Reverse mortgages are a hot topic among retirees these days, as well as those thinking about retirement. But beware, a reverse mortgage is not for ...

Reverse Mortgage Lenders May Be the Big Bad Wolf

Until recently, reverse mortgage originators were not required to check an applicant’s credit or overall financial health — as long as the borrower was at least 62, he or she qualified for a loan. But, recognizing that these were still relatively complex loans, the FHA required borrowers to receive counseling from an HUD-approved agency before taking out a loan. Industry watchdogs have long criticized the efficacy of the counseling, saying HUD’s guidelines were vague enough that even a brief, perfunctory phone conversation qualified as counseling.

Borrowers can choose to take their cash up front in a lump sum, or opt for monthly payments or a line of credit. But the sticking point has always been the fine print: Borrowers still have to pay property tax, home insurance and a “mortgage insurance premium” for the FHA coverage. They also have to maintain the home, meaning major problems like a cracked foundation or a leaking roof cannot go unattended.

Senators Still Waiting on Reverse Mortgage NBS Clarification from HUD

Concerned about the potential effects that such a subtle change would have on elderly homeowners in their respective home states, Rubio and Cortez Masto wrote the letter on May 31, addressing their message to both Carson and White House budget director Mick Mulvaney.

“Given the gravity of potential changes to this law, we therefore request a written response outlining the rationale underlying this proposed change,” the senators wrote. “We also urge that you continue to ensure that widows do not face eviction in these circumstances.”

The Times points out that a decision to roll back non-borrowing spouse protections, which were introduced in 2014 and 2015, was particularly curious given that the industry’s top trade group, the National Reverse Mortgage Lenders Association, had not asked for the change.

NRMLA president Peter Bell confirmed the group’s stance in an e-mail to RMD Tuesday.

“NRMLA believes that the current existing NBS rules are adequate,” Bell said. “We have not requested any changes.”

can a disabled person apply for reverse mortgage at age 55?

I'm 55 years old and physically disabled from the waist down, mortgage payments are difficult to meet and I would like to apply for a reverse mortgage, Is this possible?

disability is not a criteria for qualifying for a reverse mortgage; only age. currently, everyone on title must be 62 years old by the time the loan closes.