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Reverse Mortgage
 
 

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      Advantage of  Reverse Mortgages

  • Many relatively poor people have significant equity locked up in their homes. Obtaining a reverse mortgage allows them to pay their living costs for an extended period of time without requiring them to get another job or leave their home.
  • Unlike traditional home equity loans, a reverse mortgage does not require any payments until after the homeowner has moved or passed away.
  • Since reverse mortgage income is in the form of a loan, it typically comes tax-free.
  • Even if you live much longer than expected you can never owe more than the value of your home.

      Who is Eligible for Reverse Mortgages

         To be eligible for a HECM loan:

  • you, and any other current owners of your home, must be aged 62 or over, and live in your home as a principal residence;
  • your home must be a single-family residence in a 1- to 4-unit dwelling, a condominium, or part of a planned unit development (PUD). Some manufactured housing is eligible, but cooperatives and most mobile homes are not;
  • your home must meet HUD's minimum property standards, but you can use the HECM to pay for repairs that may be required; and
  • you must discuss the program with a counselor from a HUD-approved counseling agency.


Reverse Mortgage Payment Structure

Reverse mortgage loans offer borrowers an array of options for receiving cash.
  1. Monthly payments (either for a fixed number of months or for as long as you live).
  2. A lump sum cash payment.
  3. A line of credit where the borrower decides how much cash they need and when they want to use it
  4. Any combination of the above

While living in the home it is the duty to maintain and repair their home, keep it insured, and pay their property taxes. If at any point they fail to do those the loan can become due in full. As long as a homeowner fulfills those obligations they can never own more than the value of their home, even if they live an unexpectedly long time and have received payments worth more than the value of their home.

HUD counseling

To apply for an FHA/HUD reverse mortgage, a borrower is required to complete a 45-minute counseling session with a HUD-approved counselor. The counselor will explain the legal and financial obligations of a reverse mortgage. After the counseling session, the borrower receives a "certificate of counseling" that is required before the loan application can be processed.

Hawaii Mortgage Financing and Mortgage Refinancing
Pacific Mortgage Group

Bonadis Team
7192 Kalanianaole Hwy. Suite G-231 Honolulu, HI 96825
Tel: (808) 371-6003    Fax: (888) 466-2155    Email: info@bonadis.com

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