Home A-Loan The Lowdown on Reverse Mortgages

Home A-Loan

"¢ Borrower must be age 62 or older

"¢ No monthly payment is required

"¢ Must obtain co-op board approval in most cases

"¢ Proceeds can be used for any purpose

"¢ No financial reports, credit history or medical reports required

"¢ Loan can be disbursed in the form of a lump sum, line of credit or a monthly payment option

"¢ Loan must be paid back upon the death of the borrower, if the borrower moves out or sells the home

"¢ Loan amounts vary based on age of the borrower; interest rates and adjusted value of the property; and geographic location of the home.

"¢ Single borrowers and older applicants qualify for higher loan amounts

"¢ Remember that reverse mortgages are not for everyone

"¢ Certain mortgage restrictions are attached to government loans

Related Articles

Washington DC, USA - July 3, 2017: Federal Trade Commission and Housing Finance Agency seals in downtown with closeup of sign and logo

Is Your Condo on Fannie Mae’s Blacklist?

Listed Communities Face Big Problems Borrowing

house model like up arrow on background, finance and banking about house concept, investment ideas about real estate.house loan, housing price.

NHC President Warns of Stagflation After Fed's Latest Rate Increase

Raising Interest 'Is No Longer the Answer'

2023 trend concept. Hand flip wooden cube change year 2022 to 2023. Beautiful white background, copy space. Used for the banner trend concept of the new year for monitoring new business opportunities.

Market Wrap-Up 2022

And a Look Ahead

 

Comments

  • Under what cercumstance co op refuse for me to get home equity loan? I am 62 years old and I would like to get a half million loan aginst debt free, owned 2 million plus co-op.