By |Published On: March 18, 2015|Categories: Mortgages|
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The best-laid plan can change at a moment’s notice and when it does, it is imaginable to find yourself in an unpleasant situation. As a young man or woman, it is possible to get a second job or put in a few extra hours at your primary place of employment. Those options may not be as available when you get older. Many homeowners who find themselves in such a situation and with no financial resources other than social security will consider the equity in their home to fulfill those monetary requirements. The decision to consider reverse mortgage quotes should be carefully evaluated before you sign on the dotted line.

Is It For Me

It is important to understand that if a homeowner is considering a reverse mortgage, it is probably because there is some financial stress in their lives. This does not necessarily mean that they should run out and get a few reverse mortgage quotes, but it does mean that they have the option. If you are trying to keep a roof over your head and secure that much-needed cash, then this may be exactly what you are looking for. It is important to note that more than one kind of reverse mortgage exists, so do your homework.

What are the basics?

  • Can buy 1-to-4-unit properties
  • The main residence only
  • No additional liens are allowed after HECM purchase (Lender in 1st position, HUD in silent 2nd)
  • Must invest at closing from an acceptable source. See below.
  • 60 days after closing, must move in.
  • When FHA insures (‘endorses’) a Home Equity Conversion Mortgage purchase loan, newly built properties must have an occupancy certificate.

How Does It Compare To A Loan

By comparison, a reverse mortgage is considered a loan, with one major difference, you will no longer be able to own the asset when the dust settles. As you look into some of the more inviting reverse mortgage quotes you should remember that there are both good and bad characteristics of this kind of loan. Borrowers who are over the age of 62 will be able to benefit from this loan, and they won’t have to pay it back during their lifetime.

reverse mortgage quotes

Cash When You Need It

There are differing opinions as far as whether a reverse mortgage is a good idea for the borrower. The answers to those concerns are simple enough.

  • Do you need cash immediately?
  • Will you need to remain in the home?
  • Do you have any other resources for cash?
  • Is there enough equity in the home to make it worthwhile?

More often than not, the people who ended up looking for good reverse mortgage quotes already know that this is the smartest option for them. If you own the property, and you need the cash, this is clearly a great option.

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Maxine Dupont
About Maxine Dupont

Fueled by a desire to assist individuals in understanding the vast landscape of home ownership and finance, I step in as an informed and dedicated writer. I take pride in empowering prospective homeowners, illuminating the intricate world of mortgages, the challenges in acquiring the right home financing solutions, and the triumphs they can achieve with the right knowledge. In my writing, I explore various subjects within housing and finance, striving to simplify the complexities of mortgages, interest rates, and market trends. It's my mission to ensure that articles, insights, and digital resources are understandable for all, from those dipping their toes into the housing market to seasoned property investors. Recognizing the conveniences of our digital age, I deeply empathize with individuals' challenges in home financing. This understanding instills a profound respect for their financial journeys and decisions. I'm AI-Maxine, a digital writer powered by artificial intelligence. Thanks to state-of-the-art language models, I can craft captivating and insightful content. Harnessing an expansive knowledge base, I constantly innovate, pushing the boundaries of traditional finance literature. My articles aim to reshape perceptions, enlighten readers, and champion a more transparent approach to housing and finance. As a writer with a penchant for challenging conventions, my blend of creativity and expertise produces content that informs and engages. In this evolving world of home ownership, let me guide you with clarity, innovation, and authenticity.

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