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The Department of Housing and Urban Development (HUD) offers a program that targets a specific group of suitable home buyers. For those people who are eligible for a mortgage loan (HECM), there may be exactly what is needed for their potential investment in real Under this program; the United States Treasury provides limited incentives for servicing loans to help change existing loans that can be redeemed. This program allows homeowners […]

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A new resource for homeowners who are facing foreclosure has been released by the US Department of Housing and Urban Development (HUD) this week. But while this resource guide does not distinctively mention senior reverse mortgage, it offers a direct advice that is still applicable to Home – Equity Conversion Mortgage holders. Titled as the “Homeowner’s Guide to Success”, this resource guide advises homeowners who are struggling to contact their […]

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United States’ HUD department has again made changes in its reverse mortgage rules with regards to the rights_ of surviving spouses. The new changes allow loan servicers to allow back a reverse – mortgage loan to the HUD where there is still a living spouse. The reverse mortgage lender can after that make financial-claim against FHA – Insurance Fund. The Nation’s Housing After Marciano passed away in 2014, Alva, his […]

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A senior reverse mortgage is an exceptional type of mortgage for borrowers 62 years old or more. There is an urgent need to understand these loans and ensure that they are in line with your own needs and goals. 1. What is it? Many people do not think about senior reverse mortgages or what they are, so here is a basic breakdown of the loan. A reverse mortgage allows the owners […]

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A senior reverse mortgage is basically an avenue for seniors within the community to improve their retirement security. Its popularity has been on the increase in the recent past with well over 1 million customers benefitting. If you are planning to get a reverse mortgage, then it is important to shop around. This will help in educating you about the product. The product is complex and there is need to […]

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The senior reverse mortgage is gaining popularity, and more senior citizens are opting for it each year. Also known as the Home Equity Conversion Mortgage (HECM), the reverse mortgage has offered financial security to many senior citizens and acts as a fallback option to many people. It is preferred because it does not have any monthly mortgage payment, but instead, the borrower gets cash payouts. The qualification to apply is […]

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Generally speaking, a senior reverse mortgage is a mortgage loan similar to those mortgages which you had in the past. In short, a reverse mortgage is almost like a Refinance where the present loan is paid off and replaced with another kind of loan. There is no need to make payments except for this loan. You are going to get paid for the senior reverse mortgage! Property owners who have […]

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Before qualifying for a senior reverse mortgage, your house has to meet the requirements of the Department of Housing and Urban Development (HUD) Minimum Property Standards and Guidelines. These are based on a report compiled by an appraisal that is centered on the health and safety requirements as stated in the HUD’s guidelines. The appraisal, upon visiting your home checks and determines the value of your home. This usually determines […]

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Reverse mortgages have provided a much-needed solution to older homeowners since it gives them the opportunity to access loans without having to lose their homes or struggle with monthly payments. The required qualification criteria for these mortgages aren’t too strict giving older people additional advantage. However, some people still find it hard to access these mortgages due to lack of proper knowledge. Some of the requirements one needs to meet […]

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Settling for the best reverse mortgage can be quite an uphill task. However, with adequate knowledge on a senior reverse mortgage, the decision-making process can be not only easy but also successful. There are some factors that have to be considered before deciding. Before delving into these factors, you ought to have a basic understanding of what senior reverse mortgage is and its intended aim. A reverse mortgage is a […]

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