A Reverse Mortgage Loan is much different than a Regular Mortgage Loan. In order to secure a Reverse Mortgage Loan, you and your spouse must have reached the grand old age of 62. You and your spouse must own your home and also live in your home. In a Reverse Mortgage Loan the homeowner(s) are taking out the equity that has built-up in the home over the years of homeowner(s) occupancy. Some highlights of the Reverse Mortgage Loan are as follows:

1. The homeowner(s) shall receive a monthly income, tax-free
2. The homeowner(s) eliminate their current mortgage payments
3. The homeowner(s) do not have to comply with any credit requirements mandated by Lender
4. The homeowner(s) do not have to meet any income requirements
5. The homeowner(s) do not have to pay any out of pocket expenses
6. The homeowner(s) do not have to make any monthly payments
7. The homeowner(s) maintain title and 100% ownership to their home
8. The homeowner(s) Social Security & Medicare benefits are not affected in any way
9. The homeowner(s) may move, sell or repay the mortgage balance at any time in the future
10.The homeowner(s) shall receive all appreciation in market value that accumulates over the years

The Reverse Mortgage Program is regulated by HUD (Department of Housing & Urban Development) and insured by the FHA (Federal Housing Administration).

At present, approximately 275,000 Senior American Citizens have achieved a much greated amount of financial security via the Reverse Mortgage Loan Program. It appears that the Reverse Mortgage loan Program has become so popular in the United States, that Uncle Sam may have to place a limit on the number of Senior American Citizens that can participate in the Program.

The Reverse Mortgage Loan Program along with all loan costs and fees are regulated by a federal governmental agency. Typical Reverse Mortgage Loan Program closing costs would include the following items:

1. Real Estate Appraisal Report
2. Credit Report
3. Title Insurance
4. Loan Orignation Fees
5. FHA Insurance Premium
6. Recording Fees

Please NOTE, that ALL of the above costs, fees and charges may be financed into the Reverse Mortgage Loan so that the Senior Homeowner(s) have no out-of-pocket expenses to pay during the loan acquisition process. The Reverse Mortgage Loan does not have to be repaid until the last and/or remaining homeowner/borrower permanently leaves the home. The homeowner(s) heirs have six (6) months or mote to either refinance and keep the home or sell the home and keep all of the remaining equity left after the sale.

Any and all repairs noted by the real estate appraiser may be financed into the Reverse Mortgage Loan so that the homeowner(s) has no out-of-pocket expenses.

No Senior American Citizen may secure a Reverse Mortgage Loan unless they attend a government mandated course and be assisted by an approved counselor.

This entry was posted on Sunday, September 28th, 2008 at 2:04 pm and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.