|
|
|
Reverse Mortgage Counseling
Troy Shellhammer
What is a Reverse Mortgage?
A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the current equity in his or her home into a lump sum cash payout, monthly payments, or a credit line. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no monthly payments are required. Also, repayment is not required until the borrower(s) no longer use the home as their permanent residence. HUD and FHA teamed to build a Reverse Mortgage call the HECM, which stands for the Home Equity Conversion Mortgage. This reverse mortgage provides many benefits, and it is federally insured as well. One major benefit and requirement of the HECM is to utilize a Reverse Mortgage Counselor.
Am I required to receive counseling before I get a reverse mortgage?
Yes. Counseling, one of the safeguards of reverse mortgages and is required for all three current reverse mortgage products before you can obtain a loan. A Reverse Mortgage Counseling is a third party educational counseling session that requires no cost and either can be completed over the phone or at their location. A Reverse Mortgage Lender such as ReverseMortgageNation.com would be able to provide a list of HUD Counselors in your area. The counselor will make sure you understand the complete process and is used for your protection. Reverse Mortgage Counseling is a benefit for the borrower but is also a requirement. A normal counseling session will last anywhere from 25 minutes to 2 hours depending on the questions you might have. Also it is important that once you schedule your appointment, make sure you bring the necessary documentation that the counselor requests. This will reduce time and help speed up the reverse mortgage loan process.
Remember your Reverse Mortgage Lender or Loan Officer will also assist with helping you setup your counseling session.
Two important Reverse Mortgage Counseling Numbers are:
Fannie Mae's Homepath Server (1-800-732-6643)
HUD's Housing Clearinghouse (1-888-466-3487)
Troy Shellhammer is Reverse Mortgage Specialist with ReverseMortgageNation.com, a national Reverse Mortgage Lender. He can assist you with any reverse mortgage questions and can also provide a free educational video, book, and brochures. He can be reached toll free at 1-888-973-8377.
|
- Understanding Reverse Mortgages
Understanding Reverse MortgagesA reverse mortgage is one of many vehicles that individuals 62 years of age or older can use to turn the equity in their home into cash. It is very important, though, for...
- Smart Mortgage Moves In A Changing Market
For years, buying real estate has seemed like a "sure thing" investment. In many parts of the U.S., housing prices have gone up more than 70% over the past five years, and in a few red-hot markets like...
- Fast Home Equity Loan - Benefits To Applying Online
With home equity at your disposal, you can get a home equity loan fast by applying online. The streamlined process online gives you results in just a day. After submitting your application, your loan will...
- Temptations and drawbacks of home equity loans.
Once you have built up equity in your home, you have the privilege of applying for a home equity line of credit, which allows you to borrow the money you need. Most financial insititutions ( banks, savings...
- What Is Reverse-Engineering
Reverse-engineering is a term that is used for the process of taking apart something to figure out how to use it, basically. In many cases, something new and great has come about from it. In order to understand...
- Reverse Mortgages For Seniors
Reverse mortgage has become popular in America these days, these are special type of mortgage that helps an homeowner to convert his home equity into cash, this boost up the American older financial security...
- Reverse Mortgage Maximization
Have your home's appreciation grow twice as fast.For Seniors over the age of 62 a Reverse Mortgage is a tool that, while new to many, is increasingly being used to maximize their retirement income. A Reverse...
- What is a Reverse Mortgage?
Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in their home into a tax-free income without having to sell the home, give up the title,...
- Is A Reverse Mortgage The Right Option For You?
Reverse mortgages are designed to provide those who are retired, or near retirement with a way to keep on getting an income, or money to meet other expenses as they grow older. While it may not be the...
|
| | | |
