The purpose of a mortgage loan modification is to get your monthly payment to a more affordable level. An “affordable” mortgage payment is typically defined as 31% of the borrower’s monthly gross income.
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Alternatives to Reverse Mortgages – sslawoffices.com – If you are 62 or older, reverse mortgages are not the only means of accessing the equity in your home. Other solutions may be worth consideration, depending on your needs and circumstances. Here are a few alternatives to reverse mortgages.
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Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.
With a single-purpose reverse mortgage, the lender restricts how you can use the money from a reverse mortgage. For example, a single-purpose reverse mortgage may only be used to pay off property taxes or to make home repairs. These reverse mortgages are typically the least expensive option, but they are limited in availability.
A reverse mortgage can be a great way for senior homeowners to tap into their equity and draw cash for a variety of purposes. Whether you want to supplement your retirement income, need help paying for medical bills, want to pay off debt or help fund your grandchild’s college education, a reverse mortgage is just one of many options available.
· The reverse mortgage is a non-recourse loan, which means the seniors and their heirs will never pay more than what the property is worth, says Sue Pullen, a senior.
To qualify for a reverse mortgage, you must be at least 62 years old and own a paid-for (or at least significantly paid-down) home. It also has to be your primary residence, and you can’t owe any federal debts. Plus, you have to have the cash-flow to continue paying property taxes, HOA fees, insurance,
Best Alternatives to a Reverse Mortgage Funding. There are better alternatives to a reverse mortgage that can still give you the benefit of no payments. They can do the same thing as a reverse mortgage but cost far less and keep your home from going to the bank later on.