Who Can Live in the Home with a Reverse Mortgage?
Will my partner, family members, or dependents live in my Keizer OR property if I have set up a reverse mortgage? Answer: Provided that you still live in the property, a reverse mortgage does not change who can reside with you. Virtually all reverse mortgages available today are Home Equity Conversion Mortgages (HECMs). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. If you still live in the property, using a HECM won’t change who can live with you. But, in the event you die or vacate the property, those who reside with you may not be able to carry on…
Mortgage Balance Larger Than Home Value
What happens if my reverse mortgage loan balance grows in excess of the value of my Keizer Oregon house? It depends upon which particular reverse mortgage you have. Most reverse home loans these days are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program. An FHA-insured HECM loan is a non-recourse loan. This means that as soon as your house is sold to pay off the house loan, neither you nor your family will be required to pay more than the sales price of the home. The insurance will cover any shortfall, assuming that your property sells for at a minimum 95…
H4P – HECM for Purchase
Am I Allowed To make use of a reverse mortgage loan to purchase a home in Keizer Oregon? Answer: Yes. The Department of Housing and Urban Development (HUD) has a “HECM for Purchase” program that allows baby boomers in Keizer Oregon, age 62 or older, to buy a property using a reverse mortgage. You will need a much bigger down payment as compared to a conventional mortgage, although just like reverse mortgages, you will not have to make payments on the mortgage providing you satisfy each of the requirements of the loan. Tip: To learn more about the program, check out HUD’s website, or ask your housing counselor. You can…