What should I discuss with my Keizer Oregon housing counselor if I’m looking at applying for a reverse mortgage? Below are a few items you should discuss with a housing counselor: How does a reverse mortgage loan work? Might it be more effective for you to get the funds as a credit line, in monthly installments, or in a one time payment? Dependent on which of those three standard options you decide on, you might be able to get an adjustable interest rate or a fixed rate. Which will work better for you? What expenses are you going to have to pay up-front, prior to when you will get the…

What are the different types of reverse mortgages available in Keizer Oregon? Yes. Almost all reverse mortgages at this time are insured by the Federal Housing Administration (FHA), within its Home Equity Conversion Mortgage (HECM) program. If you ever apply for a HECM mortgage loan in Keizer, you may pick from the following choices: Payment of mortgage loan funds. You can receive money as a line of credit, monthly payment, a combination of these, or a lump sum. Interest rate. You may choose between a fixed rate and an adjustable rate. Fixed interest rates are only available with the one time settlement option. The reverse mortgage program offers 2 special-purpose…

How much money does reverse mortgage housing counseling cost in Keizer? Housing counselors are able to charge for reverse mortgage counseling, however the agency must inform you about the charge before charging you it, and the fee has to be realistic. Charges are normally around $125. Counseling agencies are also instructed to waive the counseling fee when your income is less than two times the poverty level. Tip: Be sure that your reverse mortgage counselor meets the approval of the U.S. Department of Urban Development (HUD). You can find HUD-approved housing counselor in Keizer Oregon by visiting HUD’s counselor research page or phoning HUD’s housing counselor referral line (1-800-569-4287). Tip:…

Can anybody in Keizer apply for a reverse home loan? Answer: No. Not everyone in Keizer Oregon can apply for a reverse mortgage. There are specific conditions you have to meet in order to be qualified for a reverse mortgage. The most common type of a reverse mortgage is called a Home Equity Conversion Mortgage (HECM). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. Note: This webpage has specifics about HECMs, which are the most common kind of reverse mortgage loans used in Keizer Oregon. To be eligible for a HECM: You will have to be at least 62 years…

When do I have to payback a reverse mortgage loan in Keizer? Answer: Reverse mortgage loans in Keizer Oregon generally are to be paid off once you die, but can need to be paid back sooner once you no longer make use of the house for your primary home, or do not pay taxes or insurance, or make necessary repairs. Virtually all reverse mortgages offered in Keizer Oregon are Home Equity Conversion Mortgages (HECMs). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. A HECM mortgage must be paid off as soon as the last living borrower or eligible non-borrowing spouse…

If I’m thinking about taking out a reverse mortgage, what other possibilities should I look at or do I have available in Keizer Oregon? Answer: It all depends on your circumstances. Subject to your finances and the needs you have, other financial loans could make more sense than a reverse mortgage. Examples include second mortgage loans or Home Equity Line of Credit (HELOC) loans in Keizer Oregon, which might have lower expenses – but you will need to be capable of making loan payments to a bank or other lender on a regular basis. Oregon, local government agencies, and nonprofit organizations in Keizer can provide single-purpose reverse mortgage loans to…

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…

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…