Sentences with phrase «eligible homeowners age»
A reverse mortgage is a unique, Federal Housing Administration (FHA)- insured loan that allows eligible homeowners age 62 years and older to convert a portion of their home's equity into tax - free1 funds without having to pay monthly mortgage payments.2 The loan generally does not have to be repaid until the last homeowner on title passes away or no longer lives in the home as their primary residence.
https://libertyreversemortgage.com/ Not exact matches
People currently receiving the Basic Star benefit should also be aware that they may be eligible for the Enhanced STAR benefit once one of the homeowners reaches the age of 65.
To be eligible for reverse mortgage, the borrower must be an elderly homeowner of 62 years of age or above.
A homeowner of the same age, wanting the same loan and getting the same rate would not be eligible if he had an LTV of more than 50 percent.
To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home.
As long as you're a homeowner under age 65, you're eligible to apply.
The age of the borrower, or of the age of the younger spouse; the older the homeowner, the more money the homeowner is eligible to receive
• The age of the borrower, or of the age of the younger spouse; the older the homeowner, the more money the homeowner is eligible to receive • The appraised value of the property, minus the cost of any health or safety repairs required to bring the home up to code • The lending limits (where applicable); lending limits vary on a county by county basis • Interest rates, which are determined by the U.S. Treasury or LIBOR Index • The payment plan selected by the borrower
Homeowners over the age of 62 who have approximately 50 percent home equity in a primary residence, or who have at least a 50 percent down payment when purchasing a new primary residence, could be eligible for a reverse mortgage.
According to HUD, many homeowners ages 62 and older with sufficient equity in their homes may be eligible for a Home Equity Conversion Mortgage (HECM), or more commonly known as a reverse mortgage.1 Seniors often choose a HECM loan because of the many benefits that fit with their lifestyle.