Sentences with phrase «requirements as reverse mortgage»

Due to lack of education about how reverse mortgages work and how they differ from other home equity loans, many have described some of the requirements as reverse mortgage drawbacks or pitfalls.

Due to lack of education about how reverse mortgages work and how they differ from other home equity loans, many have described some of the requirements as reverse mortgage drawbacks or pitfalls.

Not exact matches

Proprietary Reverse Mortgages do not have to follow the same requirements as HECM reverse mortgages and are not insured by tReverse Mortgages do not have to follow the same requirements as HECM reverse mortgages and are not insured byMortgages do not have to follow the same requirements as HECM reverse mortgages and are not insured by treverse mortgages and are not insured bymortgages and are not insured by the FHA.

Although these new requirements are more extensive than past requirements, they will ultimately serve to protect countless reverse mortgage borrowers from default as well as further contribute to making the federally - insured HECM one of the nation's safest loan products in the market to date.

As long as you comply with the basis requirements of the reverse mortgage, namely take care of property taxes, maintain insurance and keep the home in good repair, you can not be forced to leave the homAs long as you comply with the basis requirements of the reverse mortgage, namely take care of property taxes, maintain insurance and keep the home in good repair, you can not be forced to leave the homas you comply with the basis requirements of the reverse mortgage, namely take care of property taxes, maintain insurance and keep the home in good repair, you can not be forced to leave the home.

Reverse Mortgage loans are much easier to qualify for than Conventional loans as it pertains to income and credit requirements.

The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity.

A reverse mortgage loan typically does not require repayment for as long as the borrower (s) continues to live in the home as the primary residence, pays property taxes and insurance, and maintains the home according to the Federal Housing Administration (FHA) requirements, or until the last homeowner has passed away or has moved out of the property.

To qualify for a reverse mortgage, borrowers must be at least 62 years of age, own their home and occupy it as their primary residence (among other requirements).

Borrowers must complete and return an annual occupancy certificate stating the occupy the property as their primary residence (even though this is not a requirement in the reverse mortgage contract).

Unlike reverse equity mortgages, which include no income or medical requirements, such as credit checks, income verification, or physicals, home equity lines of credit have lending criteria.

These requirements are often cited as reverse mortgage pitfalls when in reality they are simply obligations to be met for all mortgages, traditional or reverse.

The Reverse Mortgage line of credit can never be frozen, reduced or cancelled if market conditions change (as long as program requirements are met: keeping current on taxes, insurance and home maintenance).

The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity.

A reverse mortgage loan typically does not require repayment for as long as the borrower (s) continues to live in the home as the primary residence, pays property taxes and insurance, and maintains the home according to the Federal Housing Administration (FHA) requirements, or until the last homeowner has passed away or has moved out of the property.

Manufactured Homes: Manufactured homes, where the pieces of the home were built in a factory and later assembled on site, are eligible for reverse mortgages as long as the residence meets FHA requirements.

However, to be eligible to close on a reverse mortgage, you must first satisfy requirements that include being at least 62 years old, owning your home, and residing there as your primary residence.

These requirements are often cited as reverse mortgage pitfalls when in reality they are simply obligations to be met for all mortgages, traditional or reverse.

The CFPB has been persnickety, to say the least, regarding these requirements as it entered into three reverse mortgage advertising related enforcement actions a year ago over allegations on these very issues.

On the other hand, with a traditional mortgage, the retiree could relocate and keep the original house as rental or investment property, while the reverse mortgage would require a payoff in such a scenario (as the retiree would cease to use the properly as a primary residence, one of the key requirements for keeping a reverse mortgage in place).

As described in more detail below, the Bureau proposed to exempt from the integrated disclosure requirements certain loans that are currently covered by both TILA and RESPA (reverse mortgages and open - end transactions secured by real property or a dwelling), and certain loans that are covered by TILA but not RESPA (chattel - dwelling loans).

Reverse mortgages, open - end transactions secured by real property or a dwelling, and chattel - dwelling loans will remain subject to the existing disclosure requirements under Regulations X and Z, as applicable, until the Bureau adopts integrated disclosures specifically tailored to their distinct features.

Moreover, the Bureau explained in the proposal that it developed the proposed integrated disclosure forms for use in «forward» mortgage transactions and did not subject those forms, which implement essentially the same statutory disclosure requirements as do the current regulations, to any consumer testing using reverse mortgage transactions.

The Bureau proposed to exempt reverse mortgage loans, as defined under § 1026.33, from the integrated disclosure requirements.

Proprietary Reverse Mortgages do not have to follow the same requirements as HECM reverse mortgages and are not insured by tReverse Mortgages do not have to follow the same requirements as HECM reverse mortgages and are not insured byMortgages do not have to follow the same requirements as HECM reverse mortgages and are not insured by treverse mortgages and are not insured bymortgages and are not insured by the FHA.

Although, as it noted in the proposal, the Bureau is aware that industry faces difficulties applying the disclosure requirements of RESPA and TILA to reverse mortgages, the Bureau does not believe it would be appropriate to grant an exemption from RESPA for such transactions because it would leave consumers without important RESPA - required disclosures.