Reverse Mortgage Six Questions and How to Get Approved in Florida

hud certifies housing counselors around the country to provide homeowners with impartial education about reverse mortgages. Reverse mortgage counseling is a mandatory part of the reverse mortgage application process and is typically completed just after completing an application for a reverse mortgage.

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A: Michelle Singletary Good question and congrats on being ready to buy a home. Here’s what I recommend: Emergency fund: Three to six months. I wouldn’t get a mortgage. And with a HUD approved.

The six-page Reverse Mortgage Self-Evaluation: A Checklist of Key Considerations was created to help you consider whether a reverse mortgage is right for you. Your HUD-approved reverse mortgage counselor can help you to answer additional questions you may have about the loan.

Reverse mortgages aren’t your average, everyday loan. Unlike typical mortgages and other home equity loans, reverse mortgages are heavily regulated and involve many additional rules that you may not be aware of. For those living in condominiums, getting a reverse mortgage isn’t as simple as it is for most homeowners.

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So, the shocking truth about reverse mortgage with condominiums is that even though you may not owe anything on your unit and you may meet the age requirements, the project may prevent you from being able to get a reverse mortgage. We see more projects being declined then approved at this time by about a 2 – 1 ratio.

Reverse mortgages enable you to convert your home equity into cash, but while most homes are eligible, some are not. If you live in a condominium, your property and homeowners’ association may need to meet certain additional requirements in order for you to get a reverse mortgage.

Reverse Mortgage on a condo in Florida Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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Extend retirement savings. A reverse mortgage may be used to delay the use of a 401k or to delay the collection of social security benefits. This extends the life of your savings and, in the case of the latter, may increase the benefits you receive in later years. Easy loan approval.