subject: Why A Counselor Can Tell You How Do Reverse Mortgages Work [print this page] The counselor is always approved by the HUD and represents a nonprofitable organization or some public agency. Your job is to make questions about how do reverse mortgages work, because you need a taylor made solutions and you have your own unique situation.
1. How Do Reverse Mortgages Work Concerning The Eligibility.
The eligibility rules are quite simple. You and all owners of the home in question must be of age 62 or over. Additionally you have to live in the house in question at least 6 months per every year.
And additionally the home must be a single family residence, duplex, triplex, cooperative, a condominium, 4 unit residence, or a planned unit development. In the end of the day, only your reverse mortgage loan lender can say for sure, if you are eligible.
2. How Do Reverse Mortgages Work, Can You Get Enough Money?
You will find a special and free reverse mortgage loan calculator, when you click the link in the end of this article. There is one important thing. If you have a mortgage loan against your present home, you must pay it away. But you can do it with the new reverse mortgage loan. That is how do reverse mortgages work.
3. How You Can Get The Counselor Contacts?
As said above, the job of the counselor is to explain to you how do reverse mortgages work. The meeting is compulsory, when you take a HECM. You can also give a power of attorney to someone else, who can hold a meeting, but still you have to go through your own personal questions.
When you have thought thoroughly about the reverse mortgage loan and alternatives, it is time to contact the reverse mortgage counselor. You have actually one way. You can contact the counseling network, which is organized by the federal government.
You can meet the counselor personally or by phone. The counseling takes about one hour, if you have a personal meeting, but requires about two phone calls. The usefulness depends a lot about how well you are prepared with questions about how do reverse mortgages work.
You can even ask the counselor to send you the most common questions by mail, so that you get the preliminary reverse mortgage information. The counseling agencies can charge a fee from you, but they have to tell this in advance. The fee must be tied to your ability to pay.
Actually the agencies cannot turn you away, if you say that you cannot pay the fee, which is maximum 125 US dollars or less, if the counseling costs are less. You can pay this fee from your your loan proceeds, like other HECM fees, or you can pay it with cash.
by: Juhani Tontti
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