HUD reverse mortgages can be a great tool for Seniors that are looking for additional funds for retirement. Through a HUD reverse mortgage, seniors can tap into the equity from their homes without having to make repayments.
HUD Reverse Mortgage Eligibility
Homeowners must meet the following criteria in order to be eligible for a HUD reverse mortgage:
– Homeowner must be age 62 or older.
– The home must be owned free and clear or have a mortgage balance that can be paid from equity.
– The home must be a principal residence.
– The property must be a single-family home, a one-to-four unit dwelling with one unit occupied by the applicant, a manufactured home (mobile home), or a unit in condominiums or Planned Unit Developments.
– The property must meet minimum property standards.
Homeowners that qualify can receive payments in a lump sum, on a monthly basis, or on an occasional basis as a line of credit. At a later date the payment options can be restructured if circumstances change.
Guidelines on HUD Reverse Mortgage Amounts
The amount that can be borrowed on a HUD reverse mortgages...
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