The reverse mortgage is perhaps the most misunderstood home loan of them all. In the past, reverse mortgages have carried an unfortunate stigma associated with the fleecing of senior citizens. However, reverse mortgages do have a legitimate role in American banking. When used properly, they can actually improve one’s financial position and quality of life.
Most reverse mortgages are underwritten to the standards set forth by the Department of Housing and Urban Development. This is because the Fair Housing Administration (FHA) can then insure the loan. As such, most reverse mortgages payments will include an FHA mortgage insurance premium, just like any FHA loan. This also means that the FHA requires that all borrowers be treated with equality and fairness.
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Each borrower, home, and loan are unique. It is important to work with an experienced loan officer who will give time and attention to your overall financial plan. Also, know that reverse mortgages do have maximum loan limits and borrowers must be at least 62 years old to qualify. The Ruoff team is experienced with HECM products and other reverse mortgage loans. Start online at www.ruoff.com/loan-options/purchase/reverse-mortgage to find a knowledgeable loan officer in your area. A reverse mortgage, when timed and underwritten properly, can free up cash flow and provide peace of mind for senior borrowers.
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