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The Ins And Outs Of An FHA Reverse Mortgage
By Terry Edwards
For those people who have hung up their hats and called it a day on their careers, am FHA reverse mortgage could be something worth looking into. With Social Security not paying what it used to, especially with inflation rates being what they are, more and more seniors are looking to their homes for a source of additional income. With the help of HUD, they can now use the equity they've built to secure loans that require no repayment.
There are several requirements for those looking to take advantage of an FHA reverse mortgage.
One, the homeowner looking for the mortgage must be at least sixty-five years old, and have full ownership of the home. The home must be the primary residence, rather than a vacation house or something of the like.
Finally, the house and the property surrounding it must meet a few minimum property standards, as set forth by the federal government.
If the homeowner succeeds in qualifying for an FHA reverse mortgage, they then have a number of choices as to how they will receive the money. They can choose to receive the payments all at once, on a month-to-month basis, or simply have it waiting for them as a fund for credit.
If needed, the first choice need not be permanent (unless it was the lump sum). Factors such as the borrower's age can determine how much can be borrowed against the home. The older the borrower, the more money he will be able to get. The value of the home itself is, of course, a major part of how much HUD will be willing to allow the homeowner to borrow. Current interest rates and the likelihood of the property increasing in value over the next few years will also play a role in determining how much money is lent.
You can find out more about What Is A Reverse Mortgage as well as much more information on everything to do with reverse mortgages at http://www.InformationOnReverseMortgage.net
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Home Mortgage Refinance And Lowest Rates News
U.S. mortgage applications reveal signs of life in housing - Globe and Mail
If you blinked you may have missed it. But on a day that featured another batch of dreadful U.S. economic data, there was a tiny sliver of light: U.S. mortgage applications rose last week. Actually, soared is more like it. According to the Mortgage ...
Read more...Ben Bernanke: Fresh Attack on Mortgage Rates - US News and World Report
Fed Chairman Ben Bernanke on Monday opened the door to another unconventional measure to lower mortgage rates: buying long-term Treasury bonds. In a speech in Texas Monday, the Fed chief said: Although conventional interest rate policy is constrained ...
Read more...Financial industry pushes for lower mortgage rates - Dallas Morning News
WASHINGTON – Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates and help stabilize the battered U.S. housing market. Under one proposal, Treasury would seek to lower the rate on a 30-year mortgage ...
Read more...Ahead of the Bell: Plan could cut mortgage rates - Forbes
Financial industry lobbyists are pushing the Treasury Department to enact a plan that could help send mortgage interest rates to as low as 4.5 percent in an effort to shake up the moribund housing market. Analysts widely consider an improving housing ...
Read more...Treasury urged to act to push down mortgage rates, shore up housing ... - Baltimore Sun
WASHINGTON - Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates and help stabilize the battered U.S. housing market. Under one proposal, the Treasury Department would seek to lower the rate on a 30 ...
Read more...Treasury Yields Plunge to Lowest on Record as Bernanke Suggests ... - Bloomberg
Dec. 1 (Bloomberg) -- Treasuries rose, pushing yields to record lows, as Federal Reserve Chairman Ben S. Bernanke said the central bank may purchase Treasuries and target long-term interest rates to combat the deepening recession. Bonds rallied for a ...
Read more...Proposal would lower 30-year mortgage rate to 4.5 percent - Syracuse Post-Standard
WASHINGTON (AP) -- Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates and help stabilize the battered U.S. housing market. Under one proposal, Treasury would seek to lower the rate on a 30-year ...
Read more...Lower mortgage rates help but jobs, prices key - Reuters
NEW YORK (Reuters) - The lowest mortgage rates in three years are luring first-time buyers and cost-cutting refinancers, but falling home prices and mounting unemployment will keep U.S. housing in its deepest slump since the Great Depression ...
Read more...Lower US mortgage rates help but jobs, prices key - Guardian Unlimited
NEW YORK, Dec 3 (Reuters) - The lowest mortgage rates in three years are luring first-time buyers and cost-cutting refinancers, but falling home prices and mounting unemployment will keep U.S. housing in its deepest slump since the Great Depression ...
Read more...Mortgage applications post largest gain ever - MSN MoneyCentral
NEW YORK (Reuters) - Mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday. The U ...
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