Apply For A Reverse Mortgage in Bend OR

Not Every Person in Bend Oregon May Apply for a Reverse Mortgage

There are specific specifications you will need to satisfy in order to be eligible for a reverse mortgage. The most popular type of a reverse mortgage is called a Home Equity Conversion Mortgage (HECM). The Federal Housing Administration (FHA), a component of the Department of Housing and Urban Development (HUD), insures HECMs.
Note: This site contains the specifics of HECMs, which are the most common form of reverse mortgage loan.

To qualify and apply for a reverse mortgage in Bend OR:

• You need to be at a minimum Sixty two years of age.
• Your house is required to be your main residence.
• You will have to own your house outright or possess a low home loan balance that may be paid off at funding with proceeds from the reverse home mortgage. There are limits to how much cash you can get. Thus, if you still owe lots of money on your standard mortgage loan, you may not be able to get a reverse mortgage.
• You have to have the funds to pay regular property expenses such as taxes and insurance coverage, as well as repair and maintenance expenses.
• You also must talk to a HUD-authorized counselor to talk about eligibility, the personal financial significance of the mortgage loan, and various other reverse mortgage choices.

This program mandates that you speak with a HUD-authorized reverse mortgage loan (HECM) counselor to discuss how the reverse mortgage will work and the amount it can cost. The counselor must be authorized by HUD. The FHA additionally mandates that your home be in good shape. If your house is improperly taken care of, it’s possible you’ll have to fix it before you can get a HECM reverse loan.

Prior to Filling Out a Reverse Mortgage Application in Bend OR Consider This

For people with a wife or husband or other family living with you, ponder very carefully regarding their housing necessities before you apply for a reverse mortgage in Bend OR. Husbands and wives (or other individuals living with you) can apply together as coborrowers if all parties are Sixty two or older. For almost all couples, this can be the best choice if they elect to apply for a reverse mortgage in Bend OR. Once spouses are shown as co-borrowers on the reverse mortgage loan, one spouse can continue to reside in the house even if the other spouse passes on or may need to move to a assisted living facility. Unmarried people, siblings, or other individuals surviving in the house may also apply for a reverse mortgage in Bend Oregon jointly as coborrowers and take advantage of the same advantages, provided that all borrowers will be age 62 or older.

Notice: At times one spouse will not yet be Sixty two, and thus won’t be eligible as a co-borrower. A non-borrowing spouse may be able to remain in the home after the borrower dies if they qualify as an “eligible non-borrowing spouse.” Once your non-borrowing spouse turns 62, you might be able to refinance the reverse home loan to include them, however , there is costs related to refinancing a reverse mortgage loan.

Caution: Individuals who reside in the property and are not co-borrowers or will not qualify as an qualified non-borrowing spouse will likely have to move once the borrower passes away or moves out. In addition, when you have a reverse house loan and vacate the house for more than 1 year for a medical-related reason, those people that are not co-borrowers will likely have to move out from the home.

If you or when your parents are looking for a reverse loan, ensure you get all the specifics to start with. We offer numerous information that will help you learn more about reverse mortgages before you apply.