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How to Qualify for a Reverse Mortgage
How to Pay Off a Mortgage and Get a New One With Low Rates
How to Add a Second Name to a Reverse Mortgage
How to Pay Back a Reverse Mortgage
Facts About Getting a Reverse Mortgage
Federal Guidelines for Reverse Mortgages
What Are HUD Minimum Property Standards for a Reverse Mortgage?
How Do Reverse Mortgages Affect Property Taxes?
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Summary: The federal guidelines for reverse mortgages include the fact that a person must meet with a HUD-approved counselor to get a reverse mortgage. Learn about getting an FHA-approved appraisal to make sure a property is in good condition with help from a former HUD agency counselor for reverse mortgages in this free video on federal guidelines for reverse mortgages.
Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. He has worked in financial services senior management positions in mortgage banking...read more
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"Hi, my name is Bob Dixon, and I'm known as, Mr. Reverse Mortgage. I'm a former HUD agency counselor. And I've counseled people on reverse mortgages in every state of the country, including Alaska and Hawaii, and pretty much every type of program, whether that be through the federal government or through the banks own proprietary programs. Now the question today is, about the federal guidelines for reverse mortgage. Now, the first thing is, somebody has to meet with a HUD approved counselor to get a reverse mortgage. The next step is they need an FHA approved appraisal to make sure the property is in good condition. Now if the property isn't in good condition, a HUD appraiser will tell you what needs to be done, and that can be financed through the reverse mortgage. So if you've got a hole in your roof, that doesn't mean you couldn't get a reverse mortgage, it just means that it has to be taken care of and that money is set aside from the reverse mortgage. You can't have any federal debt and get a reverse mortgage. So if you owe some money on your taxes, that's going to be deducted. Now you can have other loans and other payments that are outstanding, it has nothing to do with your credit score, in fact your credit score can be zero, and you'd still qualify for a reverse mortgage. As long as you're over the age of 62 and you own your own home, you qualify for a reverse mortgage. Again, my name is Bob Dixon, Mr. Reverse Mortgage, and thank you."
eHow Article: Federal Guidelines for Reverse Mortgages
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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