Since the inception of the FHA (Federal Housing Administration) insured Reverse Mortgage, senior homeowners have contemplated the benefits to them as a viable option to help offset the rising costs of retirement. Most senior homeowners are looking for a way to tap into what is normally their largest asset, their home, without having to sell it or take on an additional monthly expense. For those and many other reasons, A Reverse Mortgage has been billed as a easy way to accomplish their financial goals and live out their golden years with the peace of mind of knowing they will not be forced out of their home as long as they maintain their property taxes, homeowners insurance, Homeowners association fees(if applicable) and keeping the property up to standards of FHA.
To further complicate matters, many senior homeowners were initially led to believe that regardless of their equity position, they would be eligible for a Reverse Mortgage. In fact, that is not the case, but should not deter senior homeowners from exploring their options as it applies to the Reverse Mortgage program. As with most mortgages, the lower your loan-to-value(LTV), the more of a loan you will be eligible for under the Reverse Mortgage program. To be eligible, a reverse mortgage must be your only lien on the property at closing.
To find different options and education on the reverse Mortgage program, such websites as www.ReverseMortgageSpace.com have many helpful tools for senior homeowners including a reverse mortgage calculator, a home value estimator and a reverse mortgage guide that can help almost anyone understand the ins and outs of the Reverse Mortgage program, all at no cost or obligation to the senior homeowner or family member researching the program.
To be sure if the program fits your needs, it is important to know what you are eligible for. As with any financial product, Reverse Mortgage’s benefit different people in different ways, or on a case by case basis. be sure to consult with a tax professional to understand if any tax liabilities or issues that may arise. To find out more, keep seeking the information you need on the information highway available almost everywhere today!