Reverse Mortgage Six Questions and How to Get Approved in Florida

Have you recently inherited a reverse mortgage from a loved one who has passed away?. Have a question?. In this scenario, you'd have to meet certain lending requirements as far as your credit, income and debts. In some instances, you may be able to get a six-month extension to finalize the deal.

With a reverse mortgage, however, you receive a check each month from the bank or mortgage company, and you never have to pay them back as long as you live in the house. If the loan is made to a married couple, then no repayment need be made until neither spouse is living in the home.

"And just a plug here: Please get help from an adviser or. terms and requirements of these loans. One Florida woman whom I‘ll call bonnie learned that her recently deceased mother had taken out a.

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RELATED Are you thinking of getting a reverse mortgage? Who should consider one and who shouldn’t The broader public also pays a steep price. Reverse mortgages are insured by a Federal Housing.

It’s important to know how much home you can afford before you start the house-hunting and mortgage approval processes. With that in mind, here is a six-step process you can use to determine how.

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2-Step Reverse Mortgage Calculator. This reverse mortgage calculator has two parts. In Step 1, basic information like property value will be used to evaluate whether or not you are eligible for a reverse mortgage. In Step 2, you can enter additional property information to determine how.

 · Reverse mortgages enable you to convert your home equity into cash, but while most homes are eligible, some are not. If you live in a condominium, your property and homeowners’ association may need to meet certain additional requirements in order for you to get a reverse mortgage.

That’s why borrowers are required to take hud-approved counseling (which details the loan’s commitments and conditions) before being approved for the reverse mortgage. More » Options to Avoid Foreclosure. If you’re in default on your reverse mortgage or worried about meeting your obligations, there are options. More » Get Help