Ask the Expert
Reverse Mortgage Questions
Fran Huddleston
Learn more about Fran HuddlestonThe following are reverse mortgage questions that seniors and family members have asked. Please also see Additional Q&A's Please feel free to submit your questions and I will reply to you personally. Please allow up to 48 hours for a response. reverse mortgages
Frequently Asked Questionsreverse mortgages What is a Reverse Mortgage? A special type of loan that enables individuals aged 62 or older to convert some of their home’s equity into tax-free* cash, and no repayment is required until the home is no longer the principal residence UP Who is eligible? Homeowner (s) who are at least 62 years of age and occupy the property as their principal residence UP What type of property is eligible? Eligible properties include single-family homes, condominiums and townhomes, or a 2 to 4 unit dwelling UP What if I still owe on my mortgage or have a home equity? If the remaining balance is small and with the HUD formula, (value times age times interest rate) there is enough equity that balance can be paid off with the Reverse Mortgage UP What are the qualifications? Must be at least 62 years of age, own or have a small balance on the home, the home is principal residence, no income, employment or credit requirements are required.
UPFran Huddleston Fran is an experienced mortgage expert. She is dedicated to providing you with top customer service and assistance in finding the personalized solution that best meets your home buying or refinancing needs. As a representative of Wells Fargo Home Mortgage, she can present you with an extensive product line and a variety of flexible financing options. As an independent mortgage specialist, Fran is a Certified Senior Approved Service
UP BACK TO ASK THE EXPERT
|
