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How To Get a Reverse Mortgage

Watch more Home Finance 101 videos: http://www.howcast.com/guides/34-Home-Finance-101 Subscribe to Howcast's YouTube Channel - http://howc.st/uLaHRS Find the best way to get a reverse mortgage and survive a downturn without losing your home. Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: http://howc.st/ytmainplaylists Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - http://howc.st/HOE3aY Howcast Video Games Channel - http://howc.st/tYKKrk Howcast Tech Channel - http://howc.st/rx9FwR Howcast Food Channel - http://howc.st/umBoJX Howcast Arts & Recreation Channel - http://howc.st/vmB86i Howcast Sports & Fitness Channel - http://howc.st/vKjUjm Howcast Personal Care & Style Channel - http://howc.st/vbbNt3 Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. Warning The FBI has issued a scam warning for conventional reverse mortgage loans, recommending that buyers go with FHA-approved lenders. Step 1: Determine if you're qualified Determine whether you qualify first by being at least 62 years old. Step 2: Determine if you meet home rules Determine whether you meet home ownership rules by owning either a single family residence or one unit of a one- to four-unit property. In some cases, a condo or a mobile home may also qualify. Make sure you meet the criterion that says you must occupy the home in order to qualify. Tip Because this program targets the principal residence -- the place where the borrower does most of their living -- summer homes, time-shares, and even RVs may qualify. Step 3: Evaluate your mortgage balance Make sure your home has a low enough mortgage balance -- no more than 65 percent of its current value. Step 4: Inquire about calculation Inquire about the official calculation, which includes your age, the home's appraised value, and the FHA loan limit in the area. There are no income or credit requirements. Step 5: Pay fees Pay fees for origination, appraisal, title, escrow, recording, and monthly service. Step 6: Abide by the loan agreement Abide by the terms of the loan agreement. Failure to do so can cause the loan to be called back. Did You Know? Reverse mortgages increased more than 1,300 percent between 1999 and 2008.
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