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Reverse Mortgage Guidelines

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What is reverse mortgage and what are the reverse mortgage guidelines? For most senior homeowners, it is very difficult to make ends meet. Living expenses seem to increase in a more rapid rate. Energy cost, healthcare expenses, and property taxes tend to rise faster than the income. Funds can become limited due to decreased or lack of source. This is why many senior homeowners are becoming more interested in getting a reverse mortgage.

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									Reverse Mortgage Guidelines
What is reverse mortgage and what are the reverse mortgage guidelines? For most senior
homeowners, it is very difficult to make ends meet. Living expenses seem to increase in a more
rapid rate. Energy cost, healthcare expenses, and property taxes tend to rise faster than the
income. Funds can become limited due to decreased or lack of source. This is why many senior
homeowners are becoming more interested in getting a reverse mortgage.

Guidelines of Reverse Mortgage
Reverse mortgage can really help the elderly who are experiencing financial problems.
Nevertheless, getting this type of loan requires the homeowner to get familiar with important
matters like reverse mortgage guidelines.


         This type of mortgage is available to senior homeowners, aged 62 and above. One of the
          guidelines of reverse mortgage is that it allows the homeowners to not repay their loan as
          long as they live in it. However, once the borrowers die, or declared bankruptcy at the least,
          the bank or the lending body will require repaying.

         A reverse mortgage can be secured by a homeowner from a mortgage lender, savings and
          loan organization, credit union, or a bank. However, before taking a reverse mortgage loan,
          the lenders require the homeowners to undergo counselling, since this kind of arrangement
          is a bit more complex.

         Apart from being 62 years old and above, the homeowners’ primary residence should have
          substantial equity.

         Loan proceeds depend on the youngest borrower’s age and the loan’s interest rate will
          remain as the prevailing rate. For instance, a 65-year-old borrower who has a home that is
          worth $100,000 could get as much as $22,000. This is 22% of the home’s value. For older
          borrowers with the same property value, they’ll get comparably higher amount; say $41,000
          if you are 75 years of age and about $58,000 if you are 85 years old


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