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  • All borrowers must be 62 and older
  • Must own property and occupy as primary residence
  • Participate in an information counseling session
  • Property must meet FHA property standards
  • Maintain home with needed repairs, property taxes and insurance
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  • Age of youngest borrower
  • Current interest rate
  • Lesser of appraised value or the FHA insurance limit

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Educational Guide, Facts and Rules for the Reverse Mortgage Dummy

Now we really do not think there is anyone dumb enough to deserve a dummy education guide, a guide that outlines the A-B-C facts and rules of reverse mortgages. But the fact is, it can be a jungle when it comes to reverse mortgages. You might just smash your teeth and cry out, “I need a reverse mortgage guide for a dummy like me!”

Do not fear, here is a reverse mortgage guide for dummies: some barebones facts, rules, and educational bits on reverse mortgages. It was created for dummy people like you.

  • Reverse mortgages are a raging loan against your house. Unlike other mortgages, you do not have to repay the loan for as long as you are still alive and living in your home. Depending on your payout method, you could be continuously receiving money without having to spend a cent on debt repayment or debt education.
  • Death and life-altering changes are your allies. The rules of reverse mortgages were created so a loan can only be repaid when the house is sold or is refinanced. This usually only happens when the homeowner is already dead or moves permanently out of the house.
  • A house becomes a source of income with a reverse mortgage. There’s a reason why so many seniors want to apply for reverse mortgage loans. They may have a great house but are short on cash and don’t have enough money to pay bills and for the upkeep of the house. With a reverse mortgage, you get the chance to turn your equity into cold hard cash, which you can use for whatever purpose you wish.
  • All is fair in debt and reverse mortgage. With other loan programs, lenders would look at your capacity to pay. Reverse mortgage lenders will not even look at your credit report when you apply for a loan. Essentially, they only check if you are 62 years old, and if your home qualifies for the loan. Trailer homes do not qualify.
  • Your children won’t inherit the debt. Since reverse mortgages are a fairly new addition to the loan industry (and some seniors choose to skip debt education), there are some myths and misconceptions regarding this type of loan. The second most pervading fear is that your heirs will inherit your debt. However, the federal government has designed reverse mortgages to be non-recourse loans. This means that the home’s selling value is the only resource that can be used to pay that loan. If the home’s value drops below the outstanding loan amount, the lender bites the bullet on the loss.
  • You won’t be kicked out of your home. The primary fear of seniors is that it might lead them to lose their homes. Rules on HUD federal-backed reverse mortgages are designed such that you don’t have to pay for anything whilst you’re still alive and kicking inside the house. It has also been designed so that your debt never exceeds the appraised value of your house.

Take note that most of the facts listed in the for dummy guide are only true for Home Equity Conversion Mortgages, HECM loans, which is backed by the federal government through the Federal Housing Administration, a division of the Department of Housing and Urban Development.

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