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Borrower Eligibility
  • 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
Loan Amount Based On
  • Age of youngest borrower
  • Current interest rate
  • Lesser of appraised value or the FHA insurance limit


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Seminars Inform Seniors About Problems from Reverse Mortgage Products

Seminars often tend to be boring. Very few people would ever attend them, unless they needed some serious information. Take reverse mortgage seminars as an example. You would not bother with them unless you were a 62 year old senior citizen about to make a decision regarding a loan.

Just how valuable is a reverse mortgage seminar? It is probably your best source of information on reverse mortgages. There are two types of seminars on reverse mortgage loan products. There are online seminars; there are also face-to-face seminars for groups. In both cases, consultants would offer these seminars for free.

Just type in “reverse mortgage seminars” on the search bar of a search engine and you will find a list of consultants, including AARP, offering free product info through the online seminar. You can find basic information on reverse mortgage loans and how they work. You can also find in-depth information on the various types of reverse mortgage products. More importantly, online seminars also cover the breadth and depth of how reverse mortgages can cover your personal finance and save you many problems.

With face-to-face seminars you can expect information on, eligibility requirements, procedures, possible problems and benefits of reverse mortgage loans. In most cases, these kinds of info seminars are customized for groups of seniors such as church groups, civic groups and resource centers of senior citizens.

NONE IS NECESSARILY BETTER

No type of info seminar is necessarily better than the other. Online seminars tend to become more in-depth, and you get to test your knowledge with a quiz that comes at the end. On the other hand, with face-to-face seminars, you get a quicker response to your questions, and you get to quickly ask follow-up questions too.

One good advice for seniors is that they should always come prepared with their questions, faq and problems regardless of the type of seminar they are taking. Always, the best questions to ask about are the problems you could face when taking out a reverse mortgage product today.

THREE TYPES OF REVERSE MORTAGES

There are actually three types of reverse mortgages:

• Single purpose reverse mortgages,
Home Equity Conversion Mortgages or HECMs, and
Proprietary reverse mortgages.

Single purpose reverse mortgages can only be used for a single specific purpose, which could be either home improvements or property taxes. They are not available in all areas of the United States, but they are the least expensive.

Also known as federally insured reverse mortgages, HECMs are backed by the HUD insurance. These can be used for broader range of purposes, but you must meet with a loan counselor before you can apply for a loan.

Private lenders offer proprietary reverse mortgages. Although they work practically the same way as HECMs, they do not require you to meet with a counselor. With HECMs and proprietary reverse mortgages, the amount is determined by your age, the fair market value and location of your home, as well as the interest rate.

There are a lot of things you need to know about reverse mortgage products, so a seminar or two really does pay.


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