Is there different kinds of reverse mortgages available in Ashland Oregon? Yes. The majority of reverse mortgages these days are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program. If you apply for a HECM loan in Ashland, you may select from the following possible choices: Payment of loan proceeds. You could get money as a line of credit, monthly installment, a combination of these, or a lump sum. Monthly interest rate. You may choose between a fixed rate and an adjustable interest rate. Fixed rates are only available with the lump sum settlement option. The reverse mortgage program also provides 2…

How much money does reverse mortgage housing counseling cost in Ashland? Housing counselors are able to charge for reverse mortgage counseling, but the agency must let you know about the expense before charging you it, and the fee really should be reasonable. Fees are typically about $125. Counseling agencies are also instructed to waive the counseling fee when your income is under two times the poverty level. Tip: Be sure that your reverse mortgage counselor is approved by the U.S. Department of Urban Development (HUD). You can find HUD-approved housing counselor by visiting HUD’s counselor research webpage or contacting HUD’s housing counselor referral line (1-800-569-4287). Tip: If you are in…

Can anybody in Ashland get a reverse home mortgage loan? Answer: No. Not everyone in Ashland Oregon can apply for a reverse mortgage. There are specific conditions you will need to meet in order to be eligible for a reverse mortgage. The most common type of a reverse mortgage is called a Home Equity Conversion Mortgage (HECM). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. Note: This blog contains information regarding HECMs, that are the most common type of reverse mortgage loans used in Ashland OR. To be eligible for a HECM: You have to be a minimum of 62…

How are you affected if my reverse mortgage loan balance becomes larger than the value of my Ashland Oregon property? This will depend upon which type of reverse mortgage you may have. The vast majority of reverse mortgage loans these days are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program. An FHA-insured HECM loan is a non-recourse loan. Which means that if your home is sold to repay the mortgage, neither you nor your family members shall be required to pay greater than the sales price of the home. The insurance will pay for any deficiency, provided that your home sells…

If I’m thinking of getting a reverse mortgage, what other possible choices can I consider or do I have available in Ashland Oregon? Answer: It all depends on the circumstances. Depending on your finances and your needs, other financial products could make more sense than a reverse mortgage. These include second mortgages or Home Equity Line of Credit (HELOC) loans in Ashland OR, which often have lower fees – but you will need to be capable of making loan payments to a credit union or other loan company on a regular basis. state, local government agencies, and non-profit organizations in Ashland provide single-purpose reverse mortgage loans to help pay for…

Conversations with my clients often lead to the question of whether they should sell their home and rent, or just stay where they live now? The answer may surprise you. The majority of my senior clients tell me they would rather stay in their home rather than rent. The reasons are twofold: They are already comfortable in their current homes and dread the thought of leaving the place where they have raised their families. In most cases, my senior clients cannot find a place to rent that is less than or equal to what they are paying now and have the comforts of their current home. There are over 70…

The answer to the above question is no, you cannot do a reverse mortgage on a home you do not own?  Your home must be your primary residence and the home must be titled in your name, in other words, you must be the owner. However, suppose you live in your home and you think you own it, because you have been making the payment for over 3 years, such as  the case of our 84 year old client, Mr.C.  You see, Mr. C had a son who died 3 years earlier.  Mr. C. had been paying his share of the mortgage even before his son died.  But, after Mr.C’s…

Why Reverse Mortgages in Ashland OR Have Mortgage Insurance (MIP) While we’re expecting private reverse mortgages to come back into the Ashland marketplace, at this point, over 95% or reverse mortgages written today are the FHA insured variety known as HECM or Home Equity Conversion Mortgage.  With FHA loans comes mortgage insurance.  Many people are curious why mortgage insurance would be charged on reverse mortgages since borrower’s have quite a lot of equity when they take out the loan.  But since payments aren’t required as long as one borrower lives in the home, and it is a negatively amortized loan there is risk that the loan balance could become higher than the home value…