FAQ About Reverse Mortgages

We will continue with our Top 10 Frequently Asked Questions About Reverse Mortgages and today we are covering points 3 and 4-

3. Can I apply if I didn't buy my present house with FHA mortgage insurance?

Yes. It doesn't matter if you didn't buy it with an FHA-insured mortgage. Your new HUD reverse mortgage will be a new FHA-insured mortgage loan.

4. What types of homes are eligible?

Your home must be a single family dwelling or a two-to-four unit property that you own and occupy. Townhouses, detached homes, units in condominiums and some manufactured homes are eligible. Condominiums must be FHA-approved. It is possible for individual condominiums units to qualify under the Spot Loan program.

FAQ About Reverse Mortgages

Last week I mentioned that I would be sharing some frequently asked questions about Reverse Mortgages. This concept has become extremely popular in the last couple of years and it is really catching on in our area, to the point where certain mortgage lenders are actually specializing in them. Over the next few days, I will be sharing the Top 10 Questions list as published by The U.S. Dept. of Housing and Urban Development. Today's questions/answers follow:

1. What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. HUD's reverse mortgage provides these benefits, and it is federally-insured as well.

2. Can I qualify for a HUD reverse mortgage? To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home. You are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can contact the Housing Counseling Clearinghouse on 1-800-569-4287 to obtain the name and telephone number of a HUD-approved counseling agency and a list of FHA approved lenders within your area. Interested in talking to one of our Reverse Mortgage Specialists? Give me a call or post a comment and I will get you in touch with just the right person!

Sunlight Reverses Aging

I found this rather interesting and wanted to pass it along....We hear so much about the bad effects of sun exposure as related to skin cancer. However, a study in the American Journal of Clinical Nutrition found that high levels of vitamin D--a nutrient your body makes from sun exposure, can actually slow the aging process by up to 5 years. The vitamin apparently cuts down on DNA damage that boosts the risk of age-related illnesses like heart disease and cancer. Just 20 minutes a week of sunlight on your skin (preferably not on your face) can deliver 90 percent of your daily D requirements...This is good news for those who enjoy the outdoors and should not be compared to spending time in tanning booths or day-long outings on the beach, both of which dramatically raise the risk for skin cancer and premature aging.

Tour Charlottesville!

I hope you enjoy these photos of our beautiful area! I will be posting them to my web site as well!

Make a slideshow - it's easy!