Whether you make your mortgage payment in full, make a half payment, or choose not to make your payment at all, your credit is never affected with the Reverse Mortgage. Pay Off Debt Not only can the Reverse Mortgage pay off your existing mortgage, but it can also be used to eliminate credit card debt, auto loans, personal loans, student loan.
Perhaps the most common use of a reverse mortgage loan is to pay off an existing home loan or line of credit, or to pay off other debt, such as credit cards, a car loan or medical bills.
On housing issues, protecting funding for federal housing programs and promote more affordable reverse mortgages will take front and center. And don’t forget about working for better utility.
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Can I use a reverse mortgage loan to buy a home? Yes. The Department of Housing and Urban Development (HUD) has a "HECM for Purchase" program that allows seniors, age 62 or older, to purchase a home using a reverse mortgage.
· This type of reverse mortgage allows seniors to use the equity from the sale of a previous residence to buy their next primary home in one transaction. Once again, Susan was able to use the remaining funds from the sale of her home to pay off her second reverse mortgage.
They were older Americans. They were widowed. They were homeowners. And they both faced foreclosure and eviction on reverse mortgage loans. So when AARP won a big lawsuit on their behalf against the U.
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A reverse mortgage is a loan that allows older borrowers to tap into their home equity. Unlike a standard mortgage, which requires the borrower to make payments to a lender, a reverse mortgage calls for a lender to make regular payments to the borrower.
Mulling over the prospect of getting a reverse mortgage? Read on. You just might find that big changes to the program make these loans less appealing. Assistant Secretary for Housing Carol Galante.
An FHA 203(k) loan can pay for home renovations and other specialized fha loans can pay for energy-efficiency upgrades and reverse mortgages for seniors. Only an FHA-approved lender can issue an.