Finding Seniors 62 Years And Older Homes With No More Monthly Payment Ever
Now you can Pre-Qualified for a HECM reverse mortgage. With this mortgage you are the owner and title holder of your home.
Now there is an excellent way to pay-off your existing mortgage and make yourself more financially secure. Although still not widely known to the general public, reverse mortgages are one of the fastest growing financial products in the U.S. Guaranteed by the Federal Housing Administration and funded by Fannie May, they are a safe solution for your needs.
There is a group of investors in the Detroit area that buy houses in bulk. Then they restore the homes to FHA standards or better and resell the homes for 52% of the HUD appraisal. The seniors who are 62 years and older are easily approved for a reverse mortgage. A reverse mortgage lets an owner convert home equity into cash. No repayment is required with a reverse mortgage as long as the senior lives in the home. Credit is not an issue because the Mortgage Company is not looking to get payments on the home. The Home loan is based on the equity in the home. This is a HUD Reverse Mortgage Loan Program.The only stipulation to all this, and that's part of your HUD counselor discussion, is the homeowner pays only the taxes and insurance on the property every year. The counselors will make sure the senior is able to afford the property taxes and insurance long before he closes on the house of his dreams. If that is not going to be a problem, he's golden. Obviously HUD and the government do not want to place people in homes they can't afford the taxes and insurance on; then nobody wins.
Article Source: http://EzineArticles.com/?expert=Mike_Schoen