Senior Reverse Mortgage

You are referring to a senior citizen reverse mortgage for home purchase, offered by Fannie Mae. The residence to be purchased must be intended as your principal residence, not as a secondary or vacation home.

This special reverse mortgage program is ideal for seniors who want to "downsize" by selling their large home and using the cash proceeds to buy a smaller home and not have any mortgage payments.

Exact numbers will vary depending on the purchase price of the home, and the buyer's ages, but a very general rule is a cash-down payment of 50 percent or more will be needed.

However, that's a very good deal for senior citizen buyers who then won't have any monthly mortgage payments. You can find Fannie Mae reverse mortgage originators at www.reversemortgage.org. More reverse mortgage details are available in my special report, "The Whole Truth About Reverse Mortgages for Senior Citizen Homeowners," available for $5 from Robert Bruss, 251 Park Road, Burlingame, CA 94010 or by credit card at 1-800-736-1736 or instant Internet delivery at www.BobBruss.com. Questions for this column are welcome at either address.

Call 1-888-973-8377 for a free counseling session to answer all of your reverse mortgage questions.

Reverse Mortgage Counseling

Another requirement for a Reverse Mortgage is Reverse Mortgage Counseling.

Anyone seeking a reverse mortgage loan must undergo mandatory counseling from a HUD (the U.S. Department of Housing and Urban Development) approved counselor prior to actually applying for the loan. This counseling is essentially an in-person or telephone session that outlines how the process works and answers any questions you may have. This counseling program is not to determine qualification, it is designed to provide you with the information you need to make the best reverse mortgage decision for you and your family.

Call 1-888-973-8377 to speak with a Reverse Mortgage Specialist and setup a counseling session.

California Reverse Mortgages

Reverse mortgages are becoming extremely popular with seniors in California since the U.S. Department of Housing and Urban Development (HUD) created one of the first.

A California reverse home mortgage allows older Americans to supplement social security, meet unexpected medical expenses, make home improvements, and more.

A reverse mortgage allows the homeowner to convert a portion of the home equity into cash. Unlike a traditional home equity loan (HELOC) or second mortgage, repayment is not required until the borrower no longer uses the home as a principal residence.

To be eligible the borrower must be at least 62 years old; own the home and have a low mortgage balance that can be paid off at closing with proceeds from the California reverse mortgage loan, and must live in the home.

With a traditional second mortgage loan, or a California home equity line of credit (HELOC), there must be sufficient income versus debt ratio to qualify for the loan, and monthly mortgage payments are required.

The California reverse mortgage loan is different in that it pays the homeowner, and is available regardless of current income.

The reverse mortgage loan amount depends on borrower's age, current interest rate, other loan fees, and the appraisal value.

The loan is not repayable as long as one of the borrowers continues to live in the house and keeps the taxes and insurance current.

If the home is sold or no longer used as a primary residence, the homeowner or the estate repays the reverse mortgage, plus interest and other fees, to the reverse mortgage lender.

The remaining home equity belongs to homeowner or heirs. No other assets will be affected by a California reverse mortgage loan and the debt will never be passed along to the estate or heirs.

Call 1-888-973-8377 to speak with a Reverse Mortgage Specialist

Reverse Mortgage Lender

More good Reverse Mortgage News!

Lenders Implement Locking Mechanism to Safeguard Consumer Funds

Reverse mortgage lenders, with approval from the U.S. Department of Housing and Urban Development, have implemented a new consumer protection called the "principal limit lock" which freezes the "expected interest rate" on federally-insured reverse mortgages for a period up to 60 days from the date of application.

A Reverse Mortgage Lender such as Reverse Mortgage Nation, can answer any questions you might have regarding the reverse mortgage process and the new interest rate lock.

ReverseMortgageNation.com is a member of the National Reverse Mortgage Lenders Association (NRMLA), which helps consumers find a reverse mortgage lender and consultant in their state. Call 1-888-973-8377 to speak with a reverse mortgage lender today.