Certified Foreclosure Specialist

Senior Loans

Press Release
My Philosophy
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Reverse Mortgages
- A Viable Option?

SENIOR CITIZENS may qualify for special HUD loans. No Payments until you move or sell the house; just live on the equity.

It's reported that FHA reverse mortgages are safe and might be perfect for a senior needing more income. The HUD Housing Counseling Clearinghouse has a list of approved counseling agencies. Check it out under the San Francisco and Santa Rosa listings.

The FHA reverse mortgage may be just what a low income property owner over the age of 62 needs. It needs to be said, however, that the reverse mortgage can be used in unethical ways to harm rather than help. Its important that you consult with a professional financial planner and one of the HUD approved counseling agencies before making such an important decision. You can also find helpful information about reverse mortgages in the SRES free booklet that you can order from the main Seniors page.

An option to the reverse mortgage would be to obtain a line of credit from a bank or other accredited financial institution. A senior with good credit can be approved for an interest only loan, depending on their individual circumstances.

The reverse mortgage is designed specifically so a senior whose home is paid for or nearly so does not need to sell their property to finance living expenses. The home does not have to be sold until the senior moves out. Repeat, the loan is not due until the senior moves out.

Here are some pertinent facts about FHA-insured reverse mortgages:

* Your home is not sold - it stays in your name.
* Income is tax free.
* No monthly payments.
* No income qualifying.
* Loan is due only when you move.
* Equity that remains goes to you or your heirs.
* The youngest borrower must be at least 62.
* The home must be your primary residence.
* You must attend a free information session from an FHA approved housing agency.

I can recommend an excellent book, Your New Retirement Nest Egg by Ken Scholen, A Consumer Guide to the New Reverse Mortgages. It is available at libraries or through amazon.com.

Home-Made Money: Consumers Guide to Home Equity Conversion, Publication D 12894; 44 page booklet, is free from AARP.

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