Reverse Mortgage Info

Reverse Mortgage Income Requirements | Income Qualifications Explained

🔥Get Your Free Info Kit🔥 For More  Reverse Mortgage  info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704  🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://tinyurl.com/ReversedMtg [https://tinyurl.com/ReversedMtg] In this episode we talk about the reverse mortgage income requirements. Reverse Mortgage are different than regular mortgages.  Regular mortgage have something called DTI / Debt to Income Ratios.  DTI is simply just your monthly expenses that show on your credit report  plus housing expenses (like property taxes, HOA dues, homeowner insurance, and mortgage payment).  They have to be half or less than half or your monthly gross income. FHA goes a little higher, but were here to talk about the reverse mortgage income requirements, not regular loans. For reverse, we don't have such tough debt to income ratio requirements.  In terms of the reverse mortgage income requirements all we really look at is something called residual income.  The amount of residual income required depends on where you live, whether your in the north, south, east or west.  It varies, but they are all about the same. The amount of residual income required also depends on the number of people permanently living in your home. The residual income requirement ranges from $529 per month to $589 per month in a 1 person household.  If you're married, the range is $886 to $998 in terms of residual income.  It changes a little bit if there are 3+ in your household, but not that much. The biggest jump is 1 person vs 2 people in the household. What is residual income?  It's basically your housing expenses (there's not mortgage payment with a reverse mortgage) like homeowner insurance, property taxes, and HOA dues, etc.  Plus whatever is on your credit report.  So, lets say you just have one credit card payment of $50.00 per month and then your property taxes and insurance are $400 per month.  Those two items together add up to $450 per month.  We also have to add on your estimated utilities payment.  FHA just has a formula that is used that is based on the living square footage of your home. On average, it add $150 - $200 but can be higher for larger homes.  In this case, lets say it's $150.00.  In this case, your expenses are $150 plus $50 plus $400 for a grand total of $600.  If you're in a one person household you have to have roughly $550 more in income than that $600 figure (so you'd need about $1100 in income).  If you're a two person household you'd need to have anywhere from $886-$998 more depending on where you live. Hence, the reverse mortgage income qualifications are not too hard to meet.  Not every retired person can pass the DTI requirements and certainly many more would meet the reverse mortgage income requirements.  The beautiful thing about a reverse loan is that there is no requirement monthly mortgage payment to the bank (but you can make a payment if you want to). 🔥Get Your Free Info Kit🔥 For More  Reverse Mortgage  info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 --> LifeSource Reverse Mortgage Broker [https://lifesourcemortgage.com/reverse-mortgage/] #ReverseMortgageIncomeRequirements #ReverseMortgagesIn2022 #ReverseMortgageQualifications www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more.  Anyone that inquires and requests more information may be contacted by the owner or employee of this site.  LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

2022 Reverse Mortgage Limits | HECM Max Claim Amount | Maximum Reverse Mortgage Loan Amount

🔥Get Your Free Info Kit🔥  For More  Reverse Mortgage  info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704   In this video we talk about 2022 reverse mortgage limits [https://lifesourcemortgage.com/loan-limits/2022-hecm-reverse-mortgage-loan-limits-in-california-colorado-idaho/] as well as the 2022 reverse mortgage max claim amount as well as how that translates into the max reverse mortgage loan amount in 2022.  Keep in mind that there are two types of reverse mortgages these days. I start out talking about the FHA reverse mortgage and then I'll touch on the jumbo reverse mortgage [https://lifesourcemortgage.com/jumbo-reverse-mortgage-in-california-colorado-idaho/].  How the loan amounts work; FHFA announced the max conventional loan amounts throughout the country would be $647,200 and of course there are some areas / counties that are 1.5 x that amount or $970,800.    The way it works with reverse is that nationwide the max claim amount is set at $970,800.  Does that mean you can actually borrow that amount with an FHA reverse mortgage?  With the FHA reverse mortgage you can borrow a percentage of the value of your home.  Agewise, the point of entry for an FHA reverse mortage is 62.  For every age bucket, you can borrow a slightly higher percentage of your home value.   At age 62 you can borrow about 45% of your homes value (this changes weekly by the way) (not giving every age bucket in this video).  At age 69 you can borrow about 50% of your home's value. Whereas at  age 96 you can borrow about 75% of your home value.  What does that mean?  We'll use a 69 year old as an example since you can borrow 50% it makes the math really easy.  If your home is worth $100k you can borrow $50k.  If it's worth $200k, you can borrow $100k and on and on until your home is worth $970,800 (max claim amount AKA max appraised value FHA will let you use).  Homeowners at age 69 can borrow about $485k if their home is worth the max claim amount of $970,800 or more.   A 62 year old with a home worth $970,800 or more can borrow 45% or about $436k.  On the other side of the spectrum a 96 year old can borrow $728k.    If these loan amounts are not enough to pay off what you owe, perhaps a jumbo reverse mortgage might work for you.  What's the max loan amount for a jumbo reverse mortgage?  It's set a $4M and some investors will allow you to go to $6,000,000 on an exception basis.   🔥Get Your Free Info Kit🔥 For More  Reverse Mortgage  info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704    #2022ReverseMortgageLimits #HecmMaxClaimAmount #MaximumReverseMortgageLoanAmount www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more.  Anyone that inquires and requests more information may be contacted by the owner or employee of this site.  LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

Reverse Mortgage Explained Simply

Reverse Mortgage Explained Simply  🔥Get Your Free Info Kit🔥 contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704  🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage [https://lifesourcemortgage.com/reverse-mortgage]  In this video we talk about the reverse mortgage, explained simply.  Some people think the reverse mortgage is something weird or mystical.....a scam even. Well, it's really not.  A reverse mortgage is just a regular loan that's insured by FHA.    Many people have had a regular mortgage loan in the past.  A reverse mortgage works just like a regular mortgage, but there three tiny, key differences.   1. There is an age requirement. You have to be age 62 or older to qualify for the FHA reverse mortgage. If you happen to be talking about the proprietary reverse mortgage, the age requirement is 55.  In some states it's a little bit different, but for the most part it's 55.   2.  The second difference is that there is an equity requirement.  With the FHA reverse mortgage you can borrow anywhere from 45% to 75% of the value of your home.  It just depends on the age.  If you're 62 you can borrow about 45% (and that can potentially change based on interest rates). At age 95 you can borrow about 75% of your homes value. Beginning at age 62, the percent you can borrow increases just a little bit with each passing year.   3. The third difference is that there is an no monthly payment due to the bank for as long as you live or for as long as you live in your home.  You still own the home when you do a reverse mortgage so you'll need to pay taxes and insurance still.   It really is that simple.  It a loan that allows you to access a portion of the equity in your home and convert it to usable funds....but, there is no monthly payment.    www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more.  Anyone that inquires and requests more information may be contacted by the owner or employee of this site.  LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

Reverse Mortgage After Death

🔥Get Your Free Info Kit🔥 email us at --> info@ReverseMortgageLoanAdvisors.com Or, call us at (714) 271-8524 In this podcast we talk about "reverse mortgage after death".  When someone owns a home it can either be free and clear with no loans or it may have a conventional loan or any other type of mortgage loan like a reverse mortgage.  The homeowner decides what they want to happen to their home after they pass away.   Typically, they'll create a will, life estate, trust, etc. that dictates what happens to their home after they pass away.    Most of the time the home gets left to the homeowner's kids.  When someone inherits a home with a reverse mortgage on it, they just need to inform the loan servicer of the maturity event (death of last borrower) and that the home is theirs now.  They should initiate this communication within 30 days.    Naturally, they can pay the loan balance with cash, but most people don't have that kind of money laying around.  Usually, there are 1 of 2 things that will happen:  1.  They want to keep the home they inherited to live in or use a 2nd home or investment property.  In that case, they'd need to refinance the loan into their name.  They have 90 days to get that done and can get one 90 day extension.  In essence, they have 6 months if they are refinancing the loan into their name.   2. They want to sell the home to get the equity.  If that's the case, they have 90 days, but can get three extensions.  Basically, they have up to a year to get it done.    Remember, it's all about communication.  I've seen it take MORE than a year to sell certain high end homes.  Everything worked out ok, but the new homeowners that inherited the home just maintained excellent communication with the servicer. 🔥Get Your Free Info Kit🔥 (714) 271-8524 You can get more info from the Lifesource Reverse Mortgage [https://lifesourcemortgage.com/reverse-mortgage/] page.  LifeSource Mortgage Brokers Loans in California, Colorado, & Idaho [https://lifesourcemortgage.com/]. www.ReverseMortgageLoanAdvisors.com and Reversed TV Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead. #ReverseMortgageAfterDeath #ReversedTV #ReverseMortgages  CopyRight; Reverse Mortgage Loan Advisors [https://reversemortgageloanadvisors.com/]

Reverse Mortgage Information - Get the HECM Basics

Reverse Mortgage Info - Reverse Mortgage & HECM Info   (714) 271-8524  🔥Get Your Free Reverse Mortgage Info Kit at:  info@ReverseMortgageLoanAdvisors.com  Video & podcast transcript: Thank you for stopping by.  This video is put on by RMLA.COM a reverse mortgage information website [https://reversemortgageloanadvisors.com/].  You probably landed here because you typed in the search engine Bing, Google, YouTube, you name it something like "reverse mortgage info" or "reverse mortgage basics".  I have a simple way to explain how a reverse mortgage works.  You probably have or maybe you have in the past had a regular mortgage, just a traditional home loan.  I bring that up because, a reverse mortgage, it works alot like a traditional mortgage, but there's 3 tiny, key differences.  The first difference is that there is an age requirement.  You have to be aged 62 or older to qualify (and this is for the FHA, the federally insured reverse mortgage program).  There is a new program out where you can do a reverse mortgage at age 60.  It's a private reverse mortgage.  The thing with that option is it's only available in a couple of states at the moment (and it's 2018 when we filmed this video).    The 2nd difference is that there is an equity requirement with a reverse mortgage.  At age 62 you can borrow roughly 40 percent of your homes value and on the other side of the age spectrum you can borrow roughly 70-75% but you have to be aged 90 or 95 to get to that amount and it just starts at roughly 40% and moves upward on a sliding scale with every passing year.  You'll want to connect with us for details in terms of how much you get based on  your exact date of birth.  Now, the 3rd and final difference is that there is no monthly payment on a reverse mortgage for as long as you live of for as long as you live in your home.  Now, the big question is; what were you hoping a reverse mortgage would do for you?  I invite you to get your free reverse mortgage info kit.  Click on the link or the email address either at the top of bottom of this video.  Shoot us an email asking for your free info kit.  Talk to you soon.  🔥Get Your Free Info Kit🔥  (714) 271-8524  You can get more info from the Lifesource Reverse Mortgage [https://lifesourcemortgage.com/reverse-mortgage/] page.  LifeSource Mortgage Brokers Loans in California, Colorado, & Idaho [https://lifesourcemortgage.com/]. www.ReverseMortgageLoanAdvisors.com and Reversed TV Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead. #ReverseMortgageInfo #ReversedTV #ReverseMortgages