A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.
With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home, sales price or lender’s mortgage limits.
To be eligible for a HUD reverse mortgage, HUD’s Federal Housing Administration (FHA) requires that the borrower be 62 years of age or older; have a very low outstanding mortgage balance or own his or her home free and clear; and that he or she meets with a HUD-approved counseling agency to make sure he or she understands what a HUD reverse mortgage will mean.
As a commercial and business law attorney law firm, we know that great ideas and efficient marketing strategies may make a business stand out, but what really allows a business to rise above its competition and thrive is the effective handling of its day-to-day business law issues it may face. From entity selection, contract formation to dispute resolution for all parties concerned, having an available and proven, cost-effective legal resource is essential in today’s business environment.
At Heekin Law, we are dedicated to handle and resolve all real estate legal matters, including reverse mortgage closings.
Our commercial attorneys have over 250 years of shared law experience that our clients have come to rely on. We specialize in all types of business entities including: Retail, Commercial, Construction, HOA and COA’s, Real Estate, and Estate and Succession Planning. We have numerous long-term relationships with clients who almost regard us as in-house counsel without the expense. We customize our representation and approach to each individual client’s needs, aspirations, and goals. Though our physical offices are in Jacksonville, Florida, we service clients throughout the state.
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As with residential and commercial closings, a reverse mortgage closing requires a skilled and experienced attorney to ensure an easy, worry-free process. Contact one of the highly experienced attorneys at Heekin Law to learn how to get started. Message us using the contact form, or call us at (904) 355-7000.
