Can I Apply for a Reverse Mortgage:
Day by day the popularity of reverse mortgage is increasing rapidly. So the reverse mortgage lenders are many time face the question from the borrower that they can apply for a reverse mortgage loan. At fast you need to know what the reverse mortgage.
Reverse mortgage is opposite of the traditional home mortgage loan but it is only for the senior citizens homeowners who get monthly payments over a specified term or their lifetimes from the lender against the home equity. The borrowers of this loan are free to repay the loan still they die or the home is sold when they stay out of the home for more than 364 consecutive days.
The reverse mortgage is a lifetime mortgage or equity release mortgage loan in the USA. When you are a senior citizen of USA aged 62 or older, the United States Department of Housing and Urban Development (HUD) offers you this type of reverse mortgage loan facility. After getting green signal from the United States HUD you are eligible to use a portion of equity of your house to apply for the reverse mortgage loan under govt. supervision.
The eligible homeowners are able to draw in a lump sum amount of money or make them for receiving monthly payments more than a specified period or for their life time whichever fast happen.
As the homeowners not obliged to pay it off many people every year apply for this type of mortgage loan widely in USA but it is governed by the HUD under a federal program administered so there are some restriction to get approval for the reverse mortgage loan. In this way the government is also controlling the false claim for the reverse mortgage loan and assuring the senior aged eligible people for their good lively pleasant retirement life.