Points to Know
Age requirement: Homeowners must be at least 62 years old.
Homeownership: Own your property outright or have a low, payoffable mortgage balance..
Primary residence: The property must be the homeowner's primary residence.
Supplemental income: Provides homeowners with additional cash flow during retirement.
Flexible payment options: Offers various disbursement options, including lump sum, monthly payments, or line of credit.
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Compliance with FHA (Federal Housing Administration) regulations is crucial for lenders offering reverse mortgage products. FHA regulations govern various aspects of reverse mortgages, including eligibility criteria, loan limits, borrower counseling requirements, and property appraisal standards. Lenders must adhere to these regulations to ensure that their reverse mortgage products comply with FHA guidelines and are eligible for FHA insurance.
Some key areas of compliance for lenders of reverse mortgages include:
Lenders must verify that borrowers meet FHA eligibility requirements for reverse mortgages, including age (62 or older), homeownership status, occupancy of the property as a primary residence, and financial stability.
FHA sets maximum loan limits for reverse mortgages, which vary depending on factors such as the borrower's age, the appraised value of the home, and current interest rates. Lenders must ensure that the loan amount does not exceed FHA limits.
FHA mandates reverse mortgage applicants to counsel with HUD-approved advisors for loan insight. Lenders must provide approved agency lists, ensuring counseling precedes application processing.
FHA requires lenders to obtain an independent appraisal of the property to determine its value and ensure that it meets FHA standards for safety, security, and habitability.
Lenders must accurately document all aspects of the reverse mortgage transaction, including the loan application, disclosures, loan terms, and closing documents, in compliance with FHA and other regulatory requirements.
Lenders must adhere to FHA rules safeguarding borrowers, including bans on deceptive ads, high-pressure sales, and mandates for clear loan term disclosures.
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