A reverse mortgage is a loan from the U.S. Government for 50% to 75% of the value of a home owned by a homeowner aged 62 and older. Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to the homeowner. The funds from a reverse mortgage are tax-free. The loan doesn't have to be repaid in the homeowner's lifetime, however, when the homeowner dies, the money received plus approximately 4% interest is repaid by their estate. The loan is repaid when the homeowner ceases to occupy the home as a principal residence, due to the homeowner (the last remaining spouse, in cases of couples) passing away, selling the home, or permanently moving out.
Virginia Home Equity Conversion Mortgage - Reverse Mortgage
State:
Multi-State
Control #:
US-01685BG
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Home Equity Conversion Mortgage - Reverse Mortgage?
If you need to full, download, or print authorized document themes, use US Legal Forms, the biggest selection of authorized forms, that can be found on the web. Take advantage of the site`s basic and convenient search to find the documents you will need. Various themes for business and specific functions are categorized by groups and claims, or search phrases. Use US Legal Forms to find the Virginia Home Equity Conversion Mortgage - Reverse Mortgage with a number of mouse clicks.
When you are already a US Legal Forms customer, log in in your profile and click on the Obtain button to have the Virginia Home Equity Conversion Mortgage - Reverse Mortgage. You may also accessibility forms you earlier acquired inside the My Forms tab of your respective profile.
If you work with US Legal Forms the very first time, refer to the instructions under:
- Step 1. Ensure you have chosen the shape to the right metropolis/region.
- Step 2. Make use of the Review choice to look over the form`s content. Never overlook to read the information.
- Step 3. When you are unsatisfied using the type, utilize the Lookup field towards the top of the screen to discover other models of the authorized type design.
- Step 4. When you have found the shape you will need, select the Get now button. Opt for the costs prepare you like and add your credentials to register on an profile.
- Step 5. Process the transaction. You can utilize your credit card or PayPal profile to perform the transaction.
- Step 6. Choose the structure of the authorized type and download it on the gadget.
- Step 7. Comprehensive, change and print or indicator the Virginia Home Equity Conversion Mortgage - Reverse Mortgage.
Every authorized document design you buy is the one you have forever. You have acces to every single type you acquired in your acccount. Go through the My Forms section and choose a type to print or download once more.
Remain competitive and download, and print the Virginia Home Equity Conversion Mortgage - Reverse Mortgage with US Legal Forms. There are thousands of skilled and condition-particular forms you can use for your business or specific requirements.
Form popularity
FAQ
A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan only for homeowners who are 62 and older. This information only applies to Home Equity Conversion Mortgages (HECMs), which are the most common type of reverse mortgage loans.
Like the proprietary reverse mortgage, the HECM allows you to borrow against the equity in your home. What makes the HECM different is that it's insured by the FHA, which means it has loan limits and some additional guidelines in place to protect borrowers.
The most common term for reverse mortgages in the UK is equity release. A reverse mortgage is a loan that lets you get money from your home equity?and without having to sell your home. In the UK, you must be at least 55 years to take out a reverse mortgage.
Reverse mortgages represent one way to get the equity out of your home, but they aren't the only way. If you don't qualify for a reverse mortgage but still want to turn your equity to cash, there are options that you can consider.
A traditional private reverse mortgage is not necessarily backed by the federal government, whereas an HECM is not only underwritten by HUD, it is also regulated to consumer safety by the federal government as well. This allows interest rates charged to be far lower.
Cons of HECM You have to live in your home: When you get a HECM, your property must be your principal residence for much of the year. You'll have to pay back the HECM if you sell the home or want to move.
?A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. It can be paid to you in one lump sum, as a regular monthly income, or at the times and in the amounts you want. The loan and interest are repaid only when you sell your home, permanently move away, or die.
Cons of HECM You have to live in your home: When you get a HECM, your property must be your principal residence for much of the year. You'll have to pay back the HECM if you sell the home or want to move.