Senior home owners, ages 62 and up will see drastic changes to the Reverse Mortgage program starting 9-28-2013.
If you are considering reverse mortgage,with NO monthly payment,you must act quickly. If you do not get a Counseling Certificate and a FHA case Number, ordered by your lender by 9-28-13, your ability to tap in to unused equity will be limited significantly.
You must contact a local lender like American Mortgage & Equity Consultants(414-255-3999), to get exact instructions how to protect your home equity.
Reverse Mortgages use the equity in your home to eliminate current debt, pull cash out and enhance your quality of life while you may be on a fixed income.
This lending tool is great for senior home owners that are in need of using equity in their home that is otherwise un-obtainable under current circumstances. We do not have any income or credit requirement standards to complete these loans.
Don't hesitate to schedule for your counseling certificate. If you do not have this, you will not be eligible to get a case number and will be subject to the new guidelines, which will decrease how much of your equity can be used.
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