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Reverse Mortgages February 16, 2006


Laura Strickler
Your Reverse Mortgage Specialist

 

Now that the New Year is underway, many of you made resolutions for your health and finances

Now that the New Year is underway, many of you made resolutions for your health and finances.  I hope you are all doing well with your resolutions.  I can't offer much help with your health resolutions, but I do have some important information for your finances if you are a senior.

 

Effective January 1, 2006, FHA released the increased lending limits for San Diego, Riverside, Orange and Los Angeles counties.  In San Diego, the lending limit increased from $312,895 to $362,790.  That is one of the largest increases in recent years.  Since the most popular reverse mortgage is the FHA Home Equity Conversion Mortgage (HECM), this increases the amount that a senior can borrow.

 

If you are considering a reverse mortgage or already have a reverse mortgage that is two to three years old, now would be the time to act.  With the increases in appreciation we've seen in Southern California, why not capitalize on that growth and use it to improve your quality of life?   

 

Did you know that since the federally-insured Reverse Mortgage program began in 1989, the number of seniors participating in the program has grown at a compound annual growth rate of 42%?

 

This growth is attributed to the fact that many more seniors are learning about the benefits of the reverse mortgage, there has been more media coverage about the program, more seniors are discussing the benefits with their friends and relatives and adult children are realizing that the reverse mortgage will help their parents maintain their independence. 

 

The best way to see if a reverse mortgage is right for you, is to call me for a free, no obligation quote.  AND, if you have already made the decision that a reverse mortgage is right for you, you owe it to yourself to call me BEFORE you sign with anyone!

 

One other area:  I have received many calls from seniors who live in manufactured homes.  While a reverse mortgage may be obtained on a manufactured home, there are quite a few more requirements on the property than on a "stick built" home. 

 

The FHA Reverse Mortgage program (HECM) is the only program that accepts manufactured homes.  The Fannie Mae program does not accept manufactured homes.  FHA has the following requirements:

 

1)       The home must be constructed after June 15, 1976.

2)       The home must not have been installed or occupied previously at another location.

3)       The home must be classified and subject to taxation as real estate.

4)       The home must be built and remain on a permanent chassis.

5)       The home must be on a permanent foundation built to FHA guidelines.  A foundation inspection must be performed by a licensed engineer prior to the appraisal.

6)       The home must have an affixed HUD seal, the appraiser must show the serial number on the appraisal.

7)       The axles and tongue must be removed.

8)       Permanent utilities must be installed.

9)       Permanent skirting must be installed around the perimeter.

10)     The finished grade elevation beneath the home must be at or above the 100 year return frequency flood elevation.

11)     The home cannot be located in a "condominium" home owner's association.

 

Laura Strickler

Your Local Reverse

Mortgage Specialist

760-518-9839

 

 

 

 

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