RichCatalog.com | Reverse mortgage eligibility and its criteria

Reverse mortgage eligibility and its criteria

As you approach retirement, most of your money has been invested in your home. A reverse mortgage is an excellent way to tap into your home’s equity. If you have paid off a home loan or have only a small amount to be paid, it is a good option to meet various financial goals.

Here are the criteria for reverse mortgage eligibility:

Personal criteria

Age
You must be 62 years or older, to apply for a reverse mortgage. Generally, as you grow older the Home Equity Conversion Mortgage (HECM) amount increases.
Property
The home should be your primary residence, and you need to live there for the entire duration of the reverse mortgage. Rental properties and vacation homes do not qualify for such mortgages.
Home equity
You should be the owner of your home outright or possess a minimum of 50% home equity. There is a possibility that you may qualify for a reverse mortgage despite having some outstanding balance on your existing home loan. However, the criterion is that you must first pay off the remaining mortgage from the sanctioned amount and meet other liens. The balance funds may be used for any other purpose. Using a reverse mortgage to refinance existing debt is beneficial in reducing your monthly cash outflows.

The home equity requirement varies from one borrower to another and is based on your individual situation. If you are younger and the only titleholder to the property, the home equity required may be more than 50%. We recommend using a reverse mortgage calculator to understand the requirement.

Counseling
Meeting with a Housing and Urban Development (HUD) Department-approved counselor is mandatory. The counselor will help you understand all about a reverse mortgage and all the associated expenses. This is to ensure you completely understand the terms and conditions and are familiar prior to applying for the mortgage.

HECM Property Criteria

All types of single-family homes qualify for a reverse mortgage. Two to four-unit properties with one unit that you occupy are also eligible
Homes built after June 1976, meeting HUD requirements
Federal Housing Association (FHA)-approved condos
Townhomes

Mobile and manufactured homes and multi-tenanted properties with more than four units are not eligible for a reverse mortgage

Financial criteria

To qualify for a reverse mortgage, you need to prove your financial ability to pay your loans and other expenses, such as insurance, taxes, and homeowners’ association fees. Moreover, you need to be financially stable to pay for regular repairs and maintenance of the property.

Non-payment of any of the aforementioned expenses violates the terms of the reverse mortgage and is considered a default. Therefore, considering the income criterion while contemplating a reverse mortgage is important.

Here are the types of income that are considered to determine your reverse mortgage eligibility:

Income from employment
Non-borrower spouse or other family members’ incomes
Earnings through part-time employment
Overtime and bonus income
Seasonal employment earnings
Other factors, such as social security, interest, dividend, and trust income, self-employment income, VA benefits, commissions, disability benefits, rental income, income from employment in a family-owned business, workman’s compensation, annuity, retirement and pension benefits, and public assistance are also taken into consideration.

YOU MAY ALSO LIKE

Things to consider before buying cheap natural gas grills

Natural gas grills are one of the best options available in the market. You can use them for any outdoor or indoor cooking. They make the grilling process a lot easier and faster. Most importantly, cooking becomes more energy efficient, and you can maintain the quality and taste of delicious food with great ease. Look for grills with temperature settings You should look for cheap natural gas grills with temperature settings because this feature allows you to control the heat effectively. Some grills do not have this feature, and if you use them, you may end up overcooking or undercooking the meat. Porcelain coated iron bars Another aspect of cheap natural gas grills that you must take into consideration is the porcelain coated iron bars. Grills equipped with these bars promote equal distribution of heat to various parts and surface of the food. Other important features to consider First of all, you need to analyze your needs carefully before making a purchase decision. The size of the cooking surface must be a top consideration, and you need to choose a grill with the right surface. You must also assess the side shelves and warming shelves because these features vary with different models. It is also necessary to check the side burner or a grease catcher. Carefully analyze the appearance of the grill, and this must be done to ensure that the grill matches your surroundings where you want the appliance to be placed. You must select a natural gas grill that fits well in your kitchen. There are exclusive models for outdoor as well as indoor purposes. When you purchase a grill, you have to make sure that it goes in complete harmony with the interior of the home. These are some of the critical aspects that you need to consider while purchasing cheap natural gas grills. The price also must be analyzed very closely and you have to analyze the credibility of the manufacturer before buying a grill. If you consider all these aspects, purchasing the most suitable natural gas grill does not become a complicated process.
Kitchen island: The vibrant new addition in kitchen design

Nowadays, when building one's kitchen, a person looks for ideas wide and long as to how their cooking space can be transformed into a tranquil and wonderful area. There were days when the classics were followed when it came to designing a kitchen. The age-old accessories were the only ones deemed necessary to make the space complete. An almost boring and mundane structure was followed for decades, unchanged and unmodified. However, with the advent of the modern generation, designers have begun modulating their ideas as per the growing demands of new trends from would be customers. One such item on the shelf is kitchen island. The term itself defines the plan half way. It's an island structure in the middle of the kitchen. This structure helps give the kitchen a regal look, but sticking to the aesthetics and the fact that the island is not just an accessory of show, it's a built-up space which can be positively used for the most important of tasks. In terms of definition, a kitchen island is a modern and functional space where elements like a kitchen table, a gas top, or a cutting section can be put. There are various designs of kitchen island ideas on the table, but the one that will fit right on spot of the puzzle depends on a wide array of factors. One of these factors is the area or more precisely the shape of the space in which one's kitchen is being built. This defines the possibilities an architect has to bring a customer's vision to reality. The surface of the kitchen island a customer wants is next in the list. Here is also where the color of the space comes to light. Be it granite, marble top, or industrial grade metal, if it is a plan to install a kitchen island, it becomes a defining element to the look and utility of the space. The accessories one might want on this island decide the role the new addition will play. Some might prefer a kitchen island to be a table with multiple purposes. One can lay out plates and sit on high chairs and make the space the go-to area for family and friends. One might even want this section to be dedicated to machinery like the mixer, the grill or the gas top. Some architects share experiences when customers with a sweet tooth dedicate this island for the making of desserts. There is so much to play around with while designing kitchen islands, so it is important to know about the entire idea before going ahead with it.
Bringing sofa covers into your decor scheme

Your living room is one of the jewels of your home where your space looks its best and puts its best foot forward in terms of design personality. This is due to the fact that this is the space where we welcome our guests and show them how we live. Therefore, the living room indeed is an important space that has to be done up in a neat and tasteful manner. Also, in this room, it is important to have cleanliness and neatness in every corner. This is the reason why this space should ideally be well-organized with plenty of place for storage in other quarters of the home. Further, one should take care of the fabric and also hide any spots and warts that cannot be replaced immediately. Sofa covers are one of the best decor options in this regard. Come and find out how we can do up our living room with sofa covers as one of the elements too. What is a sofa cover? A sofa cover is basically a covering or layer that can be applied to your sofa or couch. This can be done for various reasons. To begin with, most people take to this kind of covering because they want to protect their expensive upholstery. Also, there are others who have an old sofa or couch and they would like to cover the spots and stains without compromising on the looks of the piece. Further, there are times and occasions when the home may need a facelift or a new look and this is when we can make use of touches like new throw pillows and sofa covers. Fabric: You can choose sturdy fabrics like leather and suede sofa covers for your everyday purposes and even for parties. Chosen in muted and tan or neutral shades, these kind of sofa covers can easily make for a neat and robust look. You can pair this especially well with a vintage look. Stretch elastic and made-to-order: Once you have chosen the fabric, you can have the covers made to order. You can also choose elastic fabrics, which will sit smoothly across the entire sofa or couch. This will make the piece look neat and actually make the sofa cover look like the real skin of the sofa. Prints and patterns: In case your home has a more classic or retro feel with neutral surroundings, you can get one sofa covered in a printed or plaid fabric, which will bring out a whole new look. This can also look quirky and fun, depending on the kind of throw pillows and accessories you use - which should ideally be in solid colors. Other decor elements: Match throws, drapes and pillows as per the fabric and the patterns that you may have chosen and layer with curios and vases for a wholesome look.
Top 8 reasons to buy Fly London shoes

With the motto Don't walk, Fly, Fly London has taken off in the fashion industry. With a huge collection of shoes that are progressive, they have made an impact in the fashion world. They sell them through several retailers across the country. Fly London has several new designs to their credit. The designers behind the sandals, boots, and heels have given priority to two things. One is creating footwear without aesthetic limitations. The other is to push beyond the fashion boundaries. The company aims to have their footwear available to all people across the globe. They aim to accomplish this through through online stores. If you are still not sold on buying your first pair of Fly London shoes, then read on. We have the top eight reasons for you to go out and buy one today. 1. Work Ethic Fly London aims to be at the forefront of the fashion industry. They aim at creating shoes by individually designing each of the aspects of the shoes. 2. Designs The design focus is on making the sole more rigid and uppers more flexible. The footbed is made more comfortable using cushions. The soles of Fly London shoes have more grip than any other. They can be worn on any surface. 3. Softinos An additional collection they have credit for is the Softinos. They are shoes that are made with extremely soft leather. These are lightweight shoes with soft insoles. 4. Young Crowd The target crowd being the younger generation, they focus on bringing fresh designs every season. They study the crowd and understand the requirement of the hour. 5. Other Products Their other popular products are sunglasses and bags. They are also known for their leather cleaning sprays and brushes as well. 6. The Name London is the fashion center of the world. It is where the company is based. You can regularly see fresh designs on the go and new designs being showcased on a daily basis. Being a part of that crowd, Fly London has managed to stay ahead. The word Fly has many meanings to it: it is an expressive word that is used by the youth to refer to something as cool or stylish. Fly can mean to travel and explore. This is exactly why the company is named Fly London. 7. Collaborations The company is followed by several people who are into fashion, music, the Internet, and sports. The company works with 3 designers. Two English and one Italian who are responsible for the extraordinary collections we see today. They innovate and aim to come up with original ideas. 8. They Are Always Innovating Their latest models are called Palt, Yama, and Yala. They aim to create unique shoes. This new collection is aimed at making comfortable footwear. They have reworked the footbed, arch support, and the sole of the shoes. This new line is targeted at people of all age groups.
Here’s what you need to know if you plan to grow flowers in your garden

"Where flowers bloom, so does hope." - Lady Bird Johnson Flowers are beautiful and everybody loves then. Two major reasons for loving flowers are smell and beauty. They smell great and come in many shapes, sizes and colors. Each flower is unique in its own way and that's what appeals to people the most. Flowers are not just eye candy, they play an important role for the environment. For instance, bees make honey with the help of flowers. Humans use flowers for expressing emotions, decorations, and medicinal purposes as well. If you are looking to grow flowers in your garden, you must know that flowers are also seasonal. With seasons, many things change including flowers. If you have a big event coming up, it will help if you familiarize yourself with the seasonal flowers that will be abundantly available during your event. Knowing what flowers grow in which season will help you save a lot of money as flowers that are off season cost more than the ones that are in season. Spring flowers (late winter) Season that follows winter and precedes summer. Flowers that grow in spring are Winter Aconite (also know as Eranthis); Witch Hazel; Crocus; Hellebore (commonly known as Christmas rose and Lenten rose); Camellia; Snowdrop; Chionodoxa; Pansy. (early spring) Daffodil; Iris Reticulata; Forsthia; Scilla; Pussy Willow. (mid-spring) Daffodil; Tulip; Muscari; Dogwood trees; Redbud trees; Mongolia tree; Trillium; Hyacinths; Primrose (late spring) Lily of the valley; Mangolia tree; Lilac; Spiraea; Peonies; Allium; Wood Anemone; Jack in the Pulpit. Summer Flowers Gloriosa Daisy; Coreopsis; Dahlia; Marigolds; Yarrow; Beardtongue; Pineapple Lily; Oxalis; Gloriosa Lily; Surprise Lily; Gaillardia; Peonies; Daffodils; Daylily; Zinnia; Plumeria; Bougainvillea; Lavender; Sunflower; Periwinkle; Shrub Roses; Aster; Hibiscus; Scarlet Sage; Shasta Daisy; Aster; Rose Fall flowers Crocus; Dahila; Nerine; Sternbergia; Cyclamen hederifolium; Gladiolus murielae; Begonia; Cyclamen coum; Snowdrop; Winter aconite; Heather; Heliposis; Iberis; Asters; Pansy; Sedum; Ornamental grasses. Winter Flowers Sweet Alyssum;Calendula; Honeywort; Sweet Pea; Winter-Flowering Perennials; Pansies and Violets; Pinks; Winter Jasmine; Winter Honeysuckle; Snowdrops; Hollies; Firethorn; Chokeberry. Some of the perennial flowers that are easygoing and long-lived are listed below. Plant them in fall or spring when temperature is cold as it helps them get a healthy start. These flowers are: Peruvian lily; Sweet pea; Snow Princess; Aster; Catmint; Coneflower; Coreopsis; Euphorbia; Forget me not (Mysotis Sylvatica); Gaillardia; Gaura; Geum chiloense; Gloriosa daisy; Heuchera; Lavender; Salvia leucantha.
The birth of modern orthopedics

It was in the 1960s-1970s that modern orthopedics took birth, especially after the contributions of Hugh Owen Thomas. Finally, intramedullary fixations were being done without opening up the fracture. This technology was popularized by the Harborview Medical Center in the Seattle group in the late 1970s. Modern hip and joint replacement The next big step in the evolution of orthopedics was joints and hip replacement which took place in the year 1960 by Sir John Charnley, an expert in tribology at Wrightington Hospital in England. He was the one who pioneered this procedure by conceiving that joint surfaces could be replaced with inserts made of inert high quality acrylic plastics. These implants were stuck to the bone surfaces with appropriate cements. His design for the hip joint consisted of a stainless-steel ball on a long stem to be inserted into the femur and an acrylic acetabular implant stuck to the acetabulum. This prosthesis design was so successful that this and its derivatives were used popularly for over two decades, and the procedure was such a celebrated success that it became the model for all later joint replacements. This procedure found continual improvement both in design and procedure with many making significant contributions. Exeter hip replacement system evolved in the same period. In this method, the stem of the ball had slightly different geometry. A father son duo, Dr. R.I. Harris and W.H. Harris at Harvard, developed and popularized uncemented arthroplasty or joint replacement. The implants were bonded to the bones directly. Knee replacement The next development was the knee replacement. Dr. McIntosh used the same techniques to replace the knee joints of rheumatoid arthritis patients. Later, Doctors Gunston and Marmor in the 1970s started to replace the knee joint for osteoarthritis patients using a joint design developed by Dr. John Instal in New York using a fixed bearing. This evidently had limitation on the range of movement of the joint. This was overcome by using a mobile bearing system by Doctors Frederick Buechel and Michael Pappas. Fractures The next great innovation originated in Germany when Dr. Gerhard Kuntscher introduced the intramedullary rods to fix fractures of femur and tibia in the 1960s. This quickened the recovery of these fractures considerably. Again, it took World War II to push this innovation to the world stage. Traction, however, continued as the standard treatment for these were not used till the 1970s. In the last 30-40 odd years, modern orthopedic research has sought to make orthopedic surgeries less invasive and to make the components implanted in the body durable and better.