Reverse Mortgage for your Forest Hills home?
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Forest Hills has been a highly desired neighborhood for many years, but real estate agents in the area say prices for houses are now reaching record highs.
The rise of prices is being stimulated in part by the high demand from those who want out of Brooklyn and Manhattan and families looking to settle in a community with low crime, tree lined streets and a plethora of transportation options.
In the past year, a single family Tudor home at 72 Tennis Place, in Forest Hills Gardens, sold for a record $4.3 million. The three story home has seven bedrooms, five bathrooms and a backyard patio.
What is a Reverse Mortgage?
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you – while you remain living in your home. Visit a leading Reverse Mortgage company in Queens to learn more.
When applying for a Reverse Mortgage one of the prerequisites is the completion of HUD counseling. HUD (Department of Housing and Urban Development) underwrites all Reverse Mortgages. Counseling must be completed before your application can be submitted to underwriting. This requirement has been put into place as a safety measure to protect seniors and their homes.
Before you apply for a Reverse Mortgage you will be instructed to schedule an appointment with a third party HUD approved counseling agency. Theses agencies have no affiliation with any lenders and only serve the purpose of educating seniors considering applying for a Reverse Mortgage. The counseling session consists of a phone call appointment which typically last between 30-45 minutes.
During the call, a HUD approved counselor will discuss:
- Financial Implications of a Reverse Mortgage
- Costs of Obtaining a Reverse Mortgage
- Repayment Conditions of a Reverse Mortgage
- Borrower Obligations while using a Reverse Mortgage
- Alternatives to a Reverse Mortgage
After all of the above has been thoroughly explained, the counselor will answer any additional questions the applicant may have.
I always encourage the borrower(s) to invite important family members to participate on the call. Since they are looking out for the applicant’s best interests, it usually makes sense for them to be part of the process. Please note that the applicant must be present on the call and able to answer identifying questions.
HUD counseling has proved to be yet another great leap forward in providing additional security in the Reverse Mortgage Process. A Reverse Mortgage is a financial tool, and like any tool, it is only effective when used correctly.
For additional information about HUD counseling or general Reverse Mortgage questions, visit a top reverse mortgage company in NYC.