Reverse Mortgage Rules

Reverse Mortgage Rules, Regulations Laws

Although state regulations for mortgage loans vary by state, Reverse Mortgage Rules are basically the same. We are discussing the rules here for the Home Equity Conversion Mortgage (or HECM) reverse mortgage, as it is the most popular. HECM Reverse mortgage rules and regulations typically involve the eligibility of the borrower, the amount loaned, and related requirements.

Reverse Mortgages Rules for the Borrower

>>Borrowers must be Age 62 years or older
>>Own their home and have enough equity in to qualify
>>Occupy the home as primary residence
>>Receive counseling by an approved HUD/FHA counselor
>>The home must be in reasonably good repair

Reverse Mortgage Rules Regarding Payment Options

>>Lump sum disbursement
>>Monthly payments
>>Line of credit
>>A combination of the Above

Reverse Mortgage Rules Regarding Loan Amount

The amount of a reverse mortgage loan is based on several factors. When you wonder how much you can get, keep in mind the following:

>>Age of the youngest borrower
>>Value of the home
>>How much is owed on the home (if any)
>>Current interest rate

To learn more about reverse mortgage rules, regulations and laws, or to request Information on Reverse Mortgages, please Contact us today. There is no obligation, and the information is free. You may visit the following link to return to the ReverseMortgage home page.

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Highly Impressed Upon my initial conversation with Larry I was highly impressed along with his credentials. As I continued to work along with him in obtaining all the documentation Larry requested, he came across some huge hurdles regarding my financial situation, but managed to resolve ALL and was able to successfully acquire a reverse mortgage for myself. I cannot thank Mr. McAnarney enough for providing me with a comforting financial lifestyle. Larry truly left me with a lasting and positive impression while accomplishing all that he could for me. Emotionally now, I can see the light at the end of the tunnel. If you are looking to take the next step to financial security and peace of mind, I highly would recommend the very ultimate and polished man in his field, Mr. Larry McAnarney.

Donna G — Apr 4, 2017

Fast and Painless Process I still can’t believe how fast and painless the process was. During the reverse mortgage process Larry was easy to work with. He patiently responded to every question I asked him, day or night. Larry is very knowledgeable of the process and made it easy for us to understand. We always felt comfortable during the process and he made us feel like we were his only client. From initiation to closing we were completed in six weeks. We highly recommend Larry for reverse mortgage needs.

Richard & Jean A — Apr 29, 2020

Thank You, Larry! Larry McAnarney is our reverse mortgage loan specialist. He did an excellent job of explaining the reverse mortgage programs, the process, requirements, how the monies would be accessed if approved. He followed up with me multiple times before I made the decision to proceed which I really appreciated. He assisted me in wading through all of the requirements in the application process. He was always available for a question either by email or phone. He was always encouraging and optimistic about our chances for success. He was helpful and very clear as to all the documents I needed to prepare and always allowed me a reasonable amount of time to comply. As our house is in trust there were further "hoops to jump through." Larry truly went above and beyond the call of duty on our behalf with the underwriters. I have no doubt that his extra hard work won the approval of our reverse mortgage. I couldn't recommend him more highly. He has my thanks!

Jacquelyn W — May 6, 2015