A reverse mortgage helps you convert your home equity into funds that may be the need of the hour. It is quite similar to a traditional line of credit that you can avail from banks and financial institutions. As it is with any mortgage, the title of the property remains in your name and you get to enjoy certain additional benefits with a reverse mortgage. The Department of Housing and Urban Development (HUD) commonly offers a Home Equity Conversion Mortgage (HECM) for eligible applicants.
Not everyone can apply for this exclusive line of credit as reverse mortgage eligibility is reserved only for seniors over a certain age.
Reverse mortgage eligibility criteria
Here are the basic requirements to qualify for a reverse mortgage:
- The first requirement is that as a homeowner, you must be over the age of 62 to apply for the line of credit. If your spouse is under the age of 62 but meets certain special criteria mentioned, they can apply for a reverse mortgage subject to the approval terms and conditions.
- The home title should be in your name, which should also be your permanent address for a major part of the calendar year. A reverse mortgage cannot be taken on multi-unit buildings or property that is considered commercial in the eyes of the law. Condos and mobile or manufactured homes that don’t meet the HECM requirements don’t qualify for a reverse mortgage.
- If you are currently paying off the original mortgage taken for the home, you can still apply for a reverse loan. This is subject to you paying off the balance amount before taking up the new debt obligation. Note that banks will consider your application only if they deem that you are in a credible financial position to pay off existing debts before they issue a new loan.
- You must not neglect your duties toward Federal taxes and government aid. If you owe the government, it is expected you pay what these institutions levy on your borrowing. This is one of the more crucial criteria for reverse mortgage eligibility as it reflects the applicant’s credibility. One of the advantages, in this case, is the fact that you can use a reverse mortgage to pay off such an obligation once it is issued.
- Applicants must also be willing to set aside an amount from the funds taken for a reverse mortgage to pay for property taxes, home insurance costs, and even repairs and maintenance.
Once you have met the aforementioned reverse mortgage eligibility criteria, a counseling session is scheduled by an HUD-approved agency. This is done to assess your credibility, review eligibility to confirm the issuance of new funds, and to explain the financial implications of taking up a reverse mortgage.
The post-approval amounts are available to borrowers in the following ways:
- Line of credit where you can access the amount at any given time after submitting a written application.
- Term payments where you receive fixed installments for a fixed tenure.
- Tenure payments where you receive a fixed amount even if the value of the loan surpasses the value of your home.
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Make Your Small Room Capacious With Murphy Beds
Read moreWondering what Murphy beds are? Have you seen people living in a studio apartment or a one-room kitchen flat? Do you feel congested entering those apartments? If yes, you may ask them to get themselves a Murphy bed.
Murphy beds are commonly known as wall beds or folding beds. These beds are built across walls and are pivoted at one end. Thus, it can easily be folded whenever not in use. Ideally, it is used in ships, one bedroom apartments, or movable houses. It doesn’t occupy much space and can be folded whenever not in use. This is one of the most compact beds that you can buy if you have a small house and you want to save space.
Birth of the Murphy Beds
No doubt, the Murphy beds were named after a person called William Lawrence Murphy, who was living in a studio apartment in San Francisco between the 19th and 20th century. Due to lack of space in his apartment, he invented this bed with a hinge at an end.
Advantages of Murphy Beds over traditional beds
Makes your room capacious
Murphy beds can easily be folded along the wall, allowing more space in the room for other things. It makes your room look bigger and clean. Every night or whenever you wish to lie down, you may open up your bed and when leaving the bed, simply fold it along the wall.
A comfortable and sound sleep
There are many other companies making beds that are of the same design. But, when it comes to Murphy beds, the comfort and class are to the next level. Murphy beds are sold by several other reputed furniture companies. You may easily notice the difference between the folding/wall beds from Murphy and other companies. The other specialty of an original Murphy bed is the lifelong guarantee on the product and its durability. So, you need not worry when spending money on this amazing bed because it offers a guarantee with the comfort.
Adds value and class to your interior
In case you are planning to shift to a new location, you need not worry. Your Murphy bed can easily be carried from one place to another. But, if you have planned to leave it back in your old house, or wish to sell it, you will be offered an extra price for it. There are 4 very simple reasons for this-
– The quality of this bed is unbeatable
– It offers a lifetime guarantee
– It adds comfort to your life
– Offers a lavish interior designTop 5 stores that sell Murphy Beds
– Murphy Bed USA Inc in Boca Raton
– Murphy Wallbed USA in Tulsa
– Murphy Wall Beds Hardware in Surrey
– More Space Place Salem in Salem
– Bredabeds in NampaBuying Murphy Beds online
Apart from several other sites such as Amazon, Walmart, eBay, you can also pick up your favorite product by visiting the official site of Murphy Bed Depot. Here you’ll get original products at a discounted price during season sales. The site offers easy and secure shipping facility along with installation.
So, if you are dealing with space shortage at your home and if want to make your bedroom even more commodious, go for it. Murphy Beds are just for you. This helps in utilizing the space created as a living room, office, library, or study room for you.
Not only this, Murphy Beds are even more comfortable when sleeping. The mattresses used by Murphy Bed Depot are soft and fluffy which offer you a comfortable sleep without hurting your back.
So, don’t think twice, just log in, make the payment and get your bed in your room. Just place an order and Murphy Bed is all yours.
Order now and feel like a king/queen at your own place.