Get help with a Clear Alaska reverse mortgage

A wealth of information about reverse mortgages in Clear Alaska

According to the Department of Housing and Urban Development (HUD), the number of HECM loan originations in Clear Alaska and elsewhere insured by the Federal Housing Administration rose from 7,923 in fiscal year 1999 to 112,013 in 2008, representing an increase of more than 1,300%. HUD anticipates that the number of HECM originations will rise significantly in 2009 due in part to an increase in HECM loan limits from $362,790 to $625,500.

Types of Reverse Mortgage Loans

An HECM is a reverse mortgage loan product insured by the Federal Housing Authority (FHA). While other reverse mortgage loan products exist, the HECM is the most well-known and widely available in Clear Alaska. It enables eligible homeowners to access the equity in their homes by providing funds (in many instances in a lump sum payment) without incurring a monthly payment burden during their lifetime in the home. To be eligible for an HECM, a borrower must be 62 years or older, own their own property (or have a small mortgage balance), occupy their property as their primary residence, and participate in HECM counseling.

Reverse Mortgage Loan Requirements

There are no income, credit, or employment qualifications required of the borrower, and no repayment is required if the property is the borrower’s primary residence in Clear Alaska or elsewhere. Closing costs may be financed in the mortgage loan. The homeowner is responsible for property taxes, insurance, maintenance, utilities, fuel, and other expenses.

Financing a Reverse Mortgage in Clear Alaska

Although some reverse mortgages have fixed rates, most have variable rates that are tied to a financial index: they are likely to change with market conditions. Reverse mortgages in Clear Alaska can use up all or some of the equity in your home, and leave fewer assets for you and your heirs. Most reverse mortgages have a "non-recourse" clause, which prevents you or your estate from owing more than the value of your home when the loan is repaid.

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With most reverse mortgages in Clear Alaska or elsewhere, you have at least three business days after closing to cancel the deal for any reason, without penalty. To cancel, you must notify the lender in writing. Send your letter by certified mail, and ask for a return receipt. That will allow you to document what the lender received and when. Keep copies of your correspondence and any enclosures. After you cancel, the lender has 20 days to return any money you have paid up to then for the financing.

Apply for a Clear Alaska Reverse Mortgage

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