I am co-owner of a condo with my fiancee. Right now we are letting her parents live there and are living in a house that she owns. The condo is not a rental property. I am a Vietnam veteran interested in the VA reverse mortgage program. My question is this; Even though my legal address for the time being is the house that my fiancee owns, is there any way I can qualify for a VA reverse mortgage on the condo I co-own but is not my legal address, at least not presently. If not, what would I have to do to qualify myself for a VA reverse mortgage on the Condo (i.e. make it my legal address immediately). We often stay at the condo so it is really a dual home situation; its just that legally I live in the house my fiancee presently owns. Thanks for your time - Larry Liguori
A VA mortgage loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs. The VA loan is not offered directly by the VA. a VA loan is issued by VA-approved lenders.
The VA loan program was created to help American veterans or their surviving spouses to obtain mortgage financing. VA loan terms can be more liberal than standard financing. For instance, on purchase loans, VA loans can be obtained that require no down payment, whereas no down payment loans have all but disappeared for standard purchase loans.
Unfortunately, I am unable to find any information about a VA reverse mortgage program. That is not to suggest that one does not exist -- I simply cannot determine if one exists and if so its requirements, guidelines, and other details. If a reader knows where to find authoritative information about a U.S. Department of Veterans Affairs reverse mortgage please respond in the comments below.
A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage provides unique benefits for its target market: someone over 62 who lives in his/her primary residence, who has substantial equity in his/her home, and who has little or no income. A reverse mortgage is a loan against the equity in your home that you do not need to pay back for as long as you live in the home. Eligibility for a reverse mortgage is set by the Federal Government. The Federal Housing Authority (FHA) tells HECM lenders how much they can lend you, based on the homeowner’s age and the home’s value.
Bills.com has written extensively about reverse mortgages. See the following Bills.com resources to learn more: Reverse Mortgage & Inheritance, Reverse Mortgage and Medicaid, Is a Reverse Mortgage a Good Choice?, Reverse Mortgage Living Trust, Reverse Mortgage Benefits, Reverse Mortgage Refinance,and the Bills.com reverse mortgage information page.
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