The reverse mortgage program for seniors has been available since 1989 and has gained the attention of many today. A senior who is age 62 or over can qualify for a reverse mortgage if they own their home and have equity. This is a wonderful program that helps seniors supplement their income and the requirements are relatively easy to meet. The borrower must live in their home, own their home, and have some equity. There are no credit issues; the loan is based on the age of the borrower and the value of the home.
Reverse mortgages are insured by the federal government through the Federal Housing Administration (FHA), a part of the US Department of Housing and Urban Development (HUD). Before applying, a senior must complete counseling with a HUD approved independent counselor who will review the transaction with the senior and answer any questions they may have. The counselor’s job is to help them understand the reverse mortgage process, analyze their financial situation and suggest alternative options if the reverse mortgage is not right for them.
Alan Faitel, of Oakland Homes, LLC, is a real estate investor who is helping seniors in Oakland County who are having difficulty making ends meet in today’s troubled economic times. Some just need to supplement their retirement income while others are facing the threat of losing their home to foreclosure. Alan has been active in real estate for over 20 years, providing a wide variety of real estate services, including property management, seller financing, mentoring beginning investors and partnering with experienced investors. His recent passion is helping people who are facing foreclosure and working with seniors to help them stay in their home while they enjoy a financially stable retirement.
If you are a senior, age 62 or over, or if you know someone who would benefit from a reverse mortgage, contact Alan Faitel to see if you qualify. Visit http://reversemortgagesoaklandcountymi.blogspot.com/
Contact
Alan Faitel
Oakland Homes, LLC
248-363-0100
Homes.oakland@
