FHA Reverse Mortgages (HECM) are on the rise, what are the requirements? Call Bennett Appraisals for all FHA appraisal Services.

There is a new popular option for borrowers aged 62 and older; The (HECM) FHA insured reverse mortgage. This is an option for homeowners owners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. The loan, commonly known as HECM, is funded by a lending institution such as a mortgage lender, bank, credit union or savings and loan association. Interested parties can get help and counseling by a HUD-approved HECM counselor and they will help you see if you qualify. For information on approved counselors go to: http://www.hud.gov/offices/hsg/sfh/hecm/hecmlist.cfm

Homeowners who meet the eligibility criteria can complete a reverse mortgage application by contacting a FHA-approved lending institution such as a bank, mortgage company, or savings and loan association. For a list of HECM FHA approved lenders go to: http://www.hud.gov/ll/code/llplcrit.html



Borrower Requirements:

Age 62 years/older, own your property, live in the property as a primary residence and participate in a consumer information session w an approved HECM councelor.

Mortgage Amount Based On:

Age of the youngest borrower, current interest rate, lesser of appraised value or FHA insurance limit.

Financial Requirements:

No income or credit qualifications are required of the borrower, No repayment as long as the property is the primary residence, closing costs may be finance in the mortgage.

Property Requirements:

Single Family home or 1-4 unit with one unit occupied by the borrower, HUD approved condos, Manufactured homes and leased land, Must meet FHA property standards and flood requirements.

For more information on FHA and HECM Reverse Mortgages see helpful links below:

http://www.hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm

For information on all FHA loans go to:

http://www.hud.gov/offices/hsg/sfh/insured.cfm

Call Bennett Appraisals for all of your FHA and Appraisal Needs 360-746-0224

Website: www.bennett4appraisals.com

Bennett Appraisals Is Ready To Spring Into Action For You!!

Bennett Appraisals is ready to spring into action for you!

Spring is the season for growing real estate financial transactions. As your business grows, keep Bennett Appraisals in mind for all your appraisal needs. We are a local residential appraisal company serving Whatcom, Skagit and Snohomish Counties. You can count on our experience, professionalism, friendly service and dedication to serving you with timely appraisals. We are the "new generation" of appraisers using technology and its advancements to better the profession. We and our staff rise above the rest because we can provide:

Faster turn times on all appraisal orders. We will work overtime to get your orders completed.

Local experience and insight of the area's current market conditions.

Competitive fees on our wide range of residential services.

Online appraisal ordering, fast and seamless: Online appraisal ordering-Sign up here.

Visa and Mastercard payments through Pay Pal.

Excellent communication and updates on appraisal orders.

An office phone that forwards to a mobile phone when we are out of the office.
The latest appraisal technology, computer software, and techniques.

Professional and accurate appraisal reports that cover all the important details. Interior/ exterior photos and floodmaps in URAR forms are always included.

Friendly customer service! Our friendly staff is there to answer any questions you may have.
Professionalism and courtesy towards your clients.

Online video presentations for your clients- explaining an Appraisal Inspection.

We look forward to working with you!
Sincerely,
Jeremy Bennett, Certified Residential Appraiser
Bennett Appraisals
1 Woodrush Court
Bellingham, WA 98229
Phone: (360) 746-0224
Fax: (360) 838-0634
Email: bennettappraisals@comcast.net
Website: http://www.bennett4appraisals.com/
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