HUD Reverse Mortgage

Introduction

Housing and Urban Developments (HUD) is a department of United States Government that was formed by them on September 9, 1965. The functions of Housing and Urban Development did not start immediately. January 13, 1966 was the day when the functions of HUD started. Cabinet Department of the U.S.A. Government regulates the functions of HUD. The administrative power of HUD is in the hands of Mr. Alphonso Jackson. Mr. Jackson is the Secretary of Housing and Urban Development of U. S. A. The strength of employees in HUD is approximated at 11,000 today. Such strength in manpower is ably complemented by a budget close to $29 billion. Aims of HUD include granting fillips for urban areas that are depressed and needs outside funding for development. HUD Reverse Mortgage is the brightest project in the armory of Housing and Urban Development.

Eligibility for HUD Reverse Mortgage

U.S.A Government has HUD reverse mortgage program as the most popular program available to the nation. Reverse mortgage offered by HUD is an insured and secured loan that offers better financial support to the elders of U. S. A. Elder’s are required to fulfill certain qualification to acquire the HUD reverse mortgage. Prime criteria for an elder to qualify are for the person to be above the age of 62 years. Applicants need to have the home in their own name and should have one hundred percent equity in it. In case of a mortgaged home, the amount left from the previous mortgage should be at its minimum. Detached homes, various manufactured homes, Condomium authorized by FHA, detached homes and town houses are entitled for reverse mortgage from HUD. Consumer information is important prior to applying for a HUD mortgage loan. The customer information is acquirable from several sources for counseling that are authorized by HUD.

Figures for HUD Reverse Mortgage

The count for senior homeowners using the advantage of HUD reverse mortgage has reached close to 308,000 in the last 20 years. There are many reverse mortgage program available in the market. However, HUD Reverse Mortgage rules the roost occupying 90 % of the available programs in the prevailing market. HUD’s reverse program has been on a rise for a considerable period and the number of applicants has increased above ten times of its value seven years back. 2006 proved to be a golden year in HUD reverse mortgage where 77,000 elder homeowners got themselves associated to HUD Reverse Mortgage comparing to 7000 people in 2000. HUD Reverse Mortgage is popularizing daily and the result is clear where the figures of last year are going to be eclipsed very soon this year.

Government Policy for senior citizens

Population of U.S.A is approximated at 34,000,000 while considering the people above the age of 65 years. Ginnie Mae combined with Reverse Mortgage Program of HUD has founded security backed HIECM mortgage. HIECM has been devised to benefit more senior citizens in regards to reverse mortgage.

Foreclosurerepos.com gives detail on the HUD reverse mortgage and clears the doubt for senior citizens regarding the same. In HUD Reverse Mortgage, senior citizens receive a ray of light to live a life of a star in the sky.

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