Wyoming Reverse Mortgages

Reverse mortgages for seniors in Wyoming. A reverse mortgage for seniors enables homeowners to get a loan against their home equity for tax-free income when they need it most. The loan does not have to be repaid until the homeowner either dies or leaves the home permanently. At that time the loan is due with interest accrued during the loan period. Generally, the sale of the home is enough to cover the loan plus interest with something left over. Safeguards include the fact that you will never owe more on your home than it is worth. However, there are more advantages to a reverse mortgage that have made it a popular choice among Americans and legal immigrants over the age of 62.

To qualify for a reverse mortgage in the Wyoming, the borrower must be at least 62 years of age. There are no minimum income or credit requirements, but there are other requirements and homeowners should make sure that they qualify for the loan before they invest significant time or money into the process. For most reverse mortgages, the money can be used for any purpose; however, the borrower must pay off any existing mortgage(s) with the proceeds from the reverse mortgage and, if needed, additional personal funds. A pending bankruptcy which has not been finalized may, however, slow the process. Some types of dwellings do not qualify, while others (like mobile homes) have special requirements (such as being on an approved permanent foundation and built after 1976) in order to be approved.

Before borrowing, home reverse mortgage applicants in Wyoming must seek third party financial counseling from a source which is approved by the Department of Housing and Urban Development (HUD). The counseling is a safeguard for the borrower and his/her family, to make sure the borrower completely understands what a reverse mortgage is and how one is obtained. The current lending limit (the maximum the home can be appraised for, no matter how much it is worth) is $625,500. This was increased in 2009, after being raised from $200,000 to $417,000 in 2008. The maximum an originator can charge for a loan origination fee on a reverse mortgage is $6,000.

Wyoming Reverse Mortgage Resources:

Reverse Mortgage Help:

Reverse Mortgage Pros and Cons

What is a Reverse Mortgage

Reverse Mortgages - How They Work

Reverse Mortgage for Seniors

Disadvantages of a Reverse Mortgage

Reverse Mortgages Requirements