Still, they call the program a HECM – the acronym for a Home Equity Conversion Mortgage, the HUD or FHA program, not a VA program. Hello Denise, The HUD/FHA federally insured reverse mortgage requires borrowers to be a minimum of 62 year of age to be eligible for the program. I think you have gotten the same thing many borrowers have, some notification wherein the term “VA Reverse Mortgage” or other similar language was used. Had there been a VA Reverse mortgage released recently or about to be, even though we are not a VA-approved lender, I was confident that information would have reached us by now. I was 99.9% sure of what I would find before I checked because, as a National Reverse Mortgage Lenders Association member, we receive constant updates on programs as they become available. The notice specifically names reverse mortgages and those who would mislead consumers into thinking that there was a government affiliation that did not exist. The notice from 2012 warns everyone that it is a crime to promise things that are not available and to mislead veterans and older Americans into thinking that there are programs that are not available. When I type reverse mortgage in the search box, it takes me to a page on the index that is a warning issued by the Consumer Finance Protection Bureau in conjunction with the VA warning lenders and other advertisers to keep their advertising clean ! Information is available about Purchase and Cash-out Refinance Loans, Interest Rate Reduction Refinance Loans (aka IRRRL), and even Native American Direct Loans – but no VA guaranteed Reverse Mortgages. They talk about the lending programs available to US Veterans. I first checked the US Department of Veterans Affairs website. Since I have received this question several times recently and would never claim I have a corner on all knowledge (and my wife will vouch for that), I looked again when I received your request to see if there was any new information. I am still waiting to see an actual program that is a reverse mortgage loan under a separate set of guidelines, offered by lenders and guaranteed by the VA. When I research it, there are multiple articles and plenty of information wherein people call their program a “Veteran’s Reverse Mortgage,” or a “ Kosher VA Reverse Mortgage ,” or other such wording. I hear of a “ reverse mortgage for veterans” every few years. However, they still do not offer the loans – it is up to lenders to provide them and have them insured and guaranteed by those entities. HUD, through FHA, insures loans, and the VA guarantees loans (or at least a portion of the loan). For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.Neither FHA nor VA offers loans directly. Given this average, many homes fall near or above the federal maximum reverse mortgage lending limit of $1,089,300 that applies to all HECM loans. The median home value in Hawaii is $620,100 and prices are expected to rise 2% in the coming year. Near the ocean, average rainfall is around 25 to 30 inches annually, though some areas receive as much as 15 times that amount and others receive as little as a third of that amount, according to the National Weather Service. The climate comprises various kinds of weather depending on location, but overall is tropical with mild temperatures year-round, moderate humidity and significant rainfall differences across the islands. Tourism is the leading industry in Hawaii and is a destination for its beautiful beaches and tropical climate. Made of volcanic material, the islands have active volcanoes that are one of the major attractions for visitors and tourists. Free Quote by America’s 1 Rated Reverse Lender. The state comprises the world’s largest island chain and counts more than 100 islands in total-only seven of which are inhabited including Hawaii (“The Big Island”), Maui, Molokai, Lanai, Oahu, Kauai and Niihau. While resolving title issues early on can facilitate dealings with your reverse mortgage lender, tax and estate implications need to be con. Hawaii is known as the Aloha State as “aloha” is a greeting that means both hello and goodbye. It was the last state to join the United States. territory in 1898 and was named the 50th state in 1959. The state is situated in the Pacific Ocean, around 2,000 miles west of California, and is known for traditions including surfing, hula dancing, and flower garlands called leis. About 246,306 residents in the state are age 65 and older, and about 66% of people in the state are homeowners. As of 2018, about 1,427,538 people resided in the state, with the highest population density in and around Honolulu. Hawaii is the 40th most populous state in the United States and is the 4th smallest in terms of land size.
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