The types of homes that may qualify for a reverse mortgage include single-family homes 2-4 unit properties, condominiums, townhouses and newer manufactured homes. Co-ops do not qualify. The owner must be at least 62 with enough equity in the home to qualify. Borrower credit and medical status are not relevant to loan payments since you don’t make loan payments on a reverse mortgage. Lenders will assess borrowers’ financial capacity to pay taxes and insurance, and may set aside loan funds 
 to pay these in the future.

While this video simplifies things to help you remember: your aim is to get the best price AND terms in your market during the period you are selling. Market conditions interest rates and competition all matter. The price you want, and the price a buyer will pay are framed by those complex conditions So pricing isnt completely predictable. Other factors include: How your home compares to other homes for the same buyers The inventory of homes and the level of buyer demand Your needs also affect negotiations - for example, if you must sell quickly - but the final price will be determined by the market not by your needs. Buyers look at the same comparables and market conditions and they want to pay as little as possible while meeting their needs. Remember that the price isnt the entire deal - repairs, closing, points, appliances and other factors can all change the value you finally receive. Listen to your broker, stay informed, be patient if you can and make your best reasonable, unemotional decisions.

This video tells you what any real estate professional would tell you. Ask them: How long do homes in my neighborhood currently stay on the market? How would you price my home? What data did you use to arrive at that price? How would you market my home? What activities would you expect of me to market my home? How will you handle representation if one of your buyers is interested in my home? May I speak with sellers youve recently represented? How long a period would you want on a listing agreement for my house? It is best to ask these questions, and be comfortable with your choices before signing a listing agreement.

As you will see in this video, real estate marketplaces are generally most active in summer because families with children want to move in before school starts. So more homes are typically available in summer as well. But buyers and sellers tend to balance out in other seasons, too especially in todays tight market. There may be fewer buyers in late December but usually fewer homes, too. So, prices tend to rise or fall on general demand in that market rather than time of year. It is best to sell when you & your house are ready to sell. Start working with a real estate professional as early as possible to make the most of your sale in any season.

Professional staging may include the exterior, but if you are doing it all yourself,try the five things outlined in this video. 1 - Landscape & lawn. Thats the first impression;make it a good one. Mow, prune, edge and get rid of junk! 2 - Paint And Clean! You do not have to do the whole house,but the front door and lintels should either be painted or cleaned. 3 - Leaks & Repairs Small visible problems can become large mental objectionsand change how someone feels about your house. Fix em beforehand. 4 - Pets Some people have allergies and concerns. Time for Fido to visit a friend. You werent including him with the house anyway. 5 - Get Fresh Eyes Have your realtoror a friend whos willing to be candidtell you what you missed.Or pay a staging professional for a report. We do not really see familiar thingswell - so let them be your test buyer so you can presentthe best first impression to the real ones.

For many homes and markets, professional help from someone in staging makes good financial sense. Like this video say,check your staging options first. If you are doing it yourself,here are 5 key tips. One - Depersonalize. You want the buyer to envision this house being their home? Remove the things that make it YOUR home - photos, awards, collections, and STUFF. Two - MOVE the stuff. It is tempting to shove things in closets and atticsbut your prospective buyer will see a much smaller house if those spaces are full. Move it to a storage space or a friends garage. Three - Warm it up. Baking bread or cookies adding fresh flowers and colorful pillows and throws are touches used by professional stagersto make a place warm without your stuff. Four - Light it up! Light sells homes. Clean windows, inside and out. Light bulbs all workingand curtains open or even gone. Five - Go Away. Dont hover - leave. Pack for a day tripand have your realtor tell you when to return Buyers will not envision themselves buyingif you are around. Depersonalize and move stuff out; Warm it up and light it up. Then leave and let your realtor do their job.

HUD helps people by administering a variety of programs that develop and support affordable housing. As you will see in the video, HUD plays a large role in homeownership by making loans available for lower- and moderate-income families through it is FHA mortgage insurance program and it is HUD Homes program. HUD owns homes in many communities throughout the U.S. and offers them for sale at attractive prices and economical terms. HUD also seeks to protect consumers through education, Fair Housing Laws, and housing rehabilitation initiatives.

The U.S. Department of Housing and Urban Development - also known as HUD - was established in 1965 to develop national policies and programs to address housing needs in the U.S. As you will see in the video, one of HUDs primary missions is to create a suitable living environment for all Americans by developing and improving the countrys communities and enforcing fair housing laws HUD is working to strengthen the housing market to bolster the economy and protect consumers meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

This video and article explain which organizations are exempt from ability-to-repay laws when handling mortgages. While most lenders are required to assess a borrowers ability to repay a mortgage, a few types of agencies and organizations are not. These include: State Housing Finance Agencies Community Housing Development Organizations Community Development Financial Institutions Downpayment Assistance Providers In addition, some not-for-profit companies making relatively few home loans are exempt. Federal loans, like this made under, the Emergency Economic Stabilization Act, might be exempt. Mortgages laws are designed to help customers and lending institutions avoid risk. If you need to check on a lending institutions right to be exempted from Ability-to-Repay, inquire with the Consumer Financial Protection Bureau online, or by telephone at (855) 411-2372.

Can a mortgage be paid off ahead of schedule, and is it a good idea? Those are two separate questions. Most mortgages allow early payoff, but you should make sure you understand any payoff terms or restrictions in your specific loan. Some loans have prepayment charges. People sometimes accelerate payoff by sending extra money each month, or with an extra yearly payment. If you do this, indicate in writing that the excess funds should be applied to reducing principal. Record the payments and instructions! Whether paying off ahead of schedule is in your financial interest is a complicated calculation. If you have the ability to do it, and prepayment penalties arent an issue, you will reduce the interest you pay over time. But reducing a low-interest-rate loan by taking funds from higher-interest-rate investments may not be in your interest. (Note: Payment used against principal is not tax-deductible!) Your lender is one source of advice, but financial planning for you is not their core business. If you have the option, get advice from a financial planning professional when considering something like early payoff.