Reverse Mortgages
A reverse mortgage is something that can help seniors over 62. It eases their financial burden by giving them access to money they have built and accumulated as home equity. Lenders pay borrowers rather than the other way around. The amount is based on the property value minus the amount owed. This is beneficial to seniors to use for things like retirement, medical expenses, vehicle costs, home repairs, estate planning, education the grandkids and more.
In order to obtain this kind of mortgage your current mortgage does not need to be paid off. It will be paid off according to the loan terms. In addition, no monthly payments. There are multiple ways to receive your money including in one lump sum, in monthly payments, as a line of credit or a combination of these methods.
This type of mortgage will not affect your social security or Medicare. It could affect your SSI. The qualifications are easy being credit, income based, and a repayment if you stay in the home for a long time. After death, the estate is not responsible for remaining payments. Each institution is different and some allow you to set aside a portion of the value of your home to pass to your estate. If you sell your home, you could use the money to pay off the mortgage.
Do your homework and be informed when it comes to your housing. There are actually different types of mortgages and in this case, there are three main ones:
Single Purpose- for those with low-moderate incomes
Home Equity Conversion- backed by HUD and come with stipulations
Proprietary- companies that create them insure them
Factors like age, home value, location and interest rates can affect your mortgage so you should consider contacting a loans officer. However, be careful because there are crooks out there who will take more then they should when it comes to your money! Ask friends and family.
Other than friends and family, you can search the Internet. You want to make sure you get the best reverse mortgage leads and contact those over 62. Look for the value of the home and the time spent paying the loan. Find leads with significant equity. Let us face it to get a reverse mortgage they are in need of a lot of money for their specific needs. Search different sites and compare prices and terms. Find a reliable mortgage lead company and be confident that you will get the best reverse mortgage to suit your needs.
| Fraud on Rise for Reverse Mortgages | truthaboutbankruptcy A reverse mortgage is a type of home equity loan available to persons who are over 62 years of age. The benefit of the reverse mortgage is that it can free up the equity for the senior to use for other expenses. ... | ||
Reverse mortgage help offered (Wichita Falls Times Record News) DALLAS EUR Consumer Credit Counseling Service of Greater Dallas, a nonprofit provider of free housing and credit counseling and education, is offering free reverse mortgage counseling.The agency received about $350,000 in combined grants from the U.S. Department of Housing and Urban Development , or HUD, and the National Foundation for Credit Counseling, or NFCC, which will provide free counseling ... | ||
Salt Lake City FBI Warns of Reverse Mortgage Straw Buyers The Salt Lake City FBI and Utah Division of Real Estate named its top 5 Mortgage Scams for 2010 and reverse mortgages were included. Michelle Pickens, special agent and mortgage fraud coordinator with the FBI told Dessert News that ... | ||
Mortgage markets brace for future without federal aid (Seattle Times) The wind-down of federal support for mortgage rates, set to end in two months, is a momentous test of whether the Obama administration and the Federal Reserve have succeeded in jump-starting the housing market and ensuring it can hold its own. The stakes for the economy are massive... | ||
Looming default (AllAfrica.com) However, with the expected drop in occupancy, the possibility of default is growing by the day. This is a complete reverse to the housing sector where demand far outstrips supply by almost a factor of five to one... | ||
Eliminate Fannie Mae? The Impact on the Reverse Mortgage Industry - Reverse Mortgage Daily
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How Do Reverse Mortgages Work? Reverse Mortgage Explained How Do Reverse Mortgages Work? Reverse Mortgage Explained In today's faltering economy, many people find themselves suddenly seeing their retirement income... | ||
New Beacon Financial Announces Launch of Reverse Mortgage Product -- 'Reverse123' (PRWeb) In response to a growing need among seniors, one of Boca Ratons newest mortgage companies launches its service-oriented reverse mortgage division under the name EURReverse123EUR. The company differentiates itself from its competition by focusing its business model on a consultative approach. (PRWeb Feb 1, 2010) Read the full story at http://www.prweb.com/releases/2010/02/prweb3541464 ... | ||
Natalie Sanchez Lectures Discusses Searching For Hud Reverse Mortgage Borrowers receive them for the remainder of their lives no matter how long they live. Borrowers who want payments for life and are not involved with leaving equity to their heirs do better taking a lump total underneath a credit line ... | ||
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