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.
CBS News: Reverse Mortgages Work, But No Excuse for Not Saving - Reverse Mortgage Daily
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Reverse Mortgages For Retirement: 2 Stocks That Could Reap Huge Profits - Seeking Alpha
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Spending and Saving Q&A | What is a reverse mortgage? A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or take on additional monthly bills, according to the Federal Trade Commission... | ||
HomEquity Bank's reverse mortgage originations up 42% in Q4 2011 HomEquity Bank's reverse mortgage originations up 42% in Q4 2011.. | ||
Florida Loan Officer Gets 5+ Years for $2.5 Million Reverse Mortgage Fraud Scheme - Reverse Mortgage Daily
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Delray Beach man gets 70 months in reverse mortgage scheme - Bizjournals.com
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Reverse Mortgage Versus HELOC for Extra Cash? A reverse mortgage needs to be on your primary residence, and you can't move out of that residence without triggering the payoff of the reverse mortgage... | ||
Reverse Mortgages Return Lenders are quietly reviving a loan for seniors that helps them convert home equity into cash... | ||
Q&A: Walking away from reverse mortgage may not be best - Kansas City Star
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Mortgage Rates Reverse Course on Positive Housing Data McLEAN, Va., Jan. 26, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC.OB - News) today released the results of its Primary Mortgage Market Survey (PMMS ), showing average mortgage rates climbing as the housing market ... | ||
Coming to terms: Reverse mortgages With a reverse mortgage, a homeowner receives a lump sum or regular payments based on the equity of his or her home, usually to help fund... | ||
How I got My Reverse Mortgage Start: Rhiannon Behnke, Security One - Reverse Mortgage Daily
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NATION: Reverse mortgages can help senior citizens, but may not be for everyone With fixed incomes and increased living expenses, many senior citizens are turning to reverse mortgages as a way to receive extra cash... | ||
Who Should Do a Reverse Mortgage? Reverse mortgages allow homeowners of a certain age to draw down on their home's equity in exchange for cash--but it's not always the best financial decision for everyone... | ||
Spending and Saving Q&A | What is a reverse mortgage? - Louisville Courier-Journal
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FirstBank Launches Reverse Division with 21 Former MetLife, Wells Fargo Staff - Reverse Mortgage Daily
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