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.
| Reverse Mortgage Industry Has a New Advocate with Real Credibility Industry veteran Jason Levy CEO of Senior Home Loans, announced today that their new spokes person will be none other than Wayne Rogers from the hit television show M*A*S*H.Melville, NY (PRWEB) April 25, 2012 Wayne Rogers, known for his acting role as Trapper John from the long-running TV series M.A.S.H., has signed on to a national reverse mortgage ad campaign representing Senior Home Loans, a ... | ||
Is a reverse mortgage right for you? - CBS42
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CFPB To Propose EURProblematicEUR Compensation Rule For Reverse Mortgages? - Reverse Mortgage Daily
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CBS Local News: Reverse Mortgages Work Well, With Caution - Reverse Mortgage Daily
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MetLife exits reverse mortgage business - Chicago Tribune
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MetLife Exiting Reverse Mortgage Business, Selling Portfolio To Nationstar MetLife Exiting Reverse Mortgage Business, Selling Portfolio To Nationstar.. | ||
Financial Planning Publication Shows Turnaround View on Reverse Mortgage Use - Reverse Mortgage Daily
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Reverse mortgages: Don't let the Fonz sell you - CBS News
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Don't You Dare Pay off Mortgage With IRA Refinancing or getting a reverse mortgage can provide you cash and spare your retirement funds... | ||
Lenders Seek QM Rule for Private Reverse Mortgages - American Banker
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