important financial asset Medical bills were making it hard to keep up Reverse Mortgage with wariness and suspicion we fell behind on the mortgage thankfully, we were just able to qualify for a Reverse Mortgage long term ownership and financial impact if we waited any longer, we might have lost the house

I Know This Lady Who Hates Her Reverse Mortgage

Posted on by Walter Thies.

I know a lady who hates her Buick. I tell her she should trade it as soon as she can.

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And then the story starts to come out. The lady who hates her Reverse Mortgage was in a pickle. It was take the Reverse Mortgage or lose her house.

Is she how

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Weighing the pros and cons of Reverse Mortgage….

Posted on by admin.

Have you been reading and researching a lot about Reverse Mortgage lately? Is there something that’s holding you back from taking that ‘big step’? Well, maybe after reading this, you’ll be able to make up your mind….

The key is to think it out rationally, weighing out the odds without any emotional baggage….
Reverse Mortgage is the opportunity to harness the equity of your own home while you still live in it. A few skeptical people might be concerned about the high fees associated with Reverse Mortgage. But then, that’s there with every loan. And the cash that is received is absolutely tax-free.

Borrowers of Reverse Mortgage have to pay for a mortgage insurance just like a regular mortgage even though it is added up in the loan. In regular mortgage, the mortgage insurance secures the lender in event of a default payment but in reverse mortgage, it is only to ensure that the lender is repaid fully if the value of the home depreciates.

Refinancing the house may be another option for homeowners who would want some immediate cash. But this might hardly suit the retirees since that would entail fixed monthly re-payments.

Some say that borrowers of Reverse Mortgage may find it difficult to qualify themselves for Medicaid since Medicaid would consider the Reverse Mortgage cash as an asset. But then, it actually is! I feel, it’s always better to have your own asset used to support you medically rather than locking up your asset and trying to qualify for government medical aid.

Borrowers of Reverse Mortgage are still responsible for bearing the expenses like the property taxes and home repairs. This is true with any loan and is just due to the fact that the home is still in the borrower’s name and the lender of the Mortgage has no rights on it until the borrower’s demise or he/she moves out.

After the death of the last borrower, in case of joint loans, the lender sells the home to recover the loan; so the heirs do not inherit the home. But this is, I feel, better than leaving behind a legacy of loans and debts for the heirs to pay off.

Reverse Mortgages are approved for all homeowners who are 62 or older without any income or credit check. This type of loans were first introduced in the market in the 1960s and since then it has only seen rise in its popularity. Reverse Mortgage is not the only option out there for the seniors who are in need of some cash. But it is definitely designed to tailor-suit them. For the people who don’t have a fixed source of income, the fact that there are no monthly repayments, might just seal the deal. It definitely has its own share of down-sides but it has its own advantages too. It just depends how it appeals to you and how well it suits your specific needs.

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Guidelines to Reverse Mortgaging your Home: Things you must know…

Posted on by Richard Racine.

I know it’s a big decision. You have been investing the most, if not all, of your savings into paying the mortgage of your house. And then another mortgage, a reverse mortgage, may sound daunting. To those who would like more info, please read on. This is for all those proud homeowners who are 62 and beyond.

Now the scene is you have a home for which you have almost or fully paid off the mortgages but now you are low on cash and can barely make both ends meet with all expenses like medical, property taxes, home maintenance and the likes, sky-rocketing like never before. If this is you, you might like to consider Reverse Mortgage. This is no regular mortgage…. Here, you never have to pay back the loan as long as u live and live in your home. FHA, HUD has set out guidelines and counsels those who have made up their minds on reverse mortgaging their home.

With the perquisite conditions of living in the house and age in mind, one can have their homes reverse mortgaged for a lump sum loan or a line of credit or for steady monthly payments. Firstly, the loan amount is calculated by taking into consideration the following factors: the loan limit the house is eligible for, appraising the value of the home, current interest rates, any existing loans against the house and the borrower’s age. The older you are, the more money is available to you. However, the HECM loan (or lending) limit across the country was fixed at $625,500 in 2009. The HECM Standard Reverse Mortgage program is an adjustable interest rate loan whereas the HECM Saver Reverse Mortgage Program can be availed with both fixed and adjustable interest rates from HUD approved lenders.

Once you have put your finger on the kind of reverse mortgage program to go for, you should also take into consideration the fees that are associated with it. There are the Origination fees, the Mortgage Insurance Premium and the Third Party Costs. All these fees are mandatory but you can avail for discounts in the origination fees or monthly servicing fees or alter the interest rates to your advantage. But, relax! These fees don’t have to be paid in cash or out of your pocket. They are deducted from the amount of loan available to you. Any previous outstanding mortgage is also paid out at this stage.

The only setback that might spring upon after reading this may be the fees and the interest rates charged on the loan amount. To this I can say that, even the interests are added to the principal loan amount and are not meant to be paid back until the borrower leaves the house. After the borrower is deceased, the loan is paid back by selling the house. It might seem too good to be true, this can really ensure your ‘happily ever after’ life after your retirement.

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How do Reverse Mortgages work? Hear it from those who’ve been there and done that….

Posted on by admin.

It really got me curious when I saw the star actor, Robert Wagner, talking about Reverse Mortgage. In fact, Wagner has been saying it on TV for almost a decade now and no wonder, Reverse Mortgage is the ‘buzz’ word these days among homeowners in their 60’s.

For all the homeowners who are 62 and beyond, this sure sounds very lucrative. A home is the biggest investment for most people. And when they are old and run low on cash, their very own home can pay the dividends of their years of investment. Wagner is surely right on this, I feel. I mean what can be better than retaining the ownership title of your home and also be paid for living there!!

Several institutions including Wells Fargo and MetLife, among the private sector banks, offer Reverse Mortgage solutions for the all those who are seriously seeking counselling in this regard. I too went in to find out the pros and cons of getting a reverse mortgage loan. Is there any catch? But the more information I gathered on reverse mortgage, the more convinced I was that reverse mortgage really works! It really works if you know what suits your needs and what’s right for you.

Reverse mortgages can be of three types: Single Purpose Reverse Mortgage, Home Equity Conversion Mortgage and Private Proprietary Reverse Mortgage. Of these, the single purpose reverse mortgage is the cheapest but as the name suggests, they can used for only one specific purpose like for home repairs or paying property taxes. But if you want the freedom of using the loan money for different purposes, the next feasible option might be the Home Equity Conversion Mortgage or HECM. They are comparatively more expensive than the Single Purpose Reverse Mortgage but it is insured by Federal Housing Administration (FHA), a wing of the U.S. Department of Housing and Urban Development (HUD). An annual insurance fee of 1.25% is charged on this type of Reverse Mortgage which eventually adds up to the loan amount. As per the statistics, HECMs account for almost 99% of the Reverse Mortgage loans sold in America. The last kind of Reverse Mortgage, i.e., the Private Proprietary Reverse Mortgage are classified only for the homes with high values, usually $750,000 or more. These Reverse Mortgages are also not insured by FHA and there is neither any restrictions on the fees that can be charged nor any limit to the amount of loan. All you have to do is analyze your own situation and work out the conditions that suit you best.

For the senior members of our society, it’s time for them to sit back and rejoice what they have earned in their hay day. They can live in their homes, their most prized possession, until their last day without worrying about repaying the loan or as long as they want if they decide to sell the home later. And the older you are, the more money you can get. Educate yourself on Reverse Mortgage. You’ll be doing yourself a favor.

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