purchase: Reverse Mortgages Really Can Be Low Cost Despite What You Read!
- 01/19/12 08:33 AM
If you get your education on reverse mortgages from what you hear in mainstream news, you are missing out on a very important fact. Reverse mortgages are not expensive. The media loves to tell you that it is a program of last resort and the costs are too high, but in reality, reverse mortgages can have lower cost than conventional loan programs. The HECM Saver option was introduced recently and it really does save a lot of money in upfront costs. It makes sense to do a reverse mortgage even if it's a relatively short time frame you are looking at. … (0 comments)
purchase: What Exactly Is A Reverse Mortgage & Do I Qualify?
- 08/21/11 08:04 AM
First, let’s review a standard ‘forward’ mortgage. You borrow money and promise to pay it back (typically monthly & amortized over 15 to 30 years). You allow a Deed of Trust to be recorded against your property as a security instrument. The deed of trust allows the lender to foreclose if you don’t pay according to the terms. A reverse mortgage works exactly the same except the terms of how the loan is paid back is different. Instead of making monthly payments, you let the interest accrue onto the loan balance. You agree to pay the lender when you move away … (5 comments)
purchase: Realtors and Builders! You need to know about Reverse Mortgages for Purchase!
- 07/21/11 03:17 AM
How would you like to increase the number of your potential buyers dramatically? You can if you understand how reverse mortgages for home purchase works. Identify and inform Seniors about this product that doesn't rely on income to qualify and spread the word, you will increase sales! Seniors want to preserve as much cash as they can for retirement and this financing option allows them to keep at least 50% of the home sale price in the bank and minimize monthly cash flow because they will not have to make mortgage payments. Your knowledge in this area will be appreciated by … (0 comments)
purchase: Why Real Estate Agents Need to Know Reverse Mortgage Purchase Guidelines
- 06/02/11 02:20 AM
I see it all the time, a buyer tells their agent they want to make an offer on a home and they plan to use a reverse mortgage for the financing. The agent writes the offer as usual without considering the special requirements for the reverse mortgage. In this most recent example, six weeks went by before the buyer came to me for help. They were working with a national reverse mortgage lender who didn't even know the guidelines! What he learned was, their as-is offer would never work! Six weeks waisted!
The reverse mortgage purchase program allows senior homeowners … (2 comments)
In this blog, I go into detail on reverse mortgage information, through questions seniors and their families ask, industry news and current events, new programs; rate options, client stories and experiences and more. From my 20 years experience as a reverse mortgage specialist, I can help guide and educate you and answer the question, is a reverse mortgage right for you and if so, what is the best option with lowest costs, interest rates and payment plan. I am easily accessible and will be happy to talk with you.
Maggie O'Connell
direct line 800-489-0986
maggie@rmstore.net www.ReverseMortgageStore.com
NMLS #279499 Equal Housing Opportunity/ 411500
If you get your education on reverse mortgages from what you hear in mainstream news, you are missing out on a very important fact. Reverse mortgages are not expensive. The media loves to tell you that it is a program of last resort and the costs are too high, but in reality, reverse mortgages can have lower cost than conventional loan programs. The HECM Saver option was introduced recently and it really does save a lot of money in upfront costs. It makes sense to do a reverse mortgage even if it's a relatively short time frame you are looking at. … (0 comments)
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