One couple living in a small desert town in Nevada went in to a lender a few years ago to get money to do landscaping. What they got was a loan with a balloon payment and the due date was now fast approaching. They had no money to pay the debt and a loan modification wasn't the answer but the reverse mortgage seemed to be the perfect solution. Everyone was very disappointed when the appraisal came back low and we were about $10,000 short of … (1 comments)
seniors: Low Cost Reverse Mortgage offer Solutions for Seniors and Boomers
- 07/21/12 11:18 AM
By Maggie O'Connell The HECM Reverse Mortgage Saver option is worth looking into. Start off right by keeping the upfront fees as low as possible. If you have a lot of equity with no mortgage or a mortgage balance that is low, you can take advantage of generating a monthly income from some of your equity. The tool to access that equity that works for retired people is a reverse mortgage. The reason reverse mortgages are so popular is because no monthly payments are required. During a time when you are drawing from your assets to support you, frequently called retirement, doesn't … (0 comments)
A recent article in the Wall Street Journal tells us it doesn’t matter if your investments perform well…. most retirees don’t have enough savings to matter. Author Tom Lauricella goes on to say that home equity is still most people’s largest asset and with the help of a reverse mortgage it can make up for their shortfall in investments.
Read the full article: Savings Fall Short for Most Retirees
There are various strategies in utilizing home equity with reverse mortgages to supplement retirement income. One is to take social security at … (5 comments)
seniors: What Is The Best Reverse Mortgage Option For You, Fixed or Adjustable Rate, Lump Sum or Credit Line?
- 01/26/12 10:13 AM
The most common and important discussion I have with my clients is regarding the payment plan and interest rate option. Someone I’ve been talking with over the past 2 years announced she was ready to do the reverse mortgage and wants the most money she can get. She stated very emphatically that she wanted the fixed rate with a lump sum draw. So I suggested we talk further and I started asking questions.
How long do you intend to stay in your home? She felt five years was the maximum time she would live there as the home … (0 comments)
seniors: HECM Lending Limits to Remain at $625,500 Through 2012
- 12/02/11 07:55 AM
We received great news from HUD that the HECM Lending Limits will remain at the high level of $625,500 through 2012. This means that seniors with high value homes can receive a percentage of their home value, up to $625,500. If the home appraises for more than that amount, we will use $625,500 as the home value and provide reverse mortgage funds based on the age of the youngest homeowner. The minimum age for a reverse mortgage is 62 years old and the older you are, the higher principal limit or amount of funds is available. There are no payments required … (0 comments)
seniors: 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)
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
By Maggie O'Connell
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