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Did you know that you can get fixed interest rate options? Many are concerned with the adjustable rate reverse mortgages - even though as I stated in several blogs, in the last 20 years, the highest the monthly adjusting reverse mortgages have gone is in 1991 & 2000 when the rates went in the 9% range, and in those same years, the yearly adjusting went into the mid-7% range. Again, these are the highest in the last 20 years. They also have a 10% cap over the original rate. On average, they have ranged from 5% to 8% although right now, although it is actually a little lower - in the mid-4%.
Many also are shocked by the closing costs, but when you factor in the average interest rates with these closing costs, if they keep the mortgage 10-20 years or more, the APR is almost always in the 5-6% range. And what is the going APR for average credit for most regular mortgages??? About the same, maybe even a little HIGHER! What is the value of them being able to utilize their ENTIRE fixed income on utilities, bills, food, medicine, etc? To me, that is an AWESOME benefit that a regular mortgage CAN'T come close to touching - AND your credit score is irrelevant.
Foreclosure, what we are all hearing about these days. I did a blog, to correct a misconception that so many people 'hear' that reverse mortgages cause foreclosures. While it is not impossible for a reverse mortgage to be foreclosed upon, I did a survey of my county records for one week, and found 61 residential foreclose proceedings that were started, and guess how many of these were reverse mortgages? For the answer [CLICK HERE] . Did you know, in almost all cases, a reverse mortgage will PREVENT a foreclosure, not cause it! Did you know if you have a regular mortgage and it is foreclosed upon, the lender can go after you for any shortage that the house didn't pay-off of the loan? Did you know on a reverse mortgage the lender CANNOT go after you for ANY shortage, even a foreclosure (which as I said that rarely happens) as that is why the closing costs are 2% higher than a regular mortgage - but that safeguard is built into them!
Did you know with a reverse mortgage, YOU own your home, you can make any improvements you want to your home (as long as you comply with local building codes) and you can stay in your home, sell it, get additional financing to pay it off if you want (why you would do this I'll never know, but you can) and it is just like any other lien on your home, just with the way it operates, it is different, and just doesn't get paid back until you move out of the home - no matter the method that you leave it, but eventually you WILL leave it!
If you knew someone considering a reverse mortgage, what would you tell them, what opinions or advise would you give them and WHY? [CLICK HERE] to let me know that information as well.
Bottom line, reverse mortgages are not for everyone in all situations, but for many senior homeowners, they can be a tremendous benefit, and IF they know ALL the correct facts, it really is hard to say no to someone considering a reverse mortgage. Please don't believe all the myths about reverse mortgages, educate yourself about them! Just think if Ed McMahon had enough equity (unfortunately he does not from what I heard) he could have gotten a reverse mortgage and might not be in the situation he is in. Food for thought!
Title companies & mortgage brokers, help your borrowers- arrange to have their loan signed and notarized in their home, at their convenience by a Certified Notary Signing Agent (CNSA). Southwest Florida Notaries is open for your mortgage closing 24/7 at your location (Based in Murdock, FL, near Port Charlotte FL, but covering all of Southwest Florida - Manatee, Sarasota, Charlotte, Desoto, Lee and Collier counties)
Browse The Rain for a qualified and Certified Notary Signing Agent in your area.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.