How often do you see a title that looks at least something like this? I know I see it frequently. But in reality, many of these articles, blogs, etc., are being written by people that do not know the CORRECT FACTS about today's FHA/HUD backed HECM (Home Equity Conversion Mortgage) Reverse Mortgage Program. They say counseling should be required on all of them. IT IS!! They say it causes foreclosures, when in reality, they cause almost NONE, and in virtually every instance that the homeowner qualifies, it PREVENTS foreclosures! [CLICK HERE] for a blog about this very topic - ZERO, that's NONE out of 61 for a week in Charlotte Counties early foreclosure proceedings. Is there some remote possibility that someone can exploit a senior homeowner, I would say probably with ANYTHING it can be done. I honestly don't know how it can be done with all the FHA / HUD regulations on the HECM Program, but I am sure if someone put their mind to it, they can find some obscure way, but they can find other ways as well, again, if they put their minds to ripping of ANYONE - INCLUDING YOU, no matter who YOU are or what your age! Look at all the "You won a Lottery," "Your bank account has been locked," "Great stock purchase available," etc, etc. emails we all get every day! These don't just go to seniors, and you know many get fooled with them, although most of us know what they are and ignore them. If you make statements like, this is not a good mortgage if you are planning to sell, or move from the house within a couple years, you are absolutely correct. If you say that it does not help when a person has to go into a nursing home, or move in with relatives, you are mostly correct. Let me explain - If it is a single person, then yes, you are correct if they are permanently moving into a nursing home. If a couple, and ONE is moving into a nursing home, you are not correct, the healthier person can remain in the home as long as they are able to, and want to live there. The reverse mortgage does not need to be paid back until BOTH persons health fail or they BOTH pass away. In other words, BOTH must leave the home in some fashion or another before it needs to be paid back.
The bank owns the property is FALSE!!
If you make one of THE most common statements that you 'give the home to the bank' with a reverse mortgage, you are absolutely wrong! YOU retain ownership of the home, NOT the bank. Please review my blog about this most common myth - http://activerain.com/blogsview/593531/Not-another-Reverse-Mortgages and a lot of other information about reverse mortgages.
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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)
Browse The Rain for a qualified and Certified Notary Signing Agent in your area.
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)
| Please Visit The Following: | ||
| My Related Blogs | My Favorite Blogs | My Favorite Blogging Associates |
| What do you know of reverse mortgages | Your comments about back-dating | Lacey D. Horton |
| Before saying NO to a Reverse Mortgage | Your thoughts on reverse mortgages? | Luisa Orellana |
| Are Reverse Mortgags only for the poor? | Reverse Mortgages are so bad | Lisa Kimmel |
| Thank You To The Following For Their Help, Advise and/or Referral Business: | ||
| Laura Vestanen | Linda Kassis | Kate Bourland |
| Bo Hussung | Joan Bergstrom | Lora Leasure |
Amazes me on people dont do the required research Nice looking blog I need to change mine out I will bookmark how you did this have a great weekend.
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