myths: Some Pros & Cons about Reverse Mortgages
- 09/05/08 02:52 PM
Are you considering a reverse mortgage to get some much needed cash in these trying economic time? If yes, you need to make sure you are fully aware of all the reverse mortgage pros and cons. Although many that get a reverse mortgage, are getting it to help get through some tough financial times, it can be used by people with many different incomes or assets! But it is important to know exactly what you will be getting when you apply for a reverse mortgage. Because so much publicity seems to be negative on reverse mortgages (usually because of a lack of correct information) let me start with … (5 comments)
myths: -) WARNING (- "Another Reverse Mortgage Scam"
- 08/16/08 07:04 AM
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 … (5 comments)
myths: Not another "Reverse Mortgages Are So Bad" blog?!?!?!
- 07/15/08 03:55 AM
OK, sorry to preach, but I just saw a blog about Reverse Mortgages by Michael Pinter. First, let me commend him for his blog [I can't believe that so much media attention about Reverse Mortgages is still negative] where he plainly states he doesn't understand all the negative publicity about Reverse Mortgages. Second, I keep saying the same thing, those that are so negative about reverse mortgages usually do not have all the correct facts about reverse mortgages!
Let me address several issues made in the comments: Reverse Mortgages WERE a rip-off - Honestly, to those that know or remember the … (10 comments)
myths: What do YOU know about reverse mortgages?
- 07/03/08 01:37 PM
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 … (5 comments)
myths: Reverse Mortgages are only for the poor, correct?
- 06/27/08 03:42 AM
Answer: Absolutely FALSE! While many that get reverse mortgages are struggling to pay for food, medicine and for the roof over their head, how much money you have or do not have has NO bearing on your approval or lack of approval. How old you are, how much equity you have in the home are the biggest factors on approval. Not all condominiums qualify, and many manufactured homes do not qualify, but not all are turned down either. I did a closing for a couple that had a commercial piece of property valued at $1,000,000 - one million dollars! But they did … (3 comments)
myths: If a reverse mortgage balance exceeds the home value, I will be forced out of my home, correct?
- 06/23/08 03:23 AM
Answer - ABSOLUTELY FALSE! No matter what age you live to, no matter if the loan ever exceeds the home value by any amount, and these days that is happening a lot with the depressed home values, you REMAIN in your home as long as you want and are able to live there! (of course you must still pay your property taxes and homeowners insurance, but that is it!) Once you leave the home, no matter the means or method, the loan becomes due, and either you or your heirs can take out their own financing to pay for the mortgage and keep the … (0 comments)
myths: If you have bad credit, foreclosure, or bankruptcy on your credit, can you get a reverse mortgage?
- 06/14/08 03:09 PM
Answer - YES! This is one of those rare questions though that needs a complete explanation and does come with an asterisk. Having any or even all of these items on your credit report does not effect approval, BUT, if you are in bankruptcy, it must be discharged prior to getting a reverse mortgage. If you are in foreclosure, let your loan officer/broker know immediately! It will actually help quicken your approval time from an average of 4-6 weeks, to about 2 weeks! Bad credit also does not effect the approval process, BUT, understand if you have judgements or other liens, … (7 comments)
myths: AGAIN, before you say no to a reverse mortgage, learn the correct facts! Don't believe the myths!
- 06/14/08 06:54 AM
Today, I came across a blog by Mike Jones Tucson Mortgage Company, LLC, http://activerain.com/blogsview/550373/You-Should-Worry-If . I just HAD to reply! WOW, is about all I can say. This is from a mortgage broker no less. And some of the comments were completely false, I just could not let it go! As I keep saying SO often, LEARN THE CORRECT FACTS, DON'T BELIEVE THE FALSE MYTHS! I recommended my mom get a reverse mortgage, although she is not one of the many where a reverse mortgage could be a life saver for them. But I told her, it is your money, don't worry about … (7 comments)
myths: Do you know who owns your home when you have a Reverse Mortgage?
- 06/09/08 04:37 AM
Answer - YOU! To learn about this and many other correct facts about reverse mortgages, visit the Personal Mortgage Management website and CLICK HERE. There are many misunderstandings and incorrect beliefs about reverse mortgages, so please learn the correct facts about the FHA / HUD backed HECM Reverse Mortgage Program. If you are in Florida, and just want to live a more comfortable retirement lifestyle, or facing foreclosure, or even in foreclosure, please call me to learn the facts about reverse mortgages 941-769-7286 - Ron Gillis at Personal Mortgage Management http://mortgagesmith.us/reverse_mortgage.html =============================================================================== Title companies & mortgage brokers, help your borrowers- arrange … (1 comments)
myths: Calling all Realtors - LEARN ABOUT REVERSE MORTGAGES! They can help YOU sell a home!
- 03/01/08 04:32 AM
Several times recently, I have talked to local Realtors about Reverse Mortgages. "No", "They are bad", "I've only heard bad things about them", are among the responses I've received lately. Honestly, all Realtors SHOULD want to sell homes, and Reverse Mortgages are another avenue to educate your potential home-buyer! Learn the facts about the FHA/HUD backed HECM Reverse Mortgages! When you learn the facts, it is hard to say anything bad about them! Some of the original 1970's & 1980's private Reverse Mortgages had more than their fair share of problems, to say the least! But the HECM Reverse Mortgages have corrected … (0 comments)
myths: Reverse Mortgage myths still persist
- 11/04/07 05:13 AM
Recently, I saw a comment that I really want to address. She was concerned about a relatives inability to make changes to their home because of having a reverse mortgage on their home. About a month ago, I wrote a blog addressing this very issue http://activerain.com/blogsview/229001/Still-the-most-common and the very first MYTH~that the bank takes title to the home. Remember something, as with ALL mortgages or liens, YOU own your home, and YOU continue to own YOUR home, and you can make any improvements and upgrades you want (as long as you adhere to your local building codes). If you know of someone considering a Reverse … (4 comments)
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Are you considering a reverse mortgage to get some much needed cash in these trying economic time? If yes, you need to make sure you are fully aware of all the reverse mortgage pros and cons. Although many that get a reverse mortgage, are getting it to help get through some tough financial times, it can be used by people with many different incomes or assets! But it is important to know exactly what you will be getting when you apply for a reverse mortgage.
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