new jersey reverse mortgages: Reverse Mortgages - Purchase a Home with a Reverse Mortgage - Part 7 - 01/28/09 09:45 AM
Purchasing a Home with a Reverse Mortgage. For the most part, the paperwork and the guidelines regarding this mortgage are the same as those regarding the most common reverse mortgage, the Home Equity Conversion Mortgage (HECM), which is an FHA loan.  The option to purchase a home with a reverse mortgage was set to be available January 1, 2009, although as of writing this article is still undergoing final guideline and FHA regulation. The purchase reverse mortgage came out of the Housing and Economic Recovery Act of 2008. (This may be the best thing to come from this Act, because frankly many … (5 comments)

new jersey reverse mortgages: Reverse Mortgages ~ What Happens When My Reverse Mortgage is Due? - Part 6 - 01/25/09 06:56 AM
There are several main questions asked regarding the end of a reverse mortgage loan. These questions are; What happens if I owe more than my house is worth? How long will my reverse mortgage last? What will I owe when my mortgage is due? What happens if I have to leave my home? What happens when I pass my home to my heirs? The answers here will be accurate but will not go into extreme detail. There are many variables and scenarios, and such situations can be evaluated on a case-by-case basis.
Q. What happens if I owe more than my … (6 comments)

new jersey reverse mortgages: Reverse Mortgages ~ Is Reverse Mortgage Income Taxable? - Part 5 - 01/24/09 02:38 PM
Is My Reverse Mortgage Taxable? Money received from a reverse mortgage is not taxable as additional income. Remember, this is a loan you are taking out. This is already your money, so to speak. A reverse mortgage does not affect regular social security income. A reverse mortgage also does not affect Medicare benefits.
One thing you may want to do to be certain a reverse mortgage does not affect any other important areas of your life, is to contact your local Agency on Aging.  A toll-free number for this office is 1-800-677-1116. You may also visit www.eldercare.gov for more information.
~ … (3 comments)

new jersey reverse mortgages: Reverse Mortgages ~ Counseling - Part 4 - 01/24/09 02:17 PM
Reverse Mortgage Counseling One of the wonderful things about reverse mortgages, is that everyone obtaining a reverse mortgage must go through counseling. Counseling is a time of education where you can ask as many questions as you like. You can also uncover some things that maybe you did not think about.  Counseling must be done before you can obtain a loan.
In your session you will learn about alternative options to a reverse mortgage. You will also learn about the expected and estimated costs to obtain a reverse mortgage. It is great that this safeguard has been put into place to … (1 comments)

new jersey reverse mortgages: Reverse Mortgages ~ Expected Costs, Appraisals, and Title - Part 3 - 01/24/09 01:57 PM
In this installment on reverse mortgages we will discuss a few items; The expected costs of a reverse mortgage, If an appraisal is needed, and Who holds title to your home. Expected Costs of a Reverse Mortgage The costs of a reverse mortgage are very similar to that of a typical purchase or refinance transaction. Expect to pay an origination fee (often referred to as points), title insurance, government recoding fees, a mortgage insurance fee (for the Home Equity Conversion Mortgage - HECM, FHA's reverse mortgage), and other typical mortgage costs.
The one item that is more costly on a Home … (3 comments)

new jersey reverse mortgages: Reverse Mortgages ~ Payment Options - Part 2 - 01/21/09 04:18 AM
Last time, we learned about who can qualify for a reverse mortgage (see Reverse Mortgages - Part 1).  This time we are going to discuss payment options and how much money someone can get with a reverse mortgage.
~ You will never have to make another mortgage payment ~ Payment Options When you finance your home with a reverse mortgage, as a borrower you will never have to make a mortgage payment while you live in your home. You will of course be required to pay your taxes and home owner's insurance.
There are several ways to receive the equity in … (0 comments)

new jersey reverse mortgages: Reverse Mortgages ~ Who is Eligible? - Part 1 - 01/19/09 02:20 PM
There are many general questions that arise regarding reverse mortgages. Some questions have to do with the safety and prudence of a reverse mortgage. Other questions may be about your current income, or credit. Seniors and their families need help understanding if a reverse mortgage is the best loan for a particular situation. Over the next few days I am going to answer some of the common questions regarding reverse mortgages. Feel free to post your questions below or contact me directly.
 
Who is eligible for a reverse mortgage? There is little criteria in qualifying for a reverse mortgage since … (4 comments)

 
Stephen Kappre, Helping You Home (KW Hometown)

Stephen Kappre

Helping You Home

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