A feature article published by the Washington Post, May 19, 2017 on the subject of Reverse Mortgages covers many topics of concern to seniors shopping for home loan options. The author sheds a good light on the HECM for Purchase. Please click on the attached site and read the entire article. https://www.washingtonpost.com/realestate/seniors-looking-to-downsize-their-homes-may-want-to-consider-this-reverse-mortgage-option/2017/05/18/b66dd268-2f4c-11e7-9534-00e4656c22aa_story.html?utm_term=.e23b95994111
Of common concern to those who are interested in the topic of reverse mortgage is: Q: How large can the outstanding loan balance grow. ”….. the good news is that under no circumstance will you — or your estate — have to pay the lender a deficiency between the market value of the … (2 comments)
If you are looking for ways to unlock the equity in your home and re-position those assets for your immediate and future benefit, you need to work with a Reverse Mortgage Specialst. Someone who is knowledgeable and experienced and who cares enough to put YOU and your family first before the sale. There are fewer "reverse mortgage specialists" than you think and the list does not include Robert Wagner, Fred Thomson or the Fonz. Internet shopping is a fine place to start since you may not know anyone personally who has a reverse … (0 comments)
hecm: Oregon Seniors & Reverse Mortgage Changes Coming Soon
- 02/04/15 05:58 AM
Oregon Seniors and Reverse Mortgage Changes - coming fast! Big changes are looming over the horizon for Oregon's senior homeowners who are considering a reverse mortgage. Fortunately, Oregonians are not being singled out. The changes apply across the country.
My advice: Get started today. Call a reverse mortgage specialist and see if it is right for you. Get your concerns addresssed and your questions answered. Why the urgency? April 27, 2015 a financial assessment component will be in place for reverse mortgage lending guidelines. This could mean the difference between eligibility or simply ineligible.
It doesn't hurt to look … (0 comments)
hecm: Reverse Mortgages for Washington's Seniors
- 01/09/15 05:55 AM
Reverse Mortgages for Washington's Seniors Washington State senior homeowners find information regarding Reverse Mortgages easily on the internet but learning about your situation (or on behalf of a friend or loved one) from a knowledgeable professional is probably what you are really looking for. A Reverse Mortgage Specialist will know about guideline changes that occur from time to time. Make sure you speak to a loan officer with experience during your quest for information and ask for client comments. Scheduled for March 2, 2015, Reverse Mortgage Guidelines change. The new changes affect eligibility and here are the latest:
1. A financial assessment could make it tougher to qualify. … (0 comments)
hecm: Reverse Mortgage in Clark County, Washington
- 10/28/14 05:53 AM
Reverse Mortgage in Clark County or anywhere in Washington. Information regarding Reverse Mortgages is easy to find on the internet but learning about your own situation is probably what you are really looking for. Contacting a Reverse Mortgage Specialist who will provide you with a no-cost and no obligation loan comparison is time well spent. Make sure the loan officer you talk to is a HECM specialist. A second opportunity to review the details occurs with required reverse mortgage counseling. A licensed counselor will also answer your questions and review the FHA guidelines as well as your options.
Enhancing your retirement via a HECM reverse mortgage (either refinance or purchase) is an opportunity worth studying. Title to your home remains in your … (2 comments)
The Department of Housing and Urban Development has eased the terms of reverse mortgages for surviving spouses. The new policy, as described by Brad Finkelstein in a recent edition of Origination News, is as follows:
"A non-borrowing spouse, specifically named in the HECM documents and continuing to occupy the home as the principal residence, will not be required to repay the loan right away as long as he or she continues to meet certain criteria. These include maintaining the primary residence and paying taxes and insurance on the property."
A … (0 comments)
hecm: Sacramento Seniors: Are mortgage payments keeping you from retirement?
- 08/01/14 02:56 AM
Sacramento Seniors: Are mortgage payments keeping you from retiring? Now, if you enjoy making mortgage payments of several hundred dollars a month, please don't stop making them. But if you don't enjoy making them, why not look at a financial strategy to postpone that obligation? You are urged to take a serious look at the benefits of a reverse mortgage. Very few of us look forward getting older. On the other hand, the thought of retiring has a certain appeal. However, monthly mortgage payments can be a major obstacle. Here is a situation where being older is good. The amount of money you receive with a reverse mortgage is based on several criteria and … (0 comments)
hecm: Reverse Mortgage Purchase in Spokane
- 04/17/14 06:59 AM
Reverse Mortgage Purchase in Spokane: A strategy for home buyers 62 or older to preserve assets. You have probably heard that cash is kingso leaving pension, retirement funds, 401K's or other assets undisturbed avoids compromising your investments and derailing your financial goals. A plan worth considering, if and when you are ready to sell your current home, is a reverse mortgage on your next home. With a HECM loan you don't have to dig into your nest egg for future mortgage payments. All or part of the proceeds from the sale of a current home are used for the down payment on the next home. The … (0 comments)
hecm: Dear Boomer,
- 02/07/14 01:50 AM
Dear Boomer, Is your mortgage the only reason you can't retire? I am writing to shed some light on a reverse mortgage as a possible solution to making your retirement happen sooner rather than later. Lots of folks simply can't retire because their house payments are their largest fixed expense and they don't see any way around that. Contemplate for a moment what impact having no mortgage payment would have on your retirement goals. What do you plan to do when you retire? Travel? Visit the kids? Volunteer? Get a part-time job? Adopt a pet? If you enjoy working (like I do), … (0 comments)
hecm: Reverse Mortgage Seminars This Week - Nov 13 and 15 Shadle Library
- 11/12/13 05:08 AM
Reverse Mortgage Seminars This Week at the Shadle Library 1:00 Wednesday, November 13 and 1:00 Friday, November 15th Last chance for a reverse mortgage before financial assessment starts. Learn the details. Education is the best tool for making important decisions. Presenter: Jack Tenold, NMLS 10261 Member of the BBB and N.R.M.L.A. Spokane homeowner and Reverse Mortgage Specialist You spent years paying for your mortgage. Now it's time for a mortgage that pays you! For homeowners age 62. I’ve helped many of your neighbors and I can help you too. Walk-ins welcome!! No cost or obligation. Nothing will be sold. … (1 comments)
hecm: Reverse Mortgages in Washington and Oregon
- 03/04/13 03:22 AM
Reverse Mortgages in Washington and Oregon Information regarding Reverse Mortgages is easy to find on the internet but learning about your situation (or that of a friend or loved one) is probably what you are really looking for. I have assisted homeowners 62 and older living here in Spokane and as far away as Seattle, Bellingham, Vancouver, Portland and Eugene. Enhancing retirement via a HECM reverse mortgage to either refinance a current home or purchase a new home is an opportunity worth studying. For most of us we have been making house payments for years and it may be time for our homes to pay … (0 comments)
hecm: Purchase a Home in Spokane with a reverse mortgage?
- 11/20/12 07:18 AM
Purchasing a home in Spokane with a reverse mortgage is very similar to purchasing a home with a conventional mortgage. The down payment must be from qualified sources and is based on certain factors, such as · Purchase price · Home’s appraised value · Interest rates · Borrower’s age The current national home value is capped by FHA at $625,500 and in Spokane that typically isn’t a problem. Our median home price hovers around $120,000. Empty nesters who wish to downsize without incurring monthly mortgage payments may think the program is too good to be true. So now it is … (0 comments)
Considering the reverse mortgage option?
;)
;)
