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)
What are the costs? What are the benefits? Only the homeowner can make the final decision, but an experienced professional can certainly explain the costs vs the benefits of a Reverse Mortgage to anyone with an open mind. A second line of information comes from the counselor at the mandatory counseling session. Full disclosure at every turn.
Over the years, I have visited with eligible seniors who appear in "full body language" mode with arms crossed and legs firmly planted on the floor who are certain that Reverse Mortgages are terrible. And horrible. They are certain that no good … (4 comments)
Visit HUD.GOV to get your basic questions answered but consult a reverse mortgage specialist to learn if you qualify.
Senior homeowners should ask themselves the following question: Am I finding it harder and harder to keep up with monthly obligations and my mortgage payment? At my age, how can I find additional money that will allow me to make improvements to my home that are necessary for me to remain in my home? Am I interested in taking steps toward additional financial security and preserving my assets? If you answered Yes! please … (0 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)
What you need to know when a non-borrowing spouse lives in a home that has a Reverse Mortgage.
In the past, when one of the married couple was under the age of 62, a homeowner's choices were to either A: postpone applying for a reverse mortgage until the younger spouse became eligible or B: take the risk of getting a reverse mortgage on just one of them.
With Option B, there was a chance that the non-borrowing spouse could become homeless if there was not enough life insurance or other assets to pay off the loan in the event of the … (2 comments)
You won’t need to provide all of the items on the list below to support your reverse mortgage application but you must act fast. Reverse Mortgage guidelines are changing March 2, 2015. The changes may affect your ability to qualify and you will be required to provide many more financial documents such as tax returns, income statements & more.
1. Identification (2 pieces, all borrowers) · Drivers License or state issued ID or current passport · Social Security Card or Medicare Card 2. Proof of Homeowner’s Insurance · Name … (0 comments)
March 2, 2015 is the scheduled date for major changes* to the Reverse Mortgage guidelines. Retirees, baby boomers and homeowners who have been delaying getting informed about this special home loan (for which you must be 62 to qualify) would be wise to get started NOW. Why? If you move quickly you can have an application completed and an FHA case number assigned to you prior to March 2, 2015 and your application will fall under current guidelines which are less stringent.
* (If you are interested in the details, the HUD Mortgagee letters (ML 2014-21 and … (1 comments)
March 2, 2015 is the scheduled date for major changes* to the Reverse Mortgage guidelines. Retirees, baby boomers and homeowners who have been delaying getting informed about this special home loan (for which you must be 62 to qualify) would be wise to get started NOW. Why? If you move quickly you can have an application completed and an FHA case number assigned to you prior to March 2, 2015 and your application will fall under the current guidelines which are less stringent.
Here is a quick look...... 1. A financial assessment could make it tougher to qualify. … (2 comments)
reverse mortgage california: Reverse Mortgages in Sacramento County.
- 09/22/14 06:29 AM
Reverse Mortgages in Sacramento County 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 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 and your options. Enhancing your retirement via a HECM reverse mortgage (either refinance or purchase) is an opportunity worth studying. Title to your … (0 comments)
reverse mortgage california: Reverse Mortgages in Sacramento, California?
- 07/01/14 03:41 AM
Reverse mortgages in Sacramento, California? If you are a Sacramento, California homeowner and you are considering a reverse mortgage an important step is to find a reverse mortgage specialist with experience; someone who understands the ins and outs of the various programs available and can explain them in a way that you can understand. That someone should have assisted a large number of homeowners in not only refinancing but purchasing a home with a reverse mortgage. Taking the time to talk to a specialist about your Sacramento home and the benefits to you will help you make that important decision. … (0 comments)
reverse mortgage california: What's Not to Like About a Reverse Mortgage?
- 04/30/14 05:33 AM
What's Not to Like About a Reverse Mortgage? Yes! You have to be 62 but even that isn't so bad! A Reverse Mortgage is a financial strategy which may improve your monthly cash flow. does not affect Social Security or Medicare you retain title to your home value of your home is established by an FHA approved appraiser - not the lender reduces the need to tap into your next egg for unexpected expenses Your pension, 401K or social security dollars go farther when you aren't making monthly mortgage payments. Home paid off? Great, you have more equity! … (0 comments)
Considering the reverse mortgage option?
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