missouri: The Costs of Reverse Mortgages for Seniors in Kansas City, Missouri too High? (Part 2)
- 06/24/08 01:27 AM
It has been said that the cost of Reverse Mortgages can be too high, even here in Kansas City, Missouri. Really? The costs are high? Compared to what? Remember our first installment was a sixty-two year old with a $250,000 house would qualify for an $118,033 Line of Credit (LOC). Their closing costs would be about $10,180 so their available LOC is $107,853. She needed $100,000 for something very important. She has many other assets she could access. (I'm not a Tax advisor always consult a tax advisor). If she pulled a net $100,000 out of a Mutual Fund and she had held the … (0 comments)
missouri: Reverse Mortgages Cost Seniors too Much in Kansas City, Missouri (Part 1)
- 06/24/08 01:23 AM
"Reverse Mortgages cost too much." "Don't get a Reverse Mortgage because they cost too much." That's the message the media pundits want you to believe. So when someone says that Reverse Mortgages for seniors cost too much in Kansas City, Missouri. I ask them "compared to what?" Let's do what the media hasn't taken the time to do, let's examine this more thoroughly. In our example a 62 year old with a $250,000 house would qualify for an $118,033 Line of Credit (LOC). Their closing costs would be about $10,180 so their available LOC is $107,853. Let's say this person needed $100,000 for … (1 comments)
missouri: The 12 Biggest Questions about Reverse Mortgages Answered!
- 06/23/08 04:47 AM
•1. They can be complicated and confusing. True. Reverse Mortgages are complicated and can be confusing, but they don't have to be. There are plenty of publications, web sites and mortgage professionals that can be valuable resources for you to better understand them. I know this because as a long time mortgage veteran I didn't fully understand them until I completely researched them. Important Tip: Find a credible source that you can trust to help educate you about them so they will lose their complexity and will not be confusing. •2. If the homeowner leaves the house, or dies, soon after … (3 comments)
missouri: Home Equity Growth Guaranteed with Reverse Mortgages in Kansas City, Missouri
- 06/23/08 03:34 AM
Millions of Americans are afraid the value of their homes will stagnate or even drop. Many are predicting much slower appreciation rates in the future as this whole housing crisis shakes out. If you are 62 or older there is a way to guarantee your home equity will grow. That's right, there is a way to GUARANTEE that your home equity will grow. While so many pundits are out there telling the horrors of Reverse Mortgages very few have really taken the time to fully understand them. With a Reverse Mortgage in Kansas City, Missouri (and the rest of the country) … (0 comments)
missouri: Keeping Reverse Mortgage Costs down in Kansas City Missouri.
- 06/23/08 03:31 AM
One of the biggest criticisms of a Reverse Mortgage in Kansas City Missouri is the perception that the costs are high. While they are higher than traditional mortgages they also provide features that traditional mortgages don't. We'll leave that argument for another today. The costs involved in a Reverse Mortgage in Kansas City Missouri include traditional mortgage costs like appraisal, title, closing fees, and recording fees. These fees are largely fixed and very difficult to achieve much in savings. One area that gets a lot of negative press is the origination fees. These are common in many areas on traditional loans … (0 comments)
It has been said that the cost of Reverse Mortgages can be too high, even here in Kansas City, Missouri.
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