reverse mortgage: Helping a Senior with a Reverse Mortgage
- 05/27/11 03:32 PM
Helping a Senior with a Reverse Mortgage One of the most gratifying parts of my job as a Loan Officer is when I get to help a Senior tap into the equity in their home through a Reverse Mortgage. It usually starts this way: I get a call from a Senior, they are at least 62 years old, and they are worried, maybe scared; each Senior has their own reason for being worried and/or scared. I’ve had one Senior who became ill and couldn’t afford the medical treatment he needed; I had another Senior who lost her job – and … (4 comments)
reverse mortgage: Can I purchase a home with a Reverse Mortgage?
- 04/24/11 02:45 PM
Can I purchase a home with a Reverse Mortgage? Usually clients call me and want a Reverse Mortgage to pay off debts, help with unexpected medical expenses, or to simply add cash flow to their retirement income. Most people think of Reverse Mortgages as a last resort, or to ‘help them out’ of a rough financial situation. Reverse Mortgages can also be used as a tool. You can use the equity in your current home with a Reverse Mortgage to purchase another home!
I’m getting referrals from my Real Estate Agent partners that are clients, 62 or older, that … (7 comments)
reverse mortgage: Jean Chatzky's advice on how to retire in comfort
- 03/28/11 10:37 AM
Jean Chatzky's advice on how to retire in comfort Jean Chatzky says it’s possible to save $1,000,000 for retirement by following a few simple rules. Chatzky says it’s a matter of adopting good basic saving and spending habits as early as possible. Chatzky’s five basic rules of thumb are: be paid what you’re worth, spend less than you make, save on a schedule, invest what you don’t spend, and protect yourself from catastrophe. While these are great financial tips, what Chatzky didn’t mention today was the financial benefit of owning your own home, which is another way to accumulate enough … (7 comments)
reverse mortgage: Video: Is FHA Mortgage Insurance REALLY going to increase by 25%???
- 02/21/11 02:19 PM
Is FHA Mortgage Insurance REALLY going to increase by 25%? It's true. FHA announced it is increasing monthly mortgage insurance from .90% to 1.15% - a 25% increase - effective April 18th, 2011. But that doesn't have to be bad news for all my clients. Watch this video and learn how I "taylor fit" each loan to my clients based on their needs. You can reach me at 541-868-1050 or email me at loansbyellenadams@gmail.com if you have any questions. Enjoy!
… (4 comments)
reverse mortgage: What are the Reverse Mortgage payout options, and are they taxable?
- 02/17/11 09:32 AM
What are the Reverse Mortgage payout options, and are they taxable? A question I'm often asked about a Reverse Mortgage is: how do I get the money? And, will I be taxed on the money from a Reverse Mortgage? There are 6 different payout options for a Reverse Mortgage, and they are all based off the equity in your home at the time of closing. Lump Sum: This is the most common form of payout I see. It is the full amount of the Reverse Mortgage, in a complete lump sum. No monthly check, and no Line of Credit. Line of … (4 comments)
reverse mortgage: Our home is not paid off, can we still get a Reverse Mortgage?
- 02/09/11 03:24 PM
Our home is not paid off, can we still get a Reverse Mortgage? Question: I'm wondering if you can help me. I'm 66 and my wife is 64 years old. We are interested in a Reverse Mortgage but don't know if we can get one because our home is not completely paid off. Can we get a Reverse Mortgage if our home is not paid off, and if we can, how much can we get? Answer: This is an excellent question and I'm glad you asked. First, I see that you are both at least 62 years old, which is a … (5 comments)
reverse mortgage: Do I have to be in credit trouble to get a Reverse Mortgage?
- 02/08/11 02:28 PM
Do I have to be in credit trouble to get a Reverse Mortgage? Question: I've heard that to get a Reverse Mortgage I have to be 62 and be in credit trouble. I am not in credit trouble, but don't have a lot of retirement income. Can I still get a Reverse Mortgage? Answer: This is a question I am asked often, and thank you for asking. It's a rumor that you have to be in credit trouble to get a Reverse Mortgage, but you do need to be 62. I will have to run a credit report initially when you … (8 comments)
reverse mortgage: Can the bank kick me out of my home if I get a Reverse Mortgage?
- 02/05/11 12:46 PM
Can the bank kick me out of my home if I get a Reverse Mortgage? Question: I recently turned 62 and am interested in a Reverse Mortgage. I've heard that once the bank pays me the full amount of the Reverse Mortgage they take my home and I have to move out. My home is full of years of memories and I couldn't handle having to leave before I'm ready! Is it true, can the bank kick me out of my home once the full amount of the Reverse Mortgage has been paid to me? Answer: Thank you so much for … (7 comments)
reverse mortgage: What happens at the end of a Reverse Mortgage?
- 01/12/11 03:44 AM
What Happens at the end of a Reverse Mortgage? Question: You explained that a Reverse Mortgage is a loan on the equity of my home, and it becomes due when I move from my home or pass away. How does that work in the end, what happens at the end of a Reverse Mortgage? What if there is not enough money from the sale of my home to pay back what is owed on the Reverse Mortgage? Will my heirs have to pay the remaining balance due? Answer: This is an excellent question. Generally, after you move from your home, or … (12 comments)
reverse mortgage: Reverse Mortgage Basics
- 11/16/10 08:32 AM
Reverse Mortgage Basics Reverse Mortgages have been around for many years, and are becoming more and more popular. The word 'reverse' is used because they work the exact opposite as a regular mortgage works - instead of borrowing money for a house and paying it back over multiple years, the Reverse Mortgage actually pays YOU using the equity in your house. How do I qualify for a Reverse Mortgage? You must be at least 62 years old You must have a substantial amount of equity in your home, or, own it free & clear Your home must be your primary residence What about … (3 comments)
Helping a Senior with a Reverse Mortgage
;)
;)
