reverse mortgages: Reverse Mortgage Becomes Retirement Tool - 05/30/14 05:08 AM
Reverse Mortgage Becomes Retirement Tool
 
The rules for reverse mortgages are changing.  According to writer Brian Collins at National Mortgage News, seniors can no longer receive the entire proceeds from a Federal Housing Administration-insured reverse mortgage in one lump sum. Instead, they are generally limited to just 60% of the funds during the first 12 months. The rationing of proceeds is to make sure borrowers have some equity left when they leave the closing table, reducing the likelihood of default.
In the past, many seniors used a reverse as a last resort to avoid a foreclosure. Then, they were unable … (29 comments)

reverse mortgages: Using a reverse mortgage to help seniors with a home purchase - 05/31/13 10:57 AM
Using a reverse mortgage to help seniors with a home purchase
 
When I attempt to discuss reverse mortgages with real estate professionals, a high percentage of them tend to want to avoid the topic because they obviously are not familiar enough with the reverse mortgage products to be able to discuss their suitability for their clients. If you are a real estate professional that assists the rapidly growing seniors sector, you need to know about reverse mortgages.
Unlike regular mortgages that have principal and interest payments for the term of the loan, a reverse mortgage has no principal or … (40 comments)

reverse mortgages: A reverse mortgage solution to avoid a foreclosure - 01/02/13 10:16 PM
A reverse mortgage solution to avoid a foreclosure
A referral turned our attention to the needs of a widow that owns a home in an affluent section of Montgomery County, Maryland. Since the death of her husband, she has struggled with her personal finances. Real estate taxes have increased. The cost of medications has her paying out of pocket for the portion not covered by Medicare. Home maintenance costs have been a burden and now the home needs a new heating system that she can not afford. Fortunately, the mortgage balance is low but she is now late on her mortgage payments. … (12 comments)

reverse mortgages: FHA Financing For Seniors - No Mortgage Payments - 12/29/12 05:04 AM
FHA Financing For Seniors 
Purchase a New Home Without Mortgage Payments
Real estate professionals that focus on the housing needs of seniors in their community are offering special financing to assist seniors that may not qualify for normal mortgage financing.  Many seniors have lots of home equity in their present homes and would be able to make a large down payment on a more suitable primary residence but fail to qualify because their income is too low.
The solution for some is the use of FHA reverse mortgage financing which may be used to purchase a new home.  The actual name … (17 comments)

reverse mortgages: FAQ: Can the lender foreclose on a reverse mortgage? - 09/04/12 11:45 AM
  FAQ:  Can the lender foreclose on a reverse mortgage?  
Many age 62+ seniors are turning to reverse mortgages to provide the funding they need in their retirement years.  There are no income or credit requirements and there are no mortgage payments for life. However, the owners are required to maintain the property and to cover the cost of taxes, insurance and any home owner association fees. The mortgage lender can foreclose if the conditions are not met.
 
The seniors, as mortgage borrowers, have the option to take a lump sum or to receive payments over the term of … (16 comments)

reverse mortgages: Reverse mortgages can be beneficial, if you know how to use them - 03/17/12 01:13 AM
Reverse mortgages can be beneficial, if you know how to use them By Harvey S. Jacobs, from the Washington Post March 17, 2010 As the country's home-owning population ages and baby boomers hit their mid 60s, it is time to take another look at the once-popular mortgage product known as the reverse mortgage.
 
In a reverse mortgage, the bank loans you cash in a lump sum, in monthly installments, a line of credit or some combination of all three. Unlike a typical mortgage, the bank pays you and so long as you are alive and continue to live in your home, you … (22 comments)

reverse mortgages: Reverse mortgages on the rise - Information for seniors and their advisors - 02/25/12 12:40 AM
Reverse mortgages on the rise - Information for seniors and their advisors
"Converting home equity into cash has been a challenge for home owners since the real-estate downturn, but a growing number of lenders are quietly reviving a loan for seniors that does just that: the reverse mortgage.
Reverse mortgages allow home owners who are at least 62 years old to draw down on their home's equity in exchange for cash in several ways, including one lump sum, a line of credit or monthly Compared to a few years ago, the total number of reverse mortgages is small. But lending has been … (24 comments)

reverse mortgages: Kentlands Flower Photographs by Roy Kelley & Thoughts On Reverse Mortgages, Tuesday, 9/6/11 - 09/06/11 10:13 AM
Deleted.
… (24 comments)

reverse mortgages: Longwood Gardens Flowers & Comments on Reverse Mortgages - 08/01/11 11:06 PM
Longwood Gardens Flowers & Comments on Reverse Mortgages 
How do age 62+ seniors benefit from reverse mortgages?  They can be qualified regardless of income or credit history since there are no income or credit requirements. They can purchase a new primary residence using the proceeds from a reverse mortgage on that property.  The own the home but make no mortgage payments for life.
Although there are no monthly mortgage payments on a reverse mortgage, interest still accrues on the disbursed principal balance during the loan term.  The loan becomes due when the home is sold, or the borrowers permanently move out, vacate the … (30 comments)

reverse mortgages: Longwood Gardens Flowers & Comments on Reverse Mortgages - 8/1/11 - 07/31/11 10:43 PM
Longwood Gardens Flowers & Comments on Reverse Mortgages - 8/1/11
Reverse Mortgages:  Many age 62+ seniors do not have enough income to qualify for normal mortgage financing to refinance their homes or to purchase a more suitable residence.  In fact, the income of many seniors is too low to meet their basic needs.  Real estate professionals are advising those with substantial equity to consider reverse mortgage alternatives.
Reverse mortgages have no income or credit requirements and can be used to refinance the current residence or to purchase a more suitable home.  A simple solution for many is to sell that big old house … (24 comments)

reverse mortgages: REVERSE MORTGAGE MIAMI – Not Just for the Desperate - 01/26/11 01:29 AM

Phil Stevenson shares a story about the use of a reverse mortgage by one of his clients. With our growing population of senior citizens, every real estate professional should take the time to become educated on the use of reverse mortgages. Too many agents fail to recommend the product because of their lack of knowledge.

The colors of winter in Maryland. Life is good! 
This is a story about a Reverse Mortgage in Coral Gables, Miami, Florida…
Many believe that the Reverse Mortgage is for the poor, desperate, or those on the verge of foreclosure.  My grandfather feels the same … (2 comments)

reverse mortgages: Could a reverse mortgage help this buyer? - 01/21/11 05:49 AM
Could a reverse mortgage help this buyer?
The growing senior population has greatly increased the number of real estate transactions and the opportunities for real estate professionals in the senior market. The youngest buyer in case is 73 years old and owns a home that should net $700,000. There is no mortgage. They want to sell their present property and purchase a home with a more suitable floor plan as a new primary residence. The issue that bothers them is to have an adequate retirement income that will support their planned activities.
Fortunately, they live is a highly marketable area and … (37 comments)

reverse mortgages: Recession Pushing Maryland Retirees To Reverse Mortgages - 05/24/10 09:15 AM
Recession Pushing Maryland Retirees To Reverse Mortgages
Seniors need to know their options.
The retirement generation has been hit hard by the recession. Do not assume that the seniors among your family and friends are in sound financial condition. Please take time to check on the actual circumstances and offer advice or assistance when needed.
Interest rates have been very low and income from savings accounts has suffered. Investment portfolios of many are much reduced and dividend income has been less than expectations.  Mortgage underwriting restrictions have prevented many from taking advantage of the equity in their homes. Many seniors need to … (0 comments)

reverse mortgages: Would I Recommend the Reverse Mortgage to My Own Mother - 05/03/10 11:09 PM
 Would I Recommend the Reverse Mortgage to My Own Mother
 If we went back in time to the 60’s, 70’s, and early 80’s and you asked me, "Would you recommend this loan to your own Mother?", I would have said, “absolutely not”. Back then, the banks were retaining title to the property, equity sharing, and if the seniors stripped the equity in the homes and the values went backwards, they could be forced to move. Who would want that kind of loan for their mother?
A couple of years ago, my Mother called me with the million dollar question, “Mary, I’m … (5 comments)

reverse mortgages: Advice to Maryland seniors: Use your equity to avoid foreclosure - 04/23/10 08:42 AM
Advice to Maryland seniors: Use your equity to avoid foreclosure
Good information for seniors from loan officer Mary Andes. A reverse mortgage can be a lifeline to borrowers with lots of equity but limited income.
Every week I see seniors who are falling behind the eight ball for various heart breaking reasons. Many of these seniors should not be losing their homes or near losing their homes.  I met a 68 year old man a few weeks ago who lost his beloved wife to cancer. She had been suffering for over seven years and passed away in February. The man told … (7 comments)

reverse mortgages: Seniors are buying homes with reverse mortgages - 04/20/10 11:52 PM
 Seniors are buying homes with reverse mortgages
Thanks to Mary Andes for this post on ActiveRain.
 One day I decided to research what the largest growing market was going to be in the next 20 years. I came across a few articles and facts that astounded me. Here are a few:
According to the U.S. Census Bureau, “the number of Marylanders 65 or older is expected to double by 2030 to about 1.2 million, or nearly one of every 5 residents.” “Maryland is likely to become more crowded and a whole lot grayer over the next 25 years – a trend … (10 comments)

 


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