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Reverse Mortgages

By
Mortgage and Lending with American Mortgage Professionals, INC

Due to unforseen increases in real estate taxes, cost of living and the cost of energy, seniors are facing larger bills than they had planned.  Add in the simple fact that many of them have had their pensions and/or retirement compromised, some seniors today are facing financial challenges.

There are a few options for the homeowners.  The one I would like to mention is called a Reverse Mortgage.

A Reverse Mortgage is a financial vehicle in which a homeowner can convert a portion of the equity in their home into immediate tax-free income.  As long as the individual or at least one of the couple (if a couple takes out the loan) remains in the home, there are no payments.  The loan is payed off when the home is no longer the primary residence of the homeowners (i.e. selling the home, homeowners pass away). The program is authorized and insured by the FHA and HUD.

To qualify for a Reverse Mortgage, the homeowners must be at least 62 years old and the home must be their primary residence.  There are no income or credit requirements.

In order to determine if this product is suited for you or your clients, please advise them to consult with a Reverse Mortgage Specialist.  All initial meetings and information should be free (i.e. there should be no application fee).  If they are not, move onto another Specialist.  

Sajjan Sharma (Reverse Mortgage Educator)

Comments (5)

Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
I have read about these. I have not met anyone who has used it.
Jul 25, 2007 06:24 AM
Sajjan Sharma
American Mortgage Professionals, INC - Lowell, MA
I can give you more details if you would like. They are gaining popularity. It's a great product for certain homeowners.
Jul 25, 2007 07:08 AM
Lacey D. Horton
LDH Services - Heath, TX
Certified Signing Agent Texas
Gita, I agree with Sajjan Reverse Mortgages are great for the right Person. 
Sep 11, 2007 04:57 AM
Ronald Gillis
Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL
CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

Absolutely, Reverse Mortgages are not for everyone, but so many can benefit.  To those that are so against it (like I was) LEARN all you can about them, I think you will find many good aspects of them these days. 

Signature

Sep 11, 2007 03:39 PM
Edward moloney
Edward Moloney Loan Officer GMH Mortgage Services - Holliston, MA
Loan Officer Providing 5 STAR SERVICE

Please get a great estate attorney involved if your going to do one and make sure if fits into your overall goals. If you need a great estate attorney in MA let me know

Sep 02, 2008 11:31 AM