Straight Answers on Reverse

By
Mortgage and Lending with Fidelity Reverse Mortgage

Friday, June 20, 2008

Straight Answers on Reverse Mortgages

 

For many seniors retirement is a mixed blessing. On one hand it is time to enjoy family and friends, and enjoy living to the fullest. All too often people find themselves in need of extra income just to keep up with rising costs. A reverse mortgage can help many homeowners who are 62 or older live in their home comfortably by turning the equity in their home into extra cash or income.

Some typical questions regarding a reverse mortgage may be:

What are the benefits of a reverse mortgage?
A reverse mortgage provides easy access to the equity senior homeowners owners have in their home. There is no income or credit qualification and best of all no monthly mortgage payments are required during the life of the loan.

What are the borrower qualifications?
The borrower must be 62 or older and of course, own a home! A reverse mortgage allows a borrower to live in their home for as long as they use the home as a primary residence.

How much money can a borrower receive?
The amount a senior homeowner is eligible for depends on their age, the value of the home, current interest rates and the specific reverse mortgage product selected. Generally speaking, the older a borrower is, the greater the benefit (i.e. more money!) available.

How can the money be used?
Fund home repairs, pay off an existing mortgage, pay for medical expenses, purchase long-term care insurance, and establish a resource to help grandchildren and loved ones, go on vacation! The money can be used any way the borrower wishes!

Does the bank own my home?
No, this is a very common misconception; a reverse mortgage is merely a loan on the property that can be repaid at anytime with no prepayment penalty.

Will my children be against the idea?
No, experience has shown that many adult children see a reverse mortgage as a good decision for their parents. It provides the senior with independence and allows them to age in the home they love and raised their family.

For more straight answers to your questions, send me an email at tscabareti@aol.com. Posted by The Reverse Expert at 12:14 PM 0 comments

Comments (4)

Bill Kennedy
Keller Williams Realty - Greenville, SC
Homes For Sale Greenville SC

Welcome to Active Rain! This is a great site for learning as well as sharing.  Check out some blogs, join some groups, and have fun!  I look forward to reading some of your future posts.

Jun 20, 2008 01:55 PM
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Hello,

I would like to welcome you to Active Rain!

I hope to see more of your blogs in the future!

Educate us, learn from others and don't forget to have a little fun while you're at it!

Take care!

Jun 20, 2008 04:28 PM
Ted Mackel
Keller Williams Realty Simi Valley - Simi Valley, CA
Simi Valley Real Estate Agent

Welcome to ActiveRain. Congratulations on your first post. Get around and check out the community, you'll quickly figure out how to supercharge your blogging skills.

Jun 20, 2008 07:44 PM
Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here.  It is a great education and lot s of fun.  Looks like you're off to a great start...keep it up!

Jun 21, 2008 05:50 AM