For many people a reverse mortgage is a very useful tool. It can pay off current mortgages thus relieving the home owner of the monthly mortgage payment. Of course, the taxes and insurance must still be paid, and the property maintained. The reverse mortgage can also be used to tap the equity that has built up in …
It is important in many cases for children of a reverse mortgage borrower to have a clear understanding of how the “HECM” loan may or may not affect them. First and foremost, children and heirs will not owe more than the home value when sold. A misconception that many children have when the find out that their …
What Children Should Know About The Reverse Mortgage Read More »
So, you’re considering a reverse mortgage. It is always wise to fully understand the main elements of the “HECM” loan. In making your financial decision, you have learned about the requirements to obtain a reverse mortgage. You may also have looked into some financial alternatives. Well, you have decided that the reverse mortgage fits your present and …
With the Reverse Mortgage (HECM loan) not all of the homes equity is allowed to be borrowed. Depending on the age of the youngest borrower the reverse mortgage taps approximately 50% of the equity of the home. In some cases the remaining equity reserve diminishes over time. However, there are many cases in which the equity reserve …
If I take out a reverse mortgage, does the bank or lender own my home? This is one of the most common questions borrowers ask when considering a reverse mortgage. NO! When you take out a reverse mortgage, the title to your home remains with the you. Most reverse mortgages are Home Equity Conversion mortgages (HECMs). FHA, …
Even though you have been responsible during your working years, and have been a prudent investor, your current investments may not last as long as you had anticipated. As an investor, you have experienced many ups and downs in the market. Not always, but sometimes a reverse mortgage may provide a means of extending the …
“Thank You” This is the type of card that I have received several times from customers whom I have assisted in obtaining a reverse mortgage. The last card was from a couple that was living in a modular home in a 55 and older community. They were both active in their church and as they got …
Home Equity Conversion mortgages are most popularly set up as credit lines. The most common option is to structure these credit lines with a once-per-year annual rate adjustment. An adjustable rate mortgage or “ARM” is a loan with an interest rate applied to the outstanding balance that varies with market conditions during the life of …
