Reverse Mortgage

A reverse mortgage is a recent innovation in loans and lending. A reverse mortgage is something that can help seniors over 62. It eases their financial burden by giving them access to money they have built and accumulated as home equity. Lenders pay borrowers rather than the other way around. The amount is based on the property value minus the amount owed. This is beneficial to seniors to use for things like retirement, medical expenses, vehicle costs, home repairs, estate planning, education the grandkids and more.

A reverse mortgage is different from a normal mortgage as in order to obtain this kind of mortgage your current mortgage does not need to be paid off. It will be paid off according to the loan terms. In addition, no monthly payments. There are multiple ways to receive your money including in one lump sum, in monthly payments, as a line of credit or a combination of these methods.

Also, a reverse mortgage will not affect your social security or Medicare. It could affect your SSI. The qualifications are easy being credit, income based, and a repayment if you stay in the home for a long time. After death, the estate is not responsible for remaining payments. Each institution is different and some allow you to set aside a portion of the value of your home to pass to your estate. If you sell your home, you could use the money to pay off the mortgage.

You will need to do your homework and be informed when it comes to your housing. There are actually different types of mortgages and in this case, there are three main ones:

Single Purpose- for those with low-moderate incomes
Home Equity Conversion- backed by HUD and come with stipulations
Proprietary- companies that create them insure them

There are many factors like age, home value, location and interest rates that can affect your mortgage so you should consider contacting a loans officer. However, be careful because there are crooks out there who will take more then they should when it comes to your money! Ask friends and family.

Other sources other than friends and family, include the Internet. You want to make sure you get the best reverse mortgage leads and contact those over 62. Look for the value of the home and the time spent paying the loan. Find leads with significant equity. Let us face it to get a reverse mortgage they are in need of a lot of money for their specific needs. Search different sites and compare prices and terms. Find a reliable mortgage lead company and be confident that you will get the best reverse mortgage to suit your needs.

Reverse Mortgage News:

NATION:
With fixed incomes and increased living expenses, many senior citizens are turning to..

Reverse Mortgage Lenders Gear Up, Seek New Talent for 2012 - Reverse Mortgage Daily

Reverse Mortgage Lenders Gear Up, Seek New Talent for 2012
Reverse Mortgage Daily
In a continually changing industry, reverse mortgage lenders are gearing up for growth in 2012EUR”and they're staffing up accordingly. Openings from loan originators to branch managers and servicers are all up for grabs, so check out the following .

CNBC: Use Home Equity as Nest Egg for Retirement - Reverse Mortgage Daily

CNBC: Use Home Equity as Nest Egg for Retirement
Reverse Mortgage Daily
In these tough economic times, many retirees are looking for ways to guarantee income in their later years, and getting a reverse mortgage is one possibility, says a recent CNBC article. As the name implies, such loans work in the reverse order from a .

Q: I don't have a close relative and I'm now reaching age 90. I don't want to enter a nursing home. I own my home with a large equity. I have most of my cash used up, due to being wheelchair-bound with arthritis. I'm unable to walk and care for myself...

Delray Beach man gets 70 months in reverse mortgage scheme - Bizjournals.com

Delray Beach man gets 70 months in reverse mortgage scheme
Bizjournals.com
Louis Gendason, 42, a loan officer living in Delray Beach, was sentenced to 70 months in prison, five years of supervised release and ordered to pay more than $2 million in restitution for his role in a $2.5 million reverse mortgage scheme, .
Reverse Mortgage Fraud Nets 70-Month SentenceMortgage Daily

all 4 news articles »

Delray Beach man gets 70 months in
Louis Gendason, 42, a loan officer living in Delray Beach, was sentenced to 70 months in prison, five years of supervised release and ordered to pay more than $2 million in restitution for his role in a $2.5 million..

Urban Seeks Feeback on Proposed
Urban Financial Group notified its wholesale partners this week that it is seeking feedback on proposed financial assessment guidelines for its..

Reverse Mortgages Return
Lenders are quietly reviving a loan for seniors that helps them convert home equity into cash...

Spending and Saving Q&A | What is a reverse mortgage?
A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or take on additional monthly bills, according to the Federal Trade Commission...

Coming to terms: Reverse mortgages
With a reverse mortgage, a homeowner receives a lump sum or regular payments based on the equity of his or her home, usually to help fund...

Urban Seeks Feeback on Proposed Reverse Mortgage Financial Assessment Guidelines - Reverse Mortgage Daily

Urban Seeks Feeback on Proposed Reverse Mortgage Financial Assessment Guidelines
Reverse Mortgage Daily
Urban Financial Group notified its wholesale partners this week that it is seeking feedback on proposed financial assessment guidelines for its reverse mortgage borrowers. In a memo obtained by RMD, Urban outlined the draft of proposed guidelines for .

Amid Squeeze on Home Equity, A Revival for
Converting home equity into cash has been a challenge for homeowners since the real-estate downturn, but a growing number of lenders are quietly reviving a loan for seniors that does just that: the..

IMPORTANT: Bing News RSS feed has moved!

Go to the new RSS page and renew your subscription.

Q&A: Walking away from
QUESTION: I took out a..

Reverse mortgage vs. HELOC for extra cash?
Dear Dr. Don, We own a condo in Florida and a home in Pittsburgh. I just retired at 70 years old, and now money is very tight. Can I qualify for a reverse mortgage on one of my homes? As you know, selling real estate in this market is a problem...

Technorati Tags: Reverse Mortgage, What is a Reverse Mortgage?, Reverse Mortgage