Reverse Mortgage In Ct

Many people on fixed incomes are finding it difficult to make ends meet these days.  Increases in energy, food, transportation and other essentials are making it tougher every day.  For the elderly, increases in insurance, medical care and medication are making it nearly impossible for some to survive.  An increasing number of elderly are now turning towards their investments to make it through each month.  Reverse mortgages in Connecticut are now gaining consideration by elder living here, giving them access to the value locked up in their housing investment without needing to cash in the total investment.

A reverse mortgage is a special type of home loan that enables older homeowners, over 62, to covert a portion of the equity in his or her home into tax free income. The equity built up over years of home mortgage payments can be the largest single investment holding for most elderly individuals. These types of mortgages are unlike a traditional home equity loan or second mortgage, when a lump sum is provided and then repaid over time.  With a reverse mortgage, a lender makes payments to the borrower without giving up title, or selling the home.  Also the loan does not need to be repaid until the borrowers no longer use the home as their principal residence.

There are several ways that you can receive your cash from a reverse mortgage:
·      All at once, in a single lump sum of cash;
·      As a regular monthly cash advance;
·      As a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
·      As a combination of these payment methods.
No matter how the loan is distributed to the borrower, it typically does not need to be paid back to the lender until either both owners die or permanently move out of the home.

It is recommended that you meet with an independent reverse mortgage counselor before applying for the program.  The counselor can educate you about the reverse mortgage, alternatives and assisting in determining which product best fits your needs.  If you would like to receive more information concerning reverse mortgages in Connecticut, you should contact the Connecticut Housing Finance Authority at. You can also receive free information about reverse mortgages by calling AARP. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages, and decide if one is right for you!





Reverse Mortgage News:
Fed Says Reverse Mortgage Loans Pose Risks - ABC News

Problem Bank List (blog)
Fed Says Reverse Mortgage Loans Pose Risks
ABC News
WASHINGTON (Reuters) - The Federal Reserve and other top regulators said on Monday reverse mortgages pose "compliance and reputation risks" for lenders, .
Feds Proposed Mortgage Payment Disclosure For ConsumersWirl News Network
Fed Issues Final Rules on Unfair/Abusive Mtgs,Proposes OthersIMarketnews.com
Fed plans disclosure rules on mortgage paymentsPhiladelphia Inquirer
Mortgageorb -BusinessWeek -Housing Wire
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Reverse mortgages worth a look for some seniors - Oregonian
regional reverse mortgage manager for Wells Fargo Bank in Portland. "It was designed for retirement the rest of your life." The draw of reverse mortgages -- also known as Home Equity Conversion Mortgages or,..

Lincoln Appraisal & Settlement Services Teams Up With Live Well Financial to . - Earthtimes
a reverse mortgage company committed to offering competitive pricing, best-in-class service and hassle free underwriting since 2005. Headquartered in Richmond, VA , the mission of Live Well Financial is to serve the ...


Housing Crisis » Blog Archive » Reverse Mortgage
Reverse Home loan is something, which can enable an individual to withdraw the money from the bank in lump sum. You will find a number of banks out there where 1 can apply for that same. But prior to jumping into any choice concerning ...


Reverse Mortgage Home Loan Options Brings Cash To HomeownersEURHow Can A Reverse . - Red, White, and Blue Press (blog)

Reverse Mortgage Home Loan Options Brings Cash To HomeownersEURHow Can A Reverse .
Red, White, and Blue Press (blog)
A reverse mortgage is a particular type of loan which a homeowner can use to gain capital from equity in their home but they do not have to make repayments .

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UAE bank mortgage loans rise by Dh18bn in H1
UAE banks boosted mortgage credit by nearly Dh18 billion in the first half of 2010 to reverse a sharp slowdown through 2009 because of a downturn in the sector and a post-crisis lending tightness, official figures have shown...


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A construction crew lined the main road heading into Wilmington, Ohio, choking traffic and kicking up dust one August afternoon as workers rebuilt sidewalks in the late-summer heat...


Reverse mortgages: badly judged or just misunderstood?
The reverse mortgage market has faced a great deal of criticism over the years. Angela Faherty looks at the issues facing the sector and asks whether it can ever shake off its bad reputation...


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