sábado, 22 de outubro de 2011
Videos
Reverse Mortgage
What is a HECM Reverse Mortgage and How does it work!
Is my home eligible for a Reverse Mortgage
Reverse Mortgage appraisal
Who qualifies for a Reverse Mortgage
Reverse Mortgage is tax free and does not affect social security or Medicare
Reverse Mortgage fees and closing costs
Reverse Mortgage heirs
quarta-feira, 19 de outubro de 2011
quarta-feira, 12 de outubro de 2011
Reverse Mortgage? How they work?
Introduction to Reverse Mortgages
What is a reverse mortgage - a government insured home mortgage loan specifically designed for seniors who want/need to release equity from their home.
Who Can Qualify For a Reverse Mortgage
§ must be at least 62 or older
§ own a home ( primary residence )
§ have equity in the home
§ never have defaulted on government debt
§ keep ownership of the property
§ never have another mortgage payment
§ income is tax free ( proceeds/funds you receive are tax free)
§ select how you want to receive your income ( monthly, lump sum, both)
§ you can sell home at any time
§ you can leave home for heirs
§ you are not at risk for foreclosures ( you have to pay for maintenance, taxes, and home insurance as this could lead to a technical foreclosure)
“Now that you have been introduced to the HECM reverse mortgage definition, qualification process, we can cover how does a reverse mortgage work!”
This is a loan, therefore when both borrowers pass away or move homes they will pay the loan back, also there are closing costs associated with this mortgage, but by using our free service to compare multiple lenders this wont be a disadvantage.
Rhe reverse mortgage allows you to tap into your homes equity, this money is tax free and you can spend it as you wish. This is the only mortgage which is senior friendly as it does not require you to have income or credit scores.
To find out how much you can receive visit: Reverse Mortgage Calculator
To find out more visit Reverse Mortgage Information
sexta-feira, 7 de outubro de 2011
Pros and Cons!
The upsides of reverse mortgages
§ You can choose how to receive the money: fixed monthly payment, lump sum, line of credit or some combination of these options.
§ Income from reverse mortgage generally does not affect Social Security or Medicare benefits.
§ If you “outlive the loan,” meaning you receive more in payments than your home is worth, you will never owe more than the value of the home, according to the Federal Trade Commission, or FTC.
§ Most loans do not have income requirements.
§ Homeowner retains title to home.
§ No payments are due until last surviving borrower dies, sells home or no longer lives in home as primary residence.
§ HECM Reverse Mortgage programs allow borrower to live in nursing home or other medical facility for up to 12 months before loan becomes due.
§ After the home is sold and the loan and fees are paid to the lender, any remaining equity in the home belongs to you or your heirs.
The downsides of reverse mortgages
§ Borrowers must be at least 62 years old to qualify.
§ Lenders generally charge origination fees and other closing costs.
§ Lenders require free debt counseling prior to loan application.
§ Lenders may charge servicing fees during term of the mortgage.
§ Debt increases over time as interest is charged to outstanding balance of loan.
§ Most loans have variable interest rates tied to short-term indexes, such as the one-year Treasury bill or LIBOR. Fixed Rate Loans are available.
§ As home equity is used up, fewer assets are available to leave to heirs.
§ Interest is not tax deductible until the loan is paid off.
§ Borrowers are responsible for paying taxes, homeowners insurance, maintenance costs and other expenses. If they don’t, the loan may become due.
In addition, you can never owe more than the value of your home. Even if you have been paid more than your home is worth, you can only owe the value of your home. When the loan comes due, you or your heirs can either pay off the loan with existing funds or sell the house in order to satisfy the loan. Excess proceeds from the sale go to your or your estate. If you still have doubts, check this: Reverse Mortgage Lenders Direct
Reverse Mortgage? How they work?
Introduction to Reverse Mortgages
What is a reverse mortgage - a government insured home mortgage loan specifically designed for seniors who want/need to release equity from their home.
Who Can Qualify For a Reverse Mortgage
§ own a home (Primary Residence)
§ have equity in the home
§ never have defaulted on government debt
§ keep ownership of the property
§ never have another mortgage payment
§ income is tax free ( proceeds/funds you receive are tax free)
§ select how you want to receive your income ( monthly, lump sum, both)
§ you can sell home at any time
§ you can leave home for heirs
§ you are not at risk for foreclosures ( you have to pay for maintenance, taxes, and home insurance as this could lead to a technical foreclosure)
“Now that you have been introduced to the HECM reverse mortgage definition, qualification process, we can cover how does a reverse mortgage work!”
This is a loan, therefore when both borrowers pass away or move homes they will pay the loan back, also there are closing costs associated with this mortgage, but by using our free service to compare multiple lenders this wont be a disadvantage. Check out Reverse Mortgage Loans!
Rhe reverse mortgage allows you to tap into your homes equity, this money is tax free and you can spend it as you wish. This is the only mortgage which is senior friendly as it does not require you to have income or credit scores.
To find out how much you can receive visit: Reverse Mortgage Calculator
To find out more visit Reverse Mortgage Information
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