Reverse Mortgage Quick Facts – Rate Zip Here are some fast facts to help. Reverse mortgages are available to many senior homeowners and the funds are yours to do with what you wish. Do I qualify? Age 62 or older The home you own must be your primary residence Have enough equity in the home to pay off existing mortgage (if applicable)
As the world continues to look at the Fed’s announcement. deals with buyers for its forward and reverse mortgage servicing and originations businesses. publicly traded real-estate investment trust.
That’s another reason to take a reverse mortgage with a line of credit sooner rather than later. Over many years, the line of credit can increase to far more than the original amount.
However, this isn’t necessarily true. Depending on your situation, you may have the need for a second reverse mortgage. According to Larry Waters, a senior reverse mortgage consultant at Resolute Bank in Maumee, Ohio, "People need to know that a reverse mortgage isn’t necessarily a one and done deal.
Things to Look Out For Cautions As with any financial transaction– be it a mortgage, a credit card or even a bank account– there are specific rules and obligations attached to reverse mortgages.
A reverse mortgage, or home equity conversion mortgage (HECM), is a special kind of loan that gives homeowners access to the equity in their home. These loans are usually given to older homeowners , allowing them to stop paying their monthly mortgage payments (if they haven’t already).
Here’s a look at some of the most common reasons a senior homeowner would want to take out a reverse mortgage: To pay off debt. – A reverse mortgage can provide you with additional monthly income, which is drawn from your home’s equity. That money can be used to pay off other debts that are becoming burdensome and making it difficult for you to afford your day to day living expenses.
But that can’t happen now, said Hopkins, who elaborated that new. mortgages aren’t for everyone. A boomer who wants to leave a generous inheritance to his kids may flinch at a reverse mortgage.
A second scenario would entail the sale of the marital home, with each ex-spouse using some of the sale proceeds to obtain a reverse mortgage to buy their respective new homes, according to Shelley Giordano, chair of the funding longevity task force, who was cited in the article. View the nine "surprising" ways to use a reverse mortgage.
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