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Is a Reverse Mortgage Right for Me?

admin — Wed, 26 Nov 2008 08:51:29 +0000

These are the questions of so many interested in reverse mortgages …

Is a reverse mortgage … right for me?
Is a reverse mortgage the same thing as a home equity loan?
Is a reverse mortgage for people under the age of 62?
Is a reverse mortgage the best choice?
Is a reverse mortgage safe?
Is a reverse mortgage legal?
Is a reverse mortgage a good idea?

What is a reverse mortgage?

The answers to some of these questions vary … [....Read More]

For seniors, reverse borrowing can be a financial step forward

admin — Wed, 26 Nov 2008 08:50:51 +0000

By Paula Woessner

Used with permission. This article appeared in Issue 1, 2004, of Community Dividend, a publication of the Federal Reserve Bank of Minneapolis.”

In the not-too-distant past, senior homeowners who found themselves house rich and cash poor had limited options for improving their financial circumstances: take out a second mortgage, at sometimes costly rates, or sell the house. More and more, seniors are becoming aware of another choice. Reverse mortgages are designed to supply an income stream while … [....Read More]

Using a Reverse Mortgage to Purchase a Home

admin — Wed, 26 Nov 2008 08:49:54 +0000

by Byron Warnken

The Home Keeper® for Home Purchase is a proprietary mortgage product.Originally developed to suit the needs of individuals whose home values exceeded the HECM standard amounts, it has evolved into a product that individuals can actually use to purchase a home.

Generally speaking, this product is a reverse mortgage, and all the usual criteria of a reverse mortgage must be met.The borrowers must be 62 years of age or older (both borrowers if married and both are … [....Read More]

Reverse Mortgage Example #2

admin — Wed, 26 Nov 2008 08:49:20 +0000

Brenda, age 65, was absolutely sick of working.She had toyed with the idea of quitting for years, but decided she simply could not afford to live off social security and her small retirement account.The IRA and savings would be drained in less than a year without income.She was a secretary for an oil drilling company executive.Her boss was not a terrible boss, as bosses go.But he was certainly a boss, and Brenda wanted to be free of someone to answer … [....Read More]

Reverse Mortgage Example #1

admin — Wed, 26 Nov 2008 08:48:34 +0000

Helen, in late 2003, was about two years removed from losing her husband Edward. She had not handled the family finances and was overwhelmed when faced with dealing with bills, monthly income, mortgage payments, and savings. There was only about $8,000 in savings at the time of Ed’s death. Furthermore, Helen’s monthly income was about $1,600 and the mortgage payment remaining on the home was just under $800 per month.

Finances were, needless to say, tight. Her only son lived … [....Read More]