On October 4th, 2010 the Federal Housing Administration (FHA) will offer a new HECM Saver Reverse Mortgage that will reduce fees for may senior borrowers. The tradeoff with the HECM Saver reverse mortgage is that with the lower fees less money will be available to borrow.

(more…)

On October 4th, 2010 the Federal Housing Administration (FHA) will offer a new HECM Saver Reverse Mortgage that will reduce fees for may senior borrowers. The tradeoff with the HECM Saver reverse mortgage is that with the lower fees less money will be available to borrow.

(more…)

Read about Reverse Mortgages pros and cons, and check out the resources provided below.

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.
• Loan advances are generally not taxable.
• 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 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.

(more…)

Read about Reverse Mortgages pros and cons, and check out the resources provided below.

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.
• Loan advances are generally not taxable.
• 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 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.

(more…)

You have come to this site to get more information about reverse mortgages.It is our job to give you some of the knowledge you need to make a decision and also to direct you to the right reverse mortgage lender.
First, what a reverse mortgage is NOT: (more…)

You have come to this site to get more information about reverse mortgages.It is our job to give you some of the knowledge you need to make a decision and also to direct you to the right reverse mortgage lender.
First, what a reverse mortgage is NOT: (more…)