A refinance transaction where the amount of money from the new loan is greater than the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens.

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A refinance transaction where the amount of money from the new loan is greater than the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens.

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Many people fear getting a reverse mortgage because it will tap into “the last reserve” they have – their home. This is a reasonable concern. If something goes wrong with the homeowner’s health, living in the home may not be an option. Moreover, if that homeowner is well into a reverse mortgage, and the majority of the equity has already been accessed, there can be a need to move into a smaller house or assisted living, and little cash to do it with.

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Many people fear getting a reverse mortgage because it will tap into “the last reserve” they have – their home. This is a reasonable concern. If something goes wrong with the homeowner’s health, living in the home may not be an option. Moreover, if that homeowner is well into a reverse mortgage, and the majority of the equity has already been accessed, there can be a need to move into a smaller house or assisted living, and little cash to do it with.

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A reverse mortgage calculator will show you how much cash you can get if you take out a reverse mortgage. The amount varies based on age, location (each county has a different 203-B limit), and house value/current payoff.

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A reverse mortgage calculator will show you how much cash you can get if you take out a reverse mortgage. The amount varies based on age, location (each county has a different 203-B limit), and house value/current payoff.

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If you are going to get a reverse mortgage, you first must know, and be comfortable with, the disadvantages of a reverse mortgage. With a traditional mortgage the borrower pays down the debt over a set term, usually 30 years. Conversely, with a reverse mortgage, the borrower builds up debt while they live in the home.

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If you are going to get a reverse mortgage, you first must know, and be comfortable with, the disadvantages of a reverse mortgage. With a traditional mortgage the borrower pays down the debt over a set term, usually 30 years. Conversely, with a reverse mortgage, the borrower builds up debt while they live in the home.

(more…)