Reverse Mortgage Page is dedicated to helping retirees and seniors live in financial comfort. The goal is to educate about reverse mortgages and assist in the next step of speaking to a reverse mortgage lender. Please feel free to browse our site. Look into the reverse mortgage process to see if it might be right for you. If you feel it is, or simply want more reverse mortgage information, use our HUD approved reverse mortgage lender directory. We only associate with HUD approved reverse mortgage lenders. You can feel secure that the reverse mortgage lenders in our directory are registered and in good standing. This is the place to answer the question: What is a reverse mortgage? We make it our goal to educate you, as well as help you find the right reverse mortgage lender. In addition, unlike other places, we do not hide reverse mortgage disadvantages. Reverse mortgage information must include ALL the facts. Reverse Mortgages are not for everyone, but everyone 62 years or older should know what a reverse mortgage can do for them. Our educational learning series about senior finances will give you information about reverse mortgages and many other relevant topics. You can feel confident your information will never be sold or rented to any third-party. We merely help you find the right reverse mortgage lender for you, and have them contact you at no cost and with no obligation. You may use the reverse mortgage lender directory without submitting any information. Thank you for visiting Reverse Mortgage Page and, as always, we are delighted to hear your feedback.
July 15th, 2011
With some research and planning, a reverse mortgage can be a great option to help pay medical bills or other expenses for income-poor but home equity-rich seniors. Read the rest of this entry »
September 23rd, 2010
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.
June 29th, 2010
By AMY HOAK
Upfront fees on reverse mortgages have fallen substantially in recent months, giving homeowners interested in this product a new challenge: how to compare offers to find the best one.
June 24th, 2010
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.
April 4th, 2010
Reverse mortgage origination has been one of the bright spots in mortgage lending the last few years. While conventional mortgages have decreased in number, reverse mortgages have become more popular with an increase in origination every year. It is no surprise that a product that does not require income or credit is becoming more popular in the current increasing lending standard environment.
April 29th, 2009
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.
Here are few recommended articles about Reverse Mortgage to get you started. Our goal is educate you as well as help you find the right mortgage lender.
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