A reverse mortgage is a special type of mortgage available to borrowers 62 years old and older. Essentially it allows borrowers to turn equity into cash with no payments for the life of the loan. Proceeds are based upon, the value of your home, your age and the programs available.Details
Reverse Mortgages – They said I can never owe more than my home value, HUD clarifies what is true when your reverse mortgage comes due.
For years, reverse mortgage originators have been telling borrowers that reverse mortgages are “non-recourse”. They could never owe more than their house is worth at the time the loan is paid back. The Merriam-Webster Dictionary defines non-recourse as being or based on an agreement in which the lender has no right of recourse to the borrower’s assets beyond stated limits.Details
Read of an Arizona Couple’s Experience of doing a Reverse Mortgage with Angella Conrard over the Internet and Phone
WE ORIGINALLY LEARNED OF THIS OF TYPE OF MORTGAGE FROM A FINANCIAL ADVISOR ON THE”TODAY” SHOW, AND FROM THERE WE BEGAN TO LEARN ALL THE INS AND OUTS OF THEM. OUR FIRST CONTACT WITH A REVERSEDetails
I am often asked, “how long do my heirs have before they have to pay off the reverse mortgage?” A reverse mortgage becomes due when a “maturity event” occurs. In most cases this is either when the home is sold or the last borrower passes away. Each lender’s requirments are different. Here is what one lender had to say about repayment:Details
If you are a primary caregiver for a loved one, you are well aware of the daily stress and emotional and physical impact it can have on your health.
Susan learned this first hand when she and her husband, Tom, brought his Mom home to live with them. Mom suffered from dementia and had to be watched constantly. Susan found that when you become a caregiver, you start
The Department of Housing and Urban Development is recently issued a “Mortgagee Letter” regarding home purchases with reverse mortgages. Mortgagee Letters are the guidance system for lenders, borrowers & loan originators. They are memos concerning the clarifications, do’s & don’ts of HUD policies.Details
The National Care Planning Council has seen an increase in requests from caregiving children for help in solving disputes with siblings. In one case, the caregiver was being sued by her sister for abusing their parent and stealing the Social Security checks. In another, the caregiving child would not allow siblings to see their mother, claiming they would take advantage of her.Details
Purchasing a home in your retirement years just became easier for seniors looking to move, downsize or upsize with no credit score requirements or house payments for the life of the loan.Details
Considering a reverse mortgage? Here are some questions to ask your self first. It’s quoted time and time again; over 95% of seniors want to live the duration of their retirement years in their own homes. Often consumers will start their research on programs, costs and numbers.Details