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
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
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
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
DOWN SIZE WITH A REVERSE MORTGAGE, MOVE YOUR TAX BASE & TAKE A CAPITAL GAINS EXEMPTION? IT’S POSSIBLE. -A future trend for Southern California Boomers? For Boomers and Seniors living in other areas, two out of three isn’t bad either.
A future trend for Southern California Boomers? For Boomers and Seniors living in other areas, two out of three isn’t bad either.
The house is big, the kids are gone, you’re tired of maintaining the yard and you and your spouse only use half of the house. Could it be time to move and at the same time increase your retirement nest egg and cash flow?
As a consumer you want to be prudent and compare your reverse mortgage options. Even with internet access, it is difficult to know what all your options are. You can go down to your local bank and ask about reverse mortgages; unfortunately …..Details
Your parents have always been thrifty. They helped you through college and were very careful about saving for retirement, but lately you notice that they aren’t going out very often, they are very careful when they shop, they often complain about the high cost of fuel or their utility bills. Your parents are not alone.…Details