By Robert E Jones What’s a Reverse Mortgage? • A government insured program that enables senior homeowners to convert a percentage of the homes equity into cash, while retaining ownership. Who is eligible? • Homeowners who are at least 62 years of age. • Properties include: Single Family Homes, Condos, Town Homes 1 to 4 [...]
By Matt Murren If you are in your golden years and are thinking about how you can have more cash coming in each month or perhaps purchasing a new home, this article is for you! The answer may lie be as simple as checking out reverse mortgages for seniors. The only qualifications you need are [...]
By Matt Murren It is sometimes hard to keep your farm running profitably. It may be costing you too much to keep the farm in top shape while at the same time try to make a profit. If the farm has been in your family for generations, you may not be willing to sell it [...]
Reverse mortgages are becoming popular in America. HUD’s Federal Housing Administration (FHA) created one of the first. The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many [...]
By John Mazzara Reverse mortgage is a loan especially for senior citizens of 62 years old and older. The purpose or reverse mortgage is to release them from the home equity in a big lump sum or in small multiple payments. This allows the home owner to keep the home title. To qualify for the [...]
By Matt Murren You are seriously considering retiring in the near future, but with today’s unpredictable economic times, you are wondering if this is a feasible option for you. If you are age 62 or older and you own your own home, there just might be a way for you to survive your “wonder years”! [...]
By Tim G Robbins The first major change that took place is the amount charge on the origination fees. Prior to the change the fee was 2% of the appraised value with no cap. Now it has been change to a maximum of $5,950 which relates to 2% of the first $200,000 and 1% of [...]
By John Mazzara Today it’s getting harder and harder for seniors to have the retirement that they want to have, but one option that is out there is a reverse home mortgage which can be a huge help to seniors who happen to own their own home. However, there are many people who have heard [...]
By Cheryl Hale Reverse Mortgages involve many of the same closing costs that you would pay for a home purchase or a refinance. Here is a breakdown of the typical closing costs for a reverse mortgage: Origination fee This covers the operating/overhead expenses for the lender. A portion of this is also paid to the [...]
By Steven Moline Reverse Mortgages are available in fixed interest rate and adjustable interest rate loans. How should a senior decide which is best for them? To get to the answer we’ll need to understand how a Reverse Mortgage works, but let’s start with a quick review of traditional ‘forward’ mortgages. When you purchased your [...]
