By Grant W. Martin The popularity of the reverse mortgage in a given area depends upon the presence of a sizable senior population and a concentration of relatively valuable real estate. San Diego has both, and is an example of broader demographic shifts as revealed in the 2010 census. The census showed that citizens age [...]
By Christopher Beard Seniors seem to be gaining clarity of the purpose for a reverse mortgage with over 72,000 FHA Home Equity Conversion Mortgage loan units completed in 2010 and close to that for 2011 expected, which is low compared to 2006-2009 when the industry peaked. Industry wide changes are on the horizon for senior [...]
By Chris Beard The reverse mortgage is a kind of home loan that is rather unique. It allows the borrower to convert part of his home equity to cash. This means that you can actually be paid the equity you have accumulated on your home mortgage. This article looks at how a reverse mortgage may [...]
For many years, the reverse mortgage industry has been shrouded over cloud with many greedy lenders taking advantages of the gullible elderly persons. In other words, for long, reverse mortgage was relegated to the backseat. In recent times, however, the reverse mortgage industry has received a facelift with various renowned lending institutions entering into this [...]
By Juhani Tontti The myths are like gossips, which start from somewhere and live their own lives. Usually they sound like facts and are easy to understand. Unfortunately they cause a lot of trouble. This article presents some of most popular myths about reverse mortgages and the true facts. 1. Reverse Mortgage Lender Can Take [...]
By Lisa Marie Andrews Perhaps you want some extra cash, but don’t want to pull out a loan, there are many things you can do. You could get a part time job for some extra money, have a garage sale, or get a reverse mortgage. Just about everyone has heard about a mortgage, but there [...]
By Curtis L Horn 1. The Home Appraisal Value – One of the first things that reverse mortgage lenders will check before you can be approved for this type of loan is the home appraisal value. This value shows what your home is currently worth, and this must be determined before a loan amount can [...]
By Brittney Parks Reverse mortgages are a popular way for seniors to pay off their home loan, reduce debt, and supplement their income during retirement. The eligibility requirements for these loans are fairly simple. Borrowers must be at least 62 years of age, own an approved property, and have a substantial amount of equity in [...]
By Juhani Tontti It is generally known, that the HUD reverse mortgages claim in their terms, that the borrower has never to use his or her other assets to pay back the reverse loan. That the home selling price and the reverse mortgage insurance will cover the whole loan amount, always. However, there are three [...]
