Some homeowners have preconceived notions about reverse mortgage loans. For example, they fear that once they get their reverse mortgage the bank owns the home, or the bank takes their home when they pass away. Of course neither of these is true. Here’s what you need to know about what happens to your house during and at the end of a reverse mortgage.
Tuesday, May 9, 2017
WHAT HAPPENS TO MY HOME WHEN THE REVERSE MORTGAGE COMES DUE?
Some homeowners have preconceived notions about reverse mortgage loans. For example, they fear that once they get their reverse mortgage the bank owns the home, or the bank takes their home when they pass away. Of course neither of these is true. Here’s what you need to know about what happens to your house during and at the end of a reverse mortgage.
Wednesday, April 5, 2017
REVERSE MORTGAGE FAQ - WHAT YOU NEED TO KNOW ABOUT HECM REVERSE MORTGAGES
Reverse mortgages are the most misunderstood loan program in the market today. The FHA insured reverse mortgage, called the Home Equity Conversion Mortgage (HECM), is by far the most popular reverse mortgage.
Today, I want to shed some light on the HECM by answering a few of the most frequently asked questions about reverse mortgages.
What exactly is a HECM reverse mortgage?
HECM stands for home equity conversion mortgage and is the FHA (Federal Housing Authority), insured reverse mortgage program. It is specifically designed for homeowners age 62 and above, that allows you to convert a portion of the value of your home into tax-free money*, without having to sell the home, give up title or obligate yourself to a monthly mortgage payment. Read more on this article: http://bit.ly/2qhua3v
Friday, March 10, 2017
HOW A REVERSE MORTGAGE SPECIALIST INCREASES RETIREMENT SAVINGS AND INCOME
Based on a 2013 survey of the Board of Governors of the Federal Reserve System, around 31% of Americans said they had zero retirement savings and lacked a defined-benefit (DB) pension plan. Such a scenario is extremely stressful for people looking to retire by the time they hit their 60s.
To supplement retirement expenses, lenders formed reverse mortgages which are loans accessible to senior homeowners aged 62 years and above and which enable them to convert a portion of their home equity into cash. For the protection of both lenders and borrowers, the federal government has been improving reverse mortgage regulations to enhance sustainability and to guarantee that homeowners have the financial resources to meet their obligations.
Here's what you need to know about the role of a reverse mortgage specialist in boosting your retirement savings and income. Read more from this blog: http://bit.ly/2mLRtU0
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