Category Archives: Reverse Mortgage

The Big Reverse Mortgage Question: Should I Stay Or Should I Sell?

With a reverse mortgage, seniors are able to stay in their homes for as long as they wish without having to sell their home or take on new monthly mortgage payment. Seniors will never under any circumstances resulting from reverse mortgages, be forced to leave their homes providing they make their real estate property tax and insurance payments and keep the home in reasonable condition.

Also, unlike other retirement tools or conventional loans, there is no income qualification with a reverse mortgage. Borrowers are not required to make monthly mortgage payments on a reverse mortgage throughout the life of the loan. The loan becomes repayable when the last borrower on title sells the home or permanently moves out. In addition, the repayments amount will not exceed the fair market value of the home.

Many homeowners become interested in reverse mortgages so they can pay off their existing mortgages, equity loans and high interest credit cards. Selling and moving elsewhere are generally not very appealing to most seniors. In fact, most senior adults prefer to enjoy their retirement in the comfort of their home.

Unfortunately, seniors often find that unexpected emergencies, rising debt and medical conditions make staying in the home difficult. For seniors living on a fixed income, unexpected and rising costs can be financially crippling. Often seniors are forced to lower their standard of living or sell their home. Fortunately, with a reverse mortgage seniors are able to supplement their retirement income and remain in their home for life.

The single best way to evaluate a reverse mortgage is to compare it to what may be your only real option: selling your home and using the proceeds to buy or rent a new home. Do you know:

How much cash you could get by selling your home?

* What it would cost you to buy (and maintain) or rent a new home?
* How much money you could safely earn on any money left over after you buy a new home?
* Have you recently looked into buying a less costly home, renting an apartment, or moving into assisted living or other alternative housing?

Until you have seen and considered other housing options, how do you know that another housing choice wouldn’t be better for you than a reverse mortgage? For you own peace of mind, look into what else might be available. It doesn’t hurt to explore all your options before making a decision.

Most likely you will come to one of two conclusions:

* You may find another housing option that is a lot more attractive than you thought; or
* You may confirm what you were fairly certain of all along: that where you live now is the best place for you to be.

No matter what you conclude, you will have a much better idea of the overall costs – and benefits – of staying versus moving. That will give you a better sense of what is most important to you. And then it should be easier for you to evaluate the costs and benefits of a reverse mortgage.

Kaye Reverse takes care of Reverse Mortgages for its many senior clients in Michigan. To see if a reverse mortgage is right for you and you are a Michigan homeowner log onto: http://www.kayereverse.com/dvd.html and get the FREE DVD.

AAG – Tom Selleck – Reverse Mortgage Loan Commercial

< object kind="application/x-shockwave-flash" style="size:425 px; elevation:355 px;" data ="// www.youtube.com/v/E1eIIQ6s_u0?color2=FBE9EC&version=3&modestbranding=1" >< param name="film" worth ="// www.youtube.com/v/E1eIIQ6s_u0?color2=FBE9EC&version=3&modestbranding=1"/ > American Advisors Group (AAG), the leading reverse mortgage loan provider introduced the premiere of its new television business project starring the firm’s new nationwide spokesperson, Emmy and Golden Globe acclaimed star Tom Selleck.
For additional information regarding American Advisors Team, see: https://www.aag.com
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How Does A Reverse Mortgage Work? Steps To Getting A Reverse Mortgage

reverse mortgage
by Net Archive Book Images 1. Recognition Homeowner

learns more about reverse home loans from a news write-up, promotion, word of mouth and so on 2. Upfront Education Homeowner calls a reverse home mortgage loan provider to get more information about reverse home loan programs. Ask for a reverse home mortgage calculator or total cost-free, no responsibility analysis from Kaye Financial. 3. Counseling House owners seek counseling from a regional HUD authorized counseling agency, or a national therapy company, such as AARP(800-209-8085 )Finance International (MMI, 877-908-2227) or National Structure for Credit rating Therapy(866-698-6322 ). Therapy is required for all reverse mortgages as well as is carried out by telephone. By regulation a therapist have to examine(1)alternatives other than a reverse home mortgage that might be readily available to the prospective debtor, including real estate, social solutions, health and wellness and also financial alternatives(2)other home equity conversion choices that are or may appear to the possible debtors such as real estate tax deferments (3) the economic implications of participating in a reverse home mortgage and also( 4)the tax repercussions influencing the debtor’s qualification under state of federal programs as well as the impact on the estate for his/her heirs. 4. Application/Disclosure Property owner submits a lending application and selects a layaway plan, whether fixed monthly payments, swelling sum repayment, line of credit rating, or a

combination of these. Lender

discloses to house owner the estimated overall expense of the funding as called for by the federal fact in Providing act. House owner provides loan provider with needed info, consisting of verification of Social Safety and security number, duplicate of deed to house, details on any type of current home mortgage(s )and also counseling certificate. 5. Handling Loan provider orders an appraisal, which the home owners pays for, to put a value on the house. The evaluator sees to it the physical problem of the property satisfies the FHA standards.

If any type of architectural problems are discovered, the property owner has to hire a professional to finish the fixings after the reverse home mortgage closes. 6. Financing After getting all pertinent details as well as data, lender finalizes funding criteria with property owner( i.e., determining settlement choice, frequency of car loan rate of interest changes)and sends financing package for final approval. It can take anywhere from 4-8 weeks( sometimes quicker, sometimes longer)to finance a funding package. 7. Closing If the loan plan is authorized, closing(signing)of car loan is scheduled. Rates of interest are calculated. Closing papers and final numbers are prepared. Closing prices are typically financed as component of the car loan. Lender or title business has house owner sign the

financing documents

. 8. Disbursement Property owner has 3 business days after authorizing papers in which to terminate the car loan. After expiration of this duration, the finance funds are paid out. Property owner accesses the funds in the form of settlement choice picked. Any type of existing financial debt on the home is paid off. A new lien is laced on the residence. The home owner could utilize the financing proceeds for any kind of objective. The car loan” servicer “handles the account and also is accountable for disbursing regular monthly repayments to the home owner (if this option is chosen), advancing line of credit scores funds after demand, collecting any type of settlements on the line of credit history, and also sending out routine statements. 9. Settlement House owner doesn’t make any kind of month-to-month settlements throughout the life of the lending. The funding is paid back when the homeowner discontinues to inhabit the house as a primary house. The financing could be settled by the homeowner or the heirs/estate, with or without a sale of the home. The settlement obligation can not surpass the residence’s value or sales

price. Kaye Opposite deals with Reverse Home mortgages for its lots of elderly clients in Michigan. To see if a reverse home loan is ideal for you and you are a Michigan home owner log onto: http://www.kayereverse.com/dvd.html as well as obtain the FREE DVD.

Future Jimmy Kimmel for the Reverse Reverse Mortgage

Years from now, you’ll see Jimmy on cable performing the kinds of advertisements you merely see on cable television. You know how Tom Selleck does those reverse real estate loan commercials? Well three decades from now, we will require a unique Tom Selleck and that will be Jimmy. Please focus on this crucial message from future Jimmy.

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Future Jimmy Kimmel for Reverse Reverse Home Loan

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Reverse Mortgage Pros and Cons – Is a Reverse Mortgage Right For You?

Request a Reverse Home Loan Testing:https://reversemortgage.wufoo.com/forms/qj5tbxt13pat96/

Hi! i am Deborah Nance and after this i will explore the advantages & Cons of a reverse home loan.

Which do you wish to hear very first?……. Okay we’ll review the cons initially… the downsides.

The very first damaging is the fact that whenever an image with a reverse mortgage dies, the heirs will inherit a property with a lien upon it. A lien that should paid down within half a year! (Heirs can additionally get two 90 day extensions to reward) therefore, in case it is crucially crucial that you you to definitely leave the kids a house that is free and clear. You will need to discover another solution besides a reverse mortgage. Alternatively should you believe like you’ve provided for your kids by increasing all of them and training them to be independent, honest and hardworking and additionally they never anticipate or would like you to go out of them your home free and clear. Then a reverse home loan may indeed meet your needs.

The next negative is Closing costs! A reverse home loan features finishing expenses in addition they can be more versus closing costs on a traditional home loan. So… It is very important evaluate lenders and obtain the most effective rates and fees.

Next bad is that the balance on a reverse mortgage grows eventually. Could owe more on the home in decade than you are doing following the very first year. The only method to stay away from it is to produce repayments regarding reverse mortgage. (yes you can make repayments on a reverse if you would like) though most never ever do.

If you spend all for the money from your reverse home loan as well as the balance develops, some time if you’re REALLY old, you may become unwell and require money. For those who have used up most of the resources inside reverse mortgage, exactly what options are you going to have to get more cash? You might be able in which you need to offer and you won’t recieve just as much from sale of your property had you won’t ever finished the reverse mortgage.

The pros – the largest pro of most is that you don’t previously need to make home loan repayments on a reverse. You can easily if you wish, however it is never ever needed. If you utilized the reverse home loan to payoff your mortgage, you simply enhanced your hard earned money movement! Consider – forget about mortgage payments – EVER. This “raise” will free up cash as possible placed into savings for future problems and may also provide you with additional money from the reverse home loan it self in the shape of a credit line or monthly payments to you personally.

Another positive could be the Credit Line Growth. A reverse mortgage credit line grows over time! This really is an excellent feature for the reverse mortgage. In the event that you choose the line of credit option on a reverse home loan the lending company can’t stop your line of credit simply because residence values fall. Actually the line of credit develops with time at a consistent level add up to the loan price plus 1.25%. This could be a large benefit down the road, particularly if you try to avoid withdrawing resources through the line of credit and merely allow that line of credit grow and grow. Over time you’ll have access to even more money. In the event that you not have and crisis nor need to previously use the funds from personal credit line, you then have not borrowed those resources along with your heirs could have a much reduced balance to payoff if they inherit your property.

A reverse mortgage could be a good device for pension but it’s maybe not for everybody. If you would like to explore the benefits and feasible disadvantages to a reverse mortgage inside your life kindly provide me personally a telephone call or click on the “Request a Reverse Mortgage Analysis” connect the following and complete the easy type – i shall email you a personalized reverse mortgage quote.
The postings and opinions on this site are my very own nor fundamentally represent the career of my company.
Deborah Nance, NMLS#202003 Equal Housing Lender
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