Reverse Mortgage Blog

Is a Reverse Mortgage Right for You?

InfoFanatic — Wed, 04 Mar 2009 17:34:31 +0000

There are many things to consider when deciding to do a reverse mortgage. There are definite positives and negatives that go along with this program. Some of the pros to consider are the fact that, if you spend your money wisely, you can live comfortably for the rest of your life off of this loan. Another positive about a reverse mortgage is that you will not be asked to make a monthly payment or to repay the loan at all until the time comes when you must sell your house. At that time, the loan amount will be paid back from the house sale. A big negative is that, with a reverse mortgage, you are losing the opportunity to leave your heirs a significant amount of money for an inheritance. Taking out a smaller amount instead of 100% of your home equity will at least leave your children or grandchildren some sort of inheritance.

Is it a Smart Move to Take Out a Reversed Mortgage?

InfoFanatic — Tue, 03 Mar 2009 19:33:09 +0000

In today’s economic crisis, many people approaching their retirement have found that they have lost a significant amount, or in some cases, all of their investments. This leaves many seniors wondering how they will live once they retire and will leave many with the obligation to return to work after working so hard to retire at a certain age. You may be in luck, however. Doing a reversed mortgage on the equity of your house allows you to borrow up to 100% of your home’s equity without the worry of making a monthly payment like in other home equity loans. You are only required to pay back the loan when you decide to sell your house. A reversed mortgage gives you the freedom to enjoy your retirement to the fullest without the stress of strain of trying to figure out how you will get a source of income.

The Rules for a Florida Reverse Mortgage

InfoFanatic — Mon, 02 Mar 2009 17:31:55 +0000

You can receive a great Florida reverse mortgage through many companies in the area. Companies in Florida offer the highest level of customer service to tend to their clients every need when you are applying for a reverse mortgage. These mortgages are for seniors over the age of 62 years old who want to address their financial needs without the worry of making a monthly payment. If your home is entirely paid off and everyone on the deed is over 62 years of age, you can qualify to receive any amount you desire up to the total amount your home is worth. This gives seniors the freedom to live out their retirement in Florida to the fullest extent of relaxation!

Seniors, Beware of Reverse Mortgage Scam

InfoFanatic — Sun, 01 Mar 2009 19:30:46 +0000

When you are deciding whether or not to get a reverse mortgage, the most important thing to remember is that you do not have to pay back one penny or be charged any monthly fee or payment until the time comes when you decide to sell your home. Do not be fooled by so-called “reputable” companies who tell you that you can get a large sum of money from your home’s equity with just a small monthly payment of X amount. Right then and there, you should know that this is a reverse mortgage scam. Senior citizens are the most often targeted group for scam artists to prey on. Senior citizens are naïve and trusting, many times to their own demise. If you are considering a reverse mortgage, bring someone with you who is knowledgeable and who will keep your best interests at heart.

The Skinny on Jumbo Reverse Mortgages

InfoFanatic — Sat, 28 Feb 2009 12:29:30 +0000

Many people over the age of 62 years old decide to get a jumbo reverse mortgage. This is for many reasons. With today’s economy, many retirees have lost a significant amount of their retirement funds through bad investments, leaving them little or no money to live on. That is when a reverse mortgage can help you. If you own your home outright and everyone on the deed is over the age of 62 years old, you can qualify to borrow from 1%-100% of your home value. You will not make any payments during your lifetime, unless you sell your home, at which time the bank will take what is owed on the loan amount from the sale of your house.

Information on Reverse Mortgages

InfoFanatic — Fri, 27 Feb 2009 19:27:08 +0000

Deciding whether or not to get a reverse mortgage after you have turned 62 years old is not an easy decision. Many people desire to leave the equity in their homes for inheritance purposes for their children or grandchildren. If, however, you have saved up quite a bit in your savings, but would like a little extra cash to help supplement your monthly income, consider taking out a smaller reverse mortgage. While it is true that you can borrow the entire amount of your home’s equity, you can also borrow a smaller amount to apply towards a luxury vacation, to pay off some bills or any other reason. You will not be required to pay back this loan until the event of your death, or when you must sell your home, whichever comes first. Getting all the needed information on reverse mortgages from a reputable lender is where you should start.

Consulting with a Reverse Mortgage Specialist

InfoFanatic — Thu, 26 Feb 2009 16:25:42 +0000

If you are considering taking out reverse mortgage, you should receive some counseling from your lender first. A reverse mortgage specialist is there to help you decide whether or not receiving a reverse mortgage is the wisest choice for you. If after you have consulted with your specialist, you decide to move forward with your decision; your counselor will help you to determine the amount you should consider taking out. If you have a fairly significant nest egg already saved but would like to have some extra cash on hand for other things, you should take out a smaller amount. If, however, your nest egg is small or non-existent, you can borrow a much larger amount. Talking to a reverse mortgage specialist will help you to know if you are making the right decisions regarding your future.

Is a Jumbo Reverse Mortgage Right for You?

InfoFanatic — Wed, 25 Feb 2009 17:24:13 +0000

There are many things you should consider when taking out a reverse mortgage. Many seniors over the age of 62 years old have not built up enough in their nest egg to comfortably live for the rest of their lives. In cases such as that, they sometimes turn to a reverse mortgage. With a reverse mortgage, if your home is owned free and clear, you are allowed to borrow up to 100% of your home’s equity. This is called a Jumbo reverse mortgage. When you do a jumbo loan such as this, you should bare in mind that once you are required to pay back the loan (such as when you must sell the house or you pass away), there may not be a dollar to give back to your children or grandchildren for an inheritance. A Jumbo loan will certainly help you breath easy and live life without financial stress or strain.

Info from the National Reverse Mortgage Lenders Association

InfoFanatic — Tue, 24 Feb 2009 10:22:38 +0000

If you approaching retirement and are interested in learning more about obtaining a reverse mortgage, you should contact the National Reverse Mortgage Lenders Association. The NRMLA is there to answer any questions or address any concerns you may have about getting a reverse mortgage. Basically, this program serves as an educational site to inform potential applicants about the pros and cons of receiving a reversed mortgage. It is their goal to help seniors ease the stress of the unpredictability that accompanies many people after they retire. These loans are designed to give seniors some breathing room and allow them to enjoy their golden years without the stress of money obligations.

Are Reverse Mortgages Smart for Seniors?

InfoFanatic — Mon, 23 Feb 2009 19:21:03 +0000

When people hit the age of retirement, many of them do not have a sufficient nest egg set aside to support them once they are done working. Reverse mortgages for seniors is a way to borrow money against your home and not be forced to make any payments toward your loan until you need to sell your house. Getting this large amount of cash (up to 100% of your home amount) will give you the extra funding you need to enjoy your retirement. You can use this money for living purposes, travel or other investments. When you pass away or sell your home, the lender will take the amount borrowed back from the sale.