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The Reverse Mortgage... What The Heck Is It Anyway?
If you are like most retired adults, you own a home but have very little else for .....
Are you 62 or older and own your own home? Then, you probably qualify for a reverse mortgage.
But, what the heck is it anyway? Well, if you still have a conventional mortgage ... or had one until you burned your loan papers ... this is simply the reverse of what you have or had.
A reverse mortgage is a loan against the equity in your home. But unlike a typical home equity loan, you never have to make loan payments during the term of the loan.
The loan is not due and payable until you no longer occupies the home as a principal residence. This usually means until you sell the home, move out permanently or die.
In the 1990s, dot-com mania swept the nation, and swelling investment portfolios were the toast of the .....
The amount of money you get from a reverse mortgage depends on your age at the time you apply for the loan, the type of reverse mortgage you choose, the value of your home, current interest rates and, sometimes, where you reside.
This is more information about details of reverse mortgages to help you best understand and how it can help you.
The costs associated with a reverse mortgage are similar to those with a conventional mortgage. This includes the origination fee, appraisal, inspection fees, title search and policy, mortgage insurance and other normal closing costs... all of which can be financed as part of the reverse mortgage loan.
Reverse annuity mortgages (RAM) were created to allow older
Americans to tap into the equity of their paid for or nearly
paid .....
The proceeds from a reverse mortgage do not affect your social security or Medicare benefits.
If you still have a balance on your conventional loan, it must be paid off as part of the application process for the reverse mortgage. This of course would eliminate your current monthly payment.
The most well-known and widely available reverse mortgage is the federally-insured Home Equity Conversion Mortgage (HECM). This loan is back by the U.S. Department of Housing and Urban Development and can be used for any purpose. It is generally offered by mortgage companies or banks.
Have you been planning to use a mortgage loan to buy a home? If
yes, I would appreciate .....
Don Adams is a 24 year veteran financial consultant who has helped hundreds of families solve a variety of money problems. More mortgage information is available at http://personal-finance-on-the-net.com.
Check out some the other pages on our wesite to find out more about details of reverse mortgages.
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