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| - | 1. The Reverse Mortgage lender will possess your home - FALSE! You and your family or your estate will keep on retaining ownership of your home at all time that the reverse mortgage is in place. The Lender does not take command of the title. The lender's interest is restricted to the outstanding loan balance, just like an accustomed mortgage. Reverse Mortgage Information Regarding The Hecm Options Available To Seniors When a reverse mortgage is established, the homeowner has a choice of receiving the loan in monthly installments, a lump sum payment, a line of credit account, where money can be drawn from as needed, or any combination of the three. After the owner dies or moves out, the lender takes ownership of the property unless the owner or heirs repay the loan. Some homeowners have chosen to sell the property and pay off the loan with the profits. If the homeowner lives in the property until death, the value of their estate is reduced by the amount owed in the loan, and if the property is sold for more than the amount owed, the excess money goes to the homeowner's estate. Qualifications and Conditions of a Reverse Mortgage [url=http://printphotoscheap.com]national reverse mortgage lenders association[/url] The whole loan plus interests and all the costs will be paid back, at the closing of the loan. So, what you have paid as a normal mortgage, you use in the form of a senior reverse mortgage. The idea is, that you can keep about the same standard of living than during your active days with this new loan. The amount of the senior reverse mortgage varies according to your age, the value of the home, current interest rates and the loan fees. Everything Christian ~ The God Of The Bible Group The total loan is due only when you no longer reside in the home. | + | The Reverse Mortgage of Texas is a company legally mandated by the laws of the state of Texas to provide reverse mortgage services for seniors. The company knows what is required of it by the laws established in the state and seeks to provide the best services to its clientele, in this case senior residents of this massive state. While most seniors looking for these services qualify for loans, which range between US$50,000-100,000, the truth is that it all depends on the appraised value of the piece of property. This company seeks to give seniors the best rates in the market. Reverse mortgages are an increasingly popular method for older Americans to convert the equity that they have in their home into cash that they can use for practically any purpose. However there are some reverse mortgage pitfalls you must take in consideration, which we will discuss further in this article. What makes these mortgages particularly attractive to many homeowners is that the money loaned on the value of their home doesn't have to be repaid in monthly installments. Additionally, the homeowner can remain in the home as long as they wish with no rent or mortgage payments. In fact, the loan doesn't have to be repaid at all unless the borrower moves from the home or dies. Upon death, the loan is repaid from the sale of the house. For many people, a reverse mortgage will seem more desirable than a conventional home equity load with its fixed repayment schedule. Many seniors in the United states are taking advantage of a relatively new way to increase their retirement income. This new program takes the equity you have built in your house over the years of paying your mortgage and turns that into retirement income. This new program is called a reverse mortgage. In a simplified explanation a reverse mortgage changes the equity of a borrowers home into liquid attainable proceeds. The way to access that money comes in several different ways and is not covered in the scope of this article. So the first question that should be asked is, do I qualify for this program? Listed below are the 4 criteria potential borrowers have to pass to be eligible for qualification of a reverse mortgage. 1. Potential borrowers must be at least 62 years old. If you are married and both spouses are on the title of the property both of you have to be over 62. You can't average the age to qualify so if one spouse is 68 and on is 60 you can't be on the reverse mortgage. The age of the borrower is a critical factor in how large the loan can be. The amount of money you receive is based on your life expectancy so the older you are the more money you can receive. If you are both 62 you will qualify for the smallest amount of money because the lender will expect you to be getting it for a long period of time. 2. Borrowers must actually own the home and use it as their primary residence. You must live in the house for at least 6 months of the year. there are now programs for second homes but the amount of money is going to be less because the risk to the lender is more. These reverse mortgages are called proprietary since they aren't insured by HUD. Certain types of homes are ineligible; they include some manufactured homes, cooperatives and most mobile homes. The condition of the home and where it is located can also affect the reverse mortgage qualification. 3. The Department of Housing and Urban Development (HUD) has some basic property standards that have to be met in order to qualify for a reverse mortgage. For instance you need to have a well that is separate of the foundation of the house. Deferred maintenance (things that need to be fixed on the house like windows, siding, or shingles) has to be fixed before closing or the money from the closing must get the work done. 4. The last requirement is that you take the time to discuss a reverse mortgage with a HUD approved counselor. This counselor is supposed to be a non biased individual that can discuss the reverse mortgage, answer any questions you have, and give you other options. For instance if you need a reverse mortgage for paying property taxes many states have a program to help out low income families pay for them. There are a lot of government programs available which may help ease your financial troubles other than a reverse mortgage. If you think a reverse mortgage is the best option for you counseling needs to be done before you can even get an approval for a reverse mortgage. The reverse mortgage amount will be determined by the age of the youngest borrower, current interest rates, and the appraised value of your home or FHA lending limits. Typically, high age, low interest rates, and high home value will mean a larger loan that you can get. The higher the loan amount the more cash you have access too. Remember that the reverse mortgage has to be in the first lien position so if you have a current mortgage, it must be paid off with loan proceeds. The best part about a reverse mortgage is that it does not have to be repaid as long as the borrower still occupies the home as their primary residence. When the home is sold, the mortgage lender will receive the principal of the loan as well as any interest accrued. Any remaining funds will go to the borrower or their survivors, but it is important to note that borrowers will never owe more than the value of the home. This has been an explanation of the 4 qualifications of obtaining a reverse mortgage. if you feel you need more information got ot my website at [url=http://productprocessdevelopment.com]reverse mortgage[/url] The biggest advantage of a reverse mortgages is not having to make payments as long as you continue living in your home. In fact, this is the number one reason that seniors choose to borrow reverse mortgages. Almost 80% of reverse mortgage borrowers use a reverse mortgage to pay off their current loans in order to eliminate their house payments. Let's say you owe $50,000 on your first mortgage and borrow $80,000 with a reverse mortgage. This would pay off and eliminate the payment on the first mortgage and provide you with $30,000 to use as you please. Once these requirements are completed, the individual is certified for up to three years. After that he will need to take an additional 12 hour of continuing education classes if he wishes to remain certified. While there are several reverse mortgage disadvantages to consider, these loans offer seniors many important benefits. For many seniors, their retirement income is not enough to comfortably cover all of their expenses. Getting a reverse mortgage will eliminate borrowers mortgage payments and, in many cases, will also provide them with additional cash. Seniors can use this cash to add to their savings, pay off high-interest debts or afford important medical care. Since borrowers get to defer payment until they move, die or sell their home, getting a reverse mortgage will not add another bill to an already stressful financial situation. This is what draws many seniors to reverse mortgages, regardless of the possible reverse mortgage disadvantages. |
Revisione 07:52, Set 2, 2012
The Reverse Mortgage of Texas is a company legally mandated by the laws of the state of Texas to provide reverse mortgage services for seniors. The company knows what is required of it by the laws established in the state and seeks to provide the best services to its clientele, in this case senior residents of this massive state. While most seniors looking for these services qualify for loans, which range between US$50,000-100,000, the truth is that it all depends on the appraised value of the piece of property. This company seeks to give seniors the best rates in the market. Reverse mortgages are an increasingly popular method for older Americans to convert the equity that they have in their home into cash that they can use for practically any purpose. However there are some reverse mortgage pitfalls you must take in consideration, which we will discuss further in this article. What makes these mortgages particularly attractive to many homeowners is that the money loaned on the value of their home doesn't have to be repaid in monthly installments. Additionally, the homeowner can remain in the home as long as they wish with no rent or mortgage payments. In fact, the loan doesn't have to be repaid at all unless the borrower moves from the home or dies. Upon death, the loan is repaid from the sale of the house. For many people, a reverse mortgage will seem more desirable than a conventional home equity load with its fixed repayment schedule. Many seniors in the United states are taking advantage of a relatively new way to increase their retirement income. This new program takes the equity you have built in your house over the years of paying your mortgage and turns that into retirement income. This new program is called a reverse mortgage. In a simplified explanation a reverse mortgage changes the equity of a borrowers home into liquid attainable proceeds. The way to access that money comes in several different ways and is not covered in the scope of this article. So the first question that should be asked is, do I qualify for this program? Listed below are the 4 criteria potential borrowers have to pass to be eligible for qualification of a reverse mortgage. 1. Potential borrowers must be at least 62 years old. If you are married and both spouses are on the title of the property both of you have to be over 62. You can't average the age to qualify so if one spouse is 68 and on is 60 you can't be on the reverse mortgage. The age of the borrower is a critical factor in how large the loan can be. The amount of money you receive is based on your life expectancy so the older you are the more money you can receive. If you are both 62 you will qualify for the smallest amount of money because the lender will expect you to be getting it for a long period of time. 2. Borrowers must actually own the home and use it as their primary residence. You must live in the house for at least 6 months of the year. there are now programs for second homes but the amount of money is going to be less because the risk to the lender is more. These reverse mortgages are called proprietary since they aren't insured by HUD. Certain types of homes are ineligible; they include some manufactured homes, cooperatives and most mobile homes. The condition of the home and where it is located can also affect the reverse mortgage qualification. 3. The Department of Housing and Urban Development (HUD) has some basic property standards that have to be met in order to qualify for a reverse mortgage. For instance you need to have a well that is separate of the foundation of the house. Deferred maintenance (things that need to be fixed on the house like windows, siding, or shingles) has to be fixed before closing or the money from the closing must get the work done. 4. The last requirement is that you take the time to discuss a reverse mortgage with a HUD approved counselor. This counselor is supposed to be a non biased individual that can discuss the reverse mortgage, answer any questions you have, and give you other options. For instance if you need a reverse mortgage for paying property taxes many states have a program to help out low income families pay for them. There are a lot of government programs available which may help ease your financial troubles other than a reverse mortgage. If you think a reverse mortgage is the best option for you counseling needs to be done before you can even get an approval for a reverse mortgage. The reverse mortgage amount will be determined by the age of the youngest borrower, current interest rates, and the appraised value of your home or FHA lending limits. Typically, high age, low interest rates, and high home value will mean a larger loan that you can get. The higher the loan amount the more cash you have access too. Remember that the reverse mortgage has to be in the first lien position so if you have a current mortgage, it must be paid off with loan proceeds. The best part about a reverse mortgage is that it does not have to be repaid as long as the borrower still occupies the home as their primary residence. When the home is sold, the mortgage lender will receive the principal of the loan as well as any interest accrued. Any remaining funds will go to the borrower or their survivors, but it is important to note that borrowers will never owe more than the value of the home. This has been an explanation of the 4 qualifications of obtaining a reverse mortgage. if you feel you need more information got ot my website at [url=http://productprocessdevelopment.com]reverse mortgage[/url] The biggest advantage of a reverse mortgages is not having to make payments as long as you continue living in your home. In fact, this is the number one reason that seniors choose to borrow reverse mortgages. Almost 80% of reverse mortgage borrowers use a reverse mortgage to pay off their current loans in order to eliminate their house payments. Let's say you owe $50,000 on your first mortgage and borrow $80,000 with a reverse mortgage. This would pay off and eliminate the payment on the first mortgage and provide you with $30,000 to use as you please. Once these requirements are completed, the individual is certified for up to three years. After that he will need to take an additional 12 hour of continuing education classes if he wishes to remain certified. While there are several reverse mortgage disadvantages to consider, these loans offer seniors many important benefits. For many seniors, their retirement income is not enough to comfortably cover all of their expenses. Getting a reverse mortgage will eliminate borrowers mortgage payments and, in many cases, will also provide them with additional cash. Seniors can use this cash to add to their savings, pay off high-interest debts or afford important medical care. Since borrowers get to defer payment until they move, die or sell their home, getting a reverse mortgage will not add another bill to an already stressful financial situation. This is what draws many seniors to reverse mortgages, regardless of the possible reverse mortgage disadvantages.
