Reverse Mortgage
The Complete Guide to Reverse Mortgages: Turn Your Home Equity into Instant Income!
by Tyler Kraemer

This book was so helpful in informing myself and my parents as to the options available for them. It was easy to read and easy to understand. It gave many helpful hints and helped us figure out if a reverse mortgage was approriate for them.

It is essential if you or someone in your family is considering, or wants to learn more about, a reverse mortgage loan. It walks you through the process from borrowing to repayment in a conversational, easy-to-read format. You can read about real life situations that are very helpful for you to see how a reverse mortgage can work for you.

The book provides precise information on each of the types of reverse mortgages that are available. You will find information about the ways in which you can receive your payments, and all of the incumbent fees and costs that may come with this kind of loan are revealed. It outlines how to protect yourself and how you are already protected. Checklists are provided covering all the points to consider before making each decision, such as how to choose a lender.

     

Reverse Mortgage - Equity Out Of Your Home

Reverse Mortgage * Equity Out Of Your Home

Getting Equity Out Of Your Home for Retirement   
Barry Waxller

What is the one thing you read over and over? Buy a home! The advice makes sense in this case as a home is a good long term investment.

The question, however, is how do you get the money out when you need it?

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Lincoln Appraisal & Settlement Services Expands Wholesale Mortgage Clientele By Adding Genworth Financial (PR Newswire Via Yahoo! Finance)
Genworth Financial, a publicly traded global financial security company with more than $100 billion in assets and a presence in more than 25 countries, has recently joined Lincoln Appraisal & Settlement...

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If you own a home, you have been in a forward mortgage and you know how it works. You borrow money for a home and then pay it back over a set schedule, often for a full thirty years.


The reverse mortgage is touted as a revolutionary new financial product. This is not entirely or even remotely true. This financial product has been around since the 1960s.

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Area Man Tells Police Someone Using His Social Security Number (The Uniontown Herald Standard)
A Redstone Township man told state police that he believes someone has been fraudulently using his Social Security number.

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The reverse mortgage is legally restricted to a certain class of homeowners. In fact, you have to be at least 62 years old before you can even think about applying for one. Assuming you meet this requirement, everything flips.


The reverse mortgage works the opposite of a traditional mortage, but it can be hard to get your head around the concept. Essentially, the lender buys the equity in the home from you by making payments to you.


The nature of the payments, of course, is unique. You can have the lender make monthly payments to you much like you did to your original mortage lender. Alternatively, you can ask for a lump sum payment.


The biggest selling point of the reverse mortgage is the lender payback. Simply put, you don't pay the lender back. They recover their money when you pass away or the home is sold. Not bad, eh?


So, are there any negatives to this equity converting financial product? Oh, yes there are. Remember, marketing efforts are all about emphasizing the positive while ignoring the negatives.


The first problem with the reverse mortgage is your heirs. If you hope to leave them with something, you need to realize the reverse mortgage lender is going to take a large chunk of the equity in your home when you sell it or pass on.


The cost of the reverse mortgage is another big issue. Simply put, the fees are outrageous in most cases. They often run up in the tens of thousands of dollars. The interest rate on the accruing debt is also going to be higher than normal loan rates.


Ultimately, the issue of whether the reverse mortgage is a good idea is very controversial. Opinions differ, but most feel these are not good loans when compared to the many options available and you should explore those options.


Barry Waxler alerts consumers to the disadvantages of a reverse mortgage at UFCAmerica.com.

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Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage by Keith Choy

When it comes to a reverse mortgage, wise consumers weigh the advantages and disadvantages prior to signing on the dotted line.Let's start on a positive note, you could do what most borrowers do and opt...

Mortgage: for those twilight years by Maryann

Tracing back, the concept of reverse mortgages began when one good soul, Nelson Haynes of Deering Savings and Loans wanted to help out the widow of his high school football coach. Today that small act...

Reverse Mortgage Loans by Tony Robinson

If you were to ask the average consumer to define the reverse mortgage concept, you would find very few able to do so. Many consumers, especially those who aren't up on their mortgage products and their...

Investing: The Ins And Outs Of Reverse Mortgages by Jeffery Voudrie

Reverse mortgages have been around since 1989, but they are rapidly gaining in popularity. The complexity of reverse mortgages makes it difficult for the average senior to separate myth from reality. Let...

Who Could Benefit From A Reverse Mortgage? by Helen March

What is a "Reverse Mortgage?"Also known as a Home Equity Conversion Mortgage (HECM)a reverse mortgage,is a popular way older homeowners (62+) can convert part of the equity in their homes into tax-free...