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 - Home With A Reverse Mortgage

Reverse Mortgage * Home With A Reverse Mortgage

How To Buy A Home With A Reverse Mortgage   

A reverse mortgage loan is very much like a home equity loan. First we'll look at the similarities between the two and then let's discuss how to buy a home with a reverse mortgage.

First a reverse mortgage is a lump sum payment or annuity that is paid from a lender or insurance company to supplement or provide income. As the homeowner you repay the mortgage obligation when you sell or vacate the residence. When you die your estate is responsible to pay back the loan. The amount owed will never exceed the value of your home. If the home is sold and the proceeds exceed the amount owed, the excess money goes back to you or in the case of your death, your estate.

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Further, when you buy a home with a reverse mortgage it is not considered taxable income and does not affect Social Security or Medicare benefits.

A home equity loan on the other hand, is a mortgage loan that is secured by the residual equity in your home. To calculate equity, you subtract mortgage debt from your home value. Home equity loans allow a homeowner to make repairs or other home improvements, refinance other debt, or use for miscellaneous purposes. Unlike a home equity line of credit, a home equity loan is an amortizing loan.

When you buy a home with a reverse mortgage you are paid either a lump sum amount or annuity based on the amount of equity in your home. For example, a monthly payment of $1,000 for the next 120 months would be a 10 year monthly annuity.

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Aside from programs which help you buy a home with a reverse mortgage there are various other types of reverse mortgages. One type is for homeowners who want to tap into their equity but not draw out the entire amount. Here an annuity or lump sum would be paid out. Another reverse mortgage program is a home equity conversion mortgage. Affiliated with FHA (the Federal Housing Administration) this program combines the features of a home equity loan and a line of credit. Here you receive a fixed payment and can also draw on a credit line for additional cash.

The buy a home with a reverse mortgage program uses the new home as a source of repayment. You make a down payment and use the reverse mortgage loan for the rest of the home's purchase price. You repay the loan with interest and other financing costs, when you sell the home, no longer use it as a primary residence, or in the case of your death, your estate would cover the outstanding loan. Most types of homes are eligible.
Tremendous growth in the housing market over the last few years has given many homeowners a considerable boast in equity. As a result, some of these homeowners are now looking to buy a home with a reverse mortgage.
Take for instance, the homeowners who purchased their homes in the early 1960's for a modest price and now in their retirement years find their home has doubled or even tripled in value.
With this kind of equity to play with many homeowners are looking to buy a home with a reverse mortgage. This could be a country home or a cottage property. Or, the funds could even be used for luxury vacations, recreational vehicles, boats - you name it!
If you were to buy a home with a reverse mortgage you would be able to pay cash for the second 'vacation' home while continuing to live in your primary residence for as long as you wish or are able. Once you die, your primary residence would be sold to pay back your reverse mortgage loan, while the second home would become part of your estate.
To participate in these reverse mortgage programs, you and any co-borrowers must be at least age 62. In order to buy a home with a reverse mortgage you also must have no mortgage debt on your home. Further there are usually no income requirements to participate in the above mentioned programs.
According to Fannie Mae, a positive feature of reverse mortgage programs is that you're never obligated for more than the loan balance or the value of the property, whichever is less; no assets other than the home are used to repay the debt. A reverse mortgage has neither a fixed maturity date nor a fixed mortgage amount.
If you're seriously looking to buy a home with a reverse mortgage it's important that you do your homework. Take the time to comparison shop between lenders. Seeking the advice of at least three reverse mortgage lenders is always wise.

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Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

Reverse Annuity Mortgage - Tapping Into Your Equity by Carrie Reeder

Reverse annuity mortgages (RAM) were created to allow older Americans to tap into the equity of their paid for or nearly paid for home. Homeowners receive a tax-free payment each month, and the mortgage...

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Mortgages are regulated by federal or state law or agencies depending on under whose law they were chartered or established. Mortgages will allow you to own a home, whether a starter home or the home of...

Is a Structured Settlement Reverse Mortgage Right For You? by Mayoor Patel

One of the ways to create a steady supply of income in selected situations is to enter into a structured settlement reverse mortgage. This is primarily an option for persons who own property that is paid...

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Americans waste much of their working lives thinking about, planning for, and dreaming of their years of retirement. These dreams often include fantasies of settling into a life minus all worries and looking...

The difference between traditional and reverse mortgages by Ioan Margineanu

Because most people work on hectic programs, they don't have time for vacations and they don't find time to relax properly. Many people prefer to work hard and enjoy years of relaxation once they retire....

Reverse Mortgages Explained by Robert Hutchinson

A 'Reverse Mortgage', also known as 'Equity Release', is a popular way to use your main asset (your home) to free up some cash for other purposes. In a standard loan, your income stream is used to 'qualify'...