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 - What Is A Reverse Mortgage?

Reverse Mortgage * What Is A Reverse Mortgage?

Just What Is A Reverse Mortgage?   
Copyright ©2007 Carl DiNello

It's very common today to find many retired people having difficult financial times trying to live on a small pension, or on an even smaller Social Security Check.

Trying to keep up with their bills can seem like a losing battle.

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This Mortgage Works In Reverse (The Fredericksburg Free Lance-Star)
Gary Onks answered more than 30 questions about what reverse mortgages are and how they work during Tuesday's Money Talk$. He is the regional branch manager of Reverse Mortgage USA in Spotsylvania County....

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Many are still paying off their mortgage, and possibly a home equity loan they may have taken out for major repairs to the home, or even to cover educational expenses for their children. Add to that any medical care, or prescriptions needed, along with the rising cost of living, and it's not surprising to find them deep in the red and falling further behind every month.


When in this situation the idea of selling the house and moving to a smaller condo, or even a retirement community, can be very appealing. However, there are a great many people who feel "This is our house and this is where we're staying!"

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Oops! Citibank Prints 600,000 Customer Social Security Numbers On Envelopes With Tax Info (New York Daily News)
Citibank mistakenly printed 600,000 customers' Social Security numbers on the envelopes containing their year end tax statements, the company acknowledged Tuesday.

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How can this problem be solved for those who choose not to leave the home they have lived in most of their lives?


A reverse mortgage may be the answer.


You are not alone if you are not familiar with a reverse mortgage. This type of mortgage is not designed for the average person, but may be a solution for those who choose not to leave their home during the later years of their lives.


The reverse mortgage is designed to help older homeowners who are struggling with low incomes while trying to stay in the house they have lived in for years.


The reverse mortgage does just what it's name implies - it works in reverse. A homeowner (or homeowners), is allowed to receive cash, most commonly, for a portion of the equity in their home provided that the homeowner, or homeowners are age 62 or older.


Some Highlights Of A Reverse Mortgage


* No income or credit qualification is required


* The homeowner, or homeowners will no longer be required to make a monthly mortgage payment


* The homeowner, or homeowners can receive tax-free monthly income, a lump sum cash payment, a line of credit, or any combination of these


* The homeowner, or homeowners keep the title to their home, and are allowed to remain in their home


So, when and how does the money from the reverse mortgage get paid back? No matter how long you live in your home, the money does not have to be paid back until you sell the house, permanently move out of the house, or die.


The amount you will be allowed to borrow will depend on your age, the value of your home, your current equity in the home, and current interest rates.


So, what's the downside? The homeowner, or homeowners will no longer have the equity in the house as they once did. This can be troublesome to those who may be uncomfortable with the fact that the home they had intended to leave to the children might not now be possible.


A reverse mortgage should be discussed with your lawyer, banker, accountant, or other professional who can help with this decision.





Carl DiNello is an Article Author and Wesbite Owner whose articles are featured on websites covering the Internets most popular topics.


To read more on this topic, please visit Finance Information!


You may republish this article on your website, or e-zine so long as none of the content, or author information has been edited or changed in any way, and all links are left

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Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

Mortgage Tips for AZ and FL by Ajeet Khurana

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...

Reverse Mortgage Refinance - A simple Guide by Lendgo Editor

If you have already chosen reverse mortgage as your trusted partner in the mortgage refinance jungle it's a good time to explore in details the steps involved in securing reverse mortgage. Our simple little...

Reverse Mortgage Home Equity Loan-Why It Might Not be Right for You. by Jack Krohn

Reverse mortgages have gotten a lot of publicity lately and will probably get a lot of press in the future as baby boomers near retirement age. A reverse mortgage is a home equity loan that you do not...

The Truth About Reverse Mortgages by Ruben Soliman

When looking into reverse mortgage options, it can be hard to decipher between fact and myth. It is important to understand the aspects of the program to make sure that it is right for you and your situation.Simply,...

Frequently Asked Questions for Reverse Mortgages by Barry Waxler

A red hot loan package that is getting a lot of attention these days is the reverse mortgage. Common question arise regarding the loan, so let's take a closer look.The reverse mortgage is a form of negative...

Reverse Mortgage Information - Who Qualifies For Reverse Mortgages by Charles & Susan Truett

Reverse mortgages can be a great solution for seniors who wish to remain in their home but are having difficulty making their monthly payments and meeting other financial obligations. If you are over age...

How A Reverse Mortgage Works by Brad Stroh

Ever wonder how a reverse mortgage works? For folks that have lived in their home for a long time, they may very well be sitting on a gold mine. Home prices have increased greatly over the last thirty...