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 - New Reverse-mortgage Option

Reverse Mortgage * New Reverse-mortgage Option

New reverse-mortgage option welcomed by lenders   
Tamarind Phinisee

On Nov. 8, Texans voted yes on a ballot referendum item that called for amending the Texas Constitution that allows lenders to offer reverse mortgages as lines of credit.

Scott Norman, president of the Texas Association of Reverse Mortgage Lenders, says he thinks the rule change will continue to increase popularity for reverse mortgages. "We think that with the growth rate that we've seen over the last five years ... in next five years, it's possible that Texas could be the largest originator of reverse mortgages in the entire country," Norman says. A reverse mortgage is a loan that allows an elderly homeowner to convert equity in their home into cash that does not have to be repaid as long as they continue to live in their home. Prior to the approval of the ballot measure, Texas did not allow a reverse mortgage to be offered as a line of credit. Gary Anderson, Texas regional manager for Irvine, Calif.-based Financial Freedom, says he feels that now that the line of credit is available many eligible homeowners will take advantage of it.
His company is a supplier of reverse mortgages. "My personal experience in the number of years that I've been in the industry is that about 60 percent of (eligible) homeowners will make this choice," Anderson says. Jay Beitel, an attorney and partner with locally based law firm Polunsky and Beitel LLP, says reverse mortgages and the lines of credit could be a good thing, depending on a person's needs and circumstances. "It just gives people the choice to meet their needs, whereas before they were saddled with a cookie-cutter predetermined deal," Beitel says. The up and up Reverse mortgages, approved by voters in Texas in November 1999, are only available to homeowners age 62 or older. Repayment of the loan is not due until the home is sold or the homeowner permanently moves out or passes away.
Borrowers are required to get counseling before they are able to take out a reverse mortgage.
Prior to the passage of the amendment, a borrower could only get an advance from a lender through a reverse-mortgage loan as a lump sum advance, or through periodic equal payments. In addition, the rule change now allows a homeowner to draw on the reverse mortgage only as the money is needed. Also, homeowners may repay the outstanding balance when or if they want to reduce borrowing costs. Although applications were taken for reverse mortgages in Texas in 2000, the first loans weren't closed until the following year. According to the National Reverse Mortgage Lenders Association, 332 reverse mortgages were made in Texas in 2001. Of those, 83 were made in San Antonio. The following year that number more than doubled, to 692, of
which 135 were originated in the Alamo City. For the fiscal year 2005 ending Sept. 30, the total number of reverse mortgages in the state reached 2,659 -- of which 368 of were made locally. Banking officials point out, though, that even though the demand for reverse-mortgages is growing, the product still represents a very small niche in the overall mortgage-lending market.

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Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

Thousands of Older Americans are No Longer House Rich and Cash Poor by Barry Scoles

Nowadays, reverse mortgages are becoming popular among seniors and retirees as a way to supplement their income and allow them to live comfortably through their retirement. The number of seniors nationwide...

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,...

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'...

Is A Reverse Mortgage for You? by Tabitha Naylor

Any individual who is considering a reverse mortgage has a very important decision to make. Most of the time, an individual who is considering this type of loan is doing so because he or she needs the...

Mortgage vs. Reverse Mortgage- How do You Put Your Mortgage in Reverse? by John R. Blakefield

Many people look at the process of a mortgage and wonder how exactly do you put your mortgage in reverse?In order to understand a reverse mortgage, let's first investigate at a normal mortgage for a first...