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 - Reverse Annuity Mortgage

Reverse Mortgage * Reverse Annuity Mortgage

Reverse Annuity Mortgage - Tapping Into Your Equity   
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 is paid when the home is sold. Before you choose a RAM, make sure you have evaluated the risks since this option can limit future housing plans.

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Types Of Reverse Mortgages

One of the first RAM programs was developed by HUD and is still in existence. To qualify you must be 62 or older, live in the home, and have paid off your mortgage. The government will then insure your mortgage.

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If you collect Social Security, some of it might be taxable, depending on your total income and marital status.


You can also work directly with private lenders. You will want to review their terms carefully to be sure that you are getting the full value of your home and not paying thousands in fees.

With both types of RAM you will never owe more than what your home is worth. When you decide to move, the loan's principal, interest, and fees will be due. Any equity remaining from the sale of your home will be yours or can be based onto heirs.

Difference Between A Reverse Mortgage and A Home Equity Loan

The major difference between a RAM and a home equity loan is when the loan balance is due. With a RAM, the mortgage balance is due when you stop living in the residence. You don't have the monthly payments of an equity loan. With a RAM it is easier to qualify for the mortgage since you don't have to have income to make monthly payments.

Payouts Options

There are several payout options that you can choose from. A tenure policy provides equal monthly payments as long as the borrower lives on the property. A term policy gives equal monthly payments for a fixed period of months. With a line of credit the borrower to withdrawal funds when needed. A modified tenure combines a line of credit with life long monthly payments. And finally, a modified term provides a line of credit with fixed monthly payments.

Beware Of Scams

There are several scams related to reverse mortgages that you should be aware of. You should not pay thousands for information about a RAM. This information is available freely through HUD and legitimate mortgage lenders. You should also avoid any terms that require payments before you sell or that sell your house within so many years. To avoid scammers, research terms and rates with several lenders and ask questions.

See my recommended Home Mortgage Lenders online for the lowest rates possible. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding the best home mortgage loans.

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Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

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...

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...

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...

Cons of a Reverse Mortgage by Barry Waxler

Imagine paying $30,000 in costs to get a mortgage for $368,000 with a 9 percent interest rate. Who in their right mind would? Well, welcome to the cons of the reverse mortgage!The reverse mortgage is a...

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...

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...