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 Mortgage Information

Reverse Mortgage * Reverse Mortgage Information

Reverse Mortgage Information - Who Qualifies For Reverse Mortgages   
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 62 and own your own home, the bank will actually pay you money so you can stay in your home, rather than the other way around. It is important to collect as much reverse mortgage information as possible before deciding whether to take out the loan.

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Anyone is eligible for a reverse mortgage loan, even if they have no income. Your home must be a single family residence in a one to four unit dwelling, a condominium or some type of manufactured home. Cooperatives and most mobile homes are not eligible. The home must be at least one year old and you have to first meet with an authorized counselor.


You can obtain the loan as a lump sum payment, a fixed monthly amount or as a line of credit that you use whenever you need it. The money can be used for just about any purpose. This can include paying property taxes or medical bills, home repairs and improvements, paying off credit cards or just daily living expenses. The amount of money you receive depends upon your age, the amount of equity in the home, its appraised value and current interest rates. The reverse mortgage loan does not have to be repaid until you sell the home, permanently move out, or pass away. Your loan could also become due if you allow the property to deteriorate, you fail to pay property taxes or hazard insurance, or if the last surviving borrower does not occupy the home for 12 months in a row due to illness.

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Police Arrest Man For Using Anotherâs Social Security Number (Elko Daily Free Press)
ELKO — An Osino man was arrested Tuesday after he applied for a job at Walmart, allegedly using a Social Security number that belonged to a previous employee.

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There are some fees involved with a reverse mortgage loan, similar to those you would incur with a regular mortgage. These include origination fees which cover the lenders operating expenses and are currently capped at the greater of $2,000 or 2% of the maximum FHA loan limit. In addition you will be required to take out mortgage insurance and pay an appraisal fee which ranges between $300 - $400. Other closing costs include fees for a credit report (usually under $20), flood certification, closing and title search, document preparation, recording, courier, pest inspection and a land survey. In addition, a monthly service set-aside fee of $30-35 per month will be charged.


When you meet with your counselor, you should be able to obtain all the reverse mortgage information you require before you make your final decision. It will be nice to have the option of staying in your own home if that is what you desire.

For more information please visit our website dedicated to seniors
about the pros and cons of a Reverse Mortgage. You can read more
on our Reverse Mortgage Information Website.

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Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

Reverse Mortgage - Be Sure You Need It Before Applying For One by Charles Essmeier

Reverse mortgages used to be considered the last resort of desperate retirees who needed to borrow against their home equity in order to pay for medical expenses. With home prices across the country rising...

Reverse Mortgages - Common Questions 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 exactly what...

 Reverse Mortgage Explained by Ken Chukwell

Can't remember how many times I've been asked "What is a reverse mortgage"? Reverse mortgages are a great way to get a loan using your primary asset. As in all cases of financial lending, the flexibility...

 Reverse Mortgage: A Dignified Way For Retirees To Supplement Income And Take Care Of Expenses by Vishy Dadsetan

For many Americans reaching the retirement age, the equity build up in their home is their only real asset. Reverse mortgage is a way to tap into this asset and create a stream of income needed for retirement...

 Mortgages are Regulated by Federal or State of Law or Agencies by terrence turner

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...

 Reverse Mortgage Requirements by Don Seibert

Since the Reverse Mortgage for Seniors program is all the rage these days, let's take a look at what is required to qualify for and to obtain a reverse mortgage. In the United States, a person must be...