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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.
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Reverse Mortgage - Reverse Mortgage Refinance
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Reverse Mortgage Refinance - A simple Guide
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 guide details the steps involved in getting a reverse mortgage.
Be prepared and the entire process will go much smoother. Article to continue below----------------------------------------------
Homeowner learns about the reverse mortgage program from a news article, advertisement, word-of mouth, etc.
2. ACTION
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If necessary, homeowner seeks additional information by contacting a reverse mortgage lender or the National Reverse Mortgage Lenders Association.
3. COUNSELING
Homeowner seeks counseling from a HUD-approved counseling agency, or AARP-trained telephone counselor. Counseling is mandatory regardless of which reverse mortgage product you choose. Counseling is usually conducted face-to-face, unless you use an AARP counselor. The counselor provides supplemental information on reverse mortgages, determines whether you're eligible to get a reverse mortgage, and discusses other options that may be available to assist with your daily living. The homeowner will be given a certificate to give to the lender as proof they were counseled. 4. APPLICATION / DISCLOSURE Homeowner fills out loan application and selects payment option: fixed monthly payments, lump sum payment, line of credit, or a combination of these. Lender discloses to homeowner the estimated total cost of the loan, as required by the federal Truth in Lending Act. Lender collects money for home appraisal. Homeowner provides lender with required information, including photo ID, verification of Social Security number, copy of deed to home, information on any existing mortgage(s) on property, and counseling certificate. 5. PROCESSING Lender orders appraisal, title work, lien payoffs, etc. An appraiser comes to your home. The appraiser assigns a value to the home and determines the physical condition of the property. If the appraiser uncovers structural defects that require repair, the homeowner must hire a contractor to complete the repairs after the reverse mortgage closes. 6. UNDERWRITING After receiving all pertinent information and data, lender finalizes loan parameters with homeowner (i.e., determining payment option, frequency of loan interest rate adjustments) and submits loan package to underwriting department for final approval. Currently, it can take anywhere from 4-8 weeks (sometimes sooner) to complete the underwriting of a loan package.
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Index of Articles about Reverse Mortgage
What Other Authors say about Reverse Mortgage
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... 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... It's a scary thought. 40 years, the proportion of Australia's population aged 63 years and over will almost duplicate. With continual expansion in the cost of healthcare and current living expenses, and... 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... 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... |
