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 Mortgages - Common Questions

Reverse Mortgage * Reverse Mortgages - Common Questions

Reverse Mortgages - Common Questions   
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.

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Wash. Senate Could Reverse Decision That Sent Facebook To Ore. (KATU Portland)
Even as majority Democrats call for the closure of tax loopholes, new exemptions are making their way through the Legislature. The biggest is a proposed 15-month sales tax exemption for data centers.

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The reverse mortgage is exactly what it sounds like. Instead of you making payments to a lender, the lender makes payments to you. While that may sound fantastic, the similarities pretty much end there. As payments are made to you, more and more of the equity in your home is converted into debt. That debt grows at an interest rate that is typically one to two points higher than a normal mortgage or refinance. This can result in the equity running out much quicker than expected.


The number one question regarding reverse mortgages has to do with equity. Specifically, what happens if the equity is all used up before the borrower dies or the home is sold? Do you lose the home, get foreclosed on or what? In the past, the ugly answer is that you would lose the home. Since senior citizens sitting on a curb did not go over well, the government stepped in. Most plans now allow you to stay in the home even if the equity is used up entirely. Some plans even call for payments to continue to be made to you. Obviously, you need to read the fine print on the loan to figure this out.

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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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Another common question is how big will the monthly payments made by the lender be? There is no pat answer. There are a number of factors that go into the determination. These include the amount of equity in your home, the interest rate charged on the loan, the costs and the fees. Finally, the biggest factor is the particular plan you choose. You will have a choice of different options and can predict the numbers accordingly.


What happens when I die? The reverse mortgage is handled no different than any of your other assets. It becomes due. This means your heirs must either pay it off or sell the property. If they sell the property, the reverse mortgage balance is paid off. Any remaining money is then distributed to the heirs pursuant to your trust, will or other court order.


In some cases, the reverse mortgage makes sense. In others, it does not. The only way to make a determination is to discuss the details with a financial professional.



Learn about alternatives to a reverse mortgage at UFCAmerica.com.

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Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

Reverse Annuity Mortgage - Tapping Into Your Equity by 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...

ARE YOUR PARENTS RUNNING OUT OF MONEY FOR RETIREMENT OR CARE? by Angella Conrard

Your parents have always been thrifty. They helped you through college and were very careful about saving for retirement, but lately you notice that they aren't going out very often, they are very careful...

Reverse Mortgage Calculator by Troy Shellhammer

Most seniors who are interested in learning more about the Reverse Mortgage process will often use a Reverse Mortgage Calculator. Most online reverse mortgage calculators require the current value of the...

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 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...

Reverse Mortgages For Seniors by David Glu

Reverse mortgage has become popular in America these days, these are special type of mortgage that helps an homeowner to convert his home equity into cash, this boost up the American older financial security...

The difference between traditional and reverse mortgages by Ioan Margineanu

Because most people work on hectic programs, they don't have time for vacations and they don't find time to relax properly. Many people prefer to work hard and enjoy years of relaxation once they retire....