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 - Taxes

Reverse Mortgage * Taxes

Reverse Mortgages, Getting a Good Deal In 3 Easy Steps!   
Vincent Dail

Reverse Mortgages, Most Common Features:

A reverse mortgage is a special type of loan that seniors can sometimes get to convert the equity in their homes to cash.

Many reverse mortgages offer special appeal to older adults because the loan advances, which are not taxable, generally do not affect Social Security or Medicare benefits.

Originally designed for retirees interested in keeping their homes but whose incomes aren't sufficient to support them, reverse mortgages have typically been used to help people on low fixed incomes make ends meet, make needed home repairs or pay for large medical bills that otherwise would be unaffordable.

Depending on the plan, reverse mortgages generally allow homeowners to retain title to their homes until they permanently move, sell their home, die, or reach the end of a pre-selected loan term.

Generally, a move is considered permanent when the homeowner has not lived in the home for 12 consecutive months. So, for example, a person could live in a nursing home or other medical facility for up to 12 months before the reverse mortgage would be due.

However, be aware that:

Reverse mortgages tend to be more costly than traditional loans because they are rising-debt loans.

The interest is added to the principal loan balance each month. So, the total amount of interest owed increases significantly with time as the interest compounds.

Reverse mortgages use up all or some of the equity in a home. That leaves fewer assets for the homeowner and his or her heirs.

Lenders generally charge origination fees and closing costs; some charge servicing fees. How much is up to the lender.

Interest on reverse mortgages is not deductible on income tax returns until the loan is paid off in part or whole.

Because homeowners retain title to their home, they remain responsible for taxes, insurance, fuel, maintenance, and other housing expenses.

Getting a Good Deal.

If you decide to consider a reverse mortgage, shop around and compare terms.

Look at the:

Annual percentage rate (APR), which is the yearly cost of credit. type of interest rate. Some plans provide for fixed rate interest; others involve adjustable rates that change over the loan term based on market conditions, number of points (fees paid to the lender for the loan) and other closing costs.

Some lenders may charge steep costs, which your lender may offer to finance. However, if you agree to this, you'll take out fewer proceeds from the loan or you'll borrow an extra amount, which will be added to your loan balance and you'll owe more interest at the end of the loan. Total Amount Loan Cost (TALC) rates.

The TALC rate is the projected annual average cost of a reverse mortgage, including all itemized costs.

It shows what the single all-inclusive interest rate would be if the lender could charge only interest and no fees or other costs. payment terms, including acceleration clauses.

They state when the lender can declare the entire loan due immediately. Under the federal Truth in Lending Act, lenders must disclose these terms and other information before you sign the loan.

On plans with adjustable rates, they must provide specific information about the variable rate feature.

On plans with credit lines, they must inform the applicant about appraisal or credit report charges, attorney's fees, or other costs associated with opening and using the account.

Be sure you understand these terms and costs.


Article to continue below----------------------------------------------

Home Sales Increase In '09 (Baltimore Sun)
First annual rise across much of Baltimore area since 2005 occurs as first-time buyers seize on tax credit and falling prices Falling home prices have transformed many properties from asset to albatross,...

----------------------------------------------------------------------------

Article to continue below----------------------------------------------

Some Social Security Taxable (Fox News)
If you collect Social Security, some of it might be taxable, depending on your total income and marital status.

---------------------------------------------------------------------------

Debt elimination programs reviewed is run by Vincent Dail. Get the debt elimination tips you need, today! To receive your free special report visit: <a target="_new" href= "http://www.debt-elimination-program-reviews.com">Debt Elimination Programs

Who are the CPA Moms?      Your Tax Professional Forever!!!!

“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon.

To Join CPA Moms

Click for accredited member's reliablility report.

Privacy Policy    About Us    Disclaimer    Copywrited 2005  - 2010 & Developed by  Tax Net Inc

Index of Articles about Reverse Mortgage

What Other Authors say about Reverse Mortgage

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....

The Disadvantages of Reverse Mortgages by Charles Kirkendall

A reverse mortgage can be an attractive option for many home-owning seniors that are having a hard time making ends meet. With a reverse mortgage, a senior homeowner will receive money for their home equity...

Just What Is A Reverse Mortgage? by Copyright ©2007 Carl DiNello

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...

Creating Consider with Reverse Mortgages- A history lesson and paradigm shift by Angella Conrard

Who ever thought that it would make sense to get a mortgage that would decrease your home equity? Well in certain instances it does. Lending philosophies have changed over history and they will continue...

What Are the Advantages of Reverse Mortgages? by Mark Viner

<p>If you meet both criteria, then you are free to apply for a reverse mortgage from your local lending company.<p>Advantages of reverse mortgage over other mortgages<p>1.A homeowner...

Reverse Mortgages by Sara Chambers

Perhaps you know what a mortgage is. A mortgage exists when a loan is taken out from a bank or another mortgage company for the purpose of purchasing a home. Payments are made to pay back the loan on a...