Reverse Mortgages: Get the Facts Before Cashing In On Your Home’s ...
What they are and how they work.

  • Search: Facts for Consumers Reverse Mortgages: Get the Facts Before Cashing In On Your Home’s Equity Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages

  • But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home

  • Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations

  • To qualify for most reverse mortgages, you must be at least 62 and live in your home

  • The proceeds of a reverse mortgage (without other features, like an annuity) are generally tax-free, and many reverse mortgages have no income restrictions

  • Three Types of Reverse Mortgages The three basic types of reverse mortgage are: single-purpose reverse mortgages, which are offered by some state and local government agencies and nonprofit organizations; federally-insured reverse mortgages, which are known as Home Equity Conversion Mortgages (HECMs), and are backed by the U

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  • We also arrange for a Canada mortgage lender, as your mortgage broker Canada advisor, for a Canada mortgage reverse loan (also known as a Canada reverse mortgage)

  • A Canada mortgage reverse loan allows a senior to take out equity from their home but not need to pay repayments

  • All cash you receive in a Canada mortgage reverse loan is tax-free

  • We arrange for you to have the cash you need from your Canada mortgage reverse loan and you will never be told to sell or move from your house

  • By using us as your mortgage broker Canada advisors we will give you expert advice regarding your Canada mortgage reverse loan so that you only ‘take out’ the right amount of Canada home equity loan for your needs

  • Your Canada mortgage reverse loan – - will give you tax-free cash now and you will be able to ‘keep on living’ in your own home

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  • Use our free, no-obligation application for an information package about reverse mortgages in Canada

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    Reverse Mortgages - American Reverse Mortgage
    Providing FHA, FannieMae and cash account reverse mortgages to senior Americans
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  • America's Reverse Mortgage Lender™ Good News! Effective January 1, 2006, new FHA County Loan Limit Minimums increased from $172, 632 to $200, 160

  • Stay tuned for next month's total! History: The Reverse Mortgage became a valuable and safe tool for Senior Americans when the United States Congress authorized the Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM)

  • 1) The United States Congress passes FHA Reverse Mortgage Legislation, the Housing and Community Development Act of 1987, (S

  • Reagan signs FHA Reverse Mortgage Legislation (S

  • 3) First FHA Reverse Mortgage made to Marjorie Mason, of Fairway, KS by James B

  • These three (3) Reverse Mortgages offer the opportunity for virtually all Senior Citizens to utilize the equity in their homes to provide needed financial security

  • This may indicate a reduced level of commitment to Reverse Mortgages and therefore a lower level of customer service to the borrower

  • On the other hand, we devote 100% of our business efforts to providing Reverse Mortgages

  • We meet this high level of expertise with more Reverse Mortgage experience than anyone else

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  • Scott Norman - President Texas Association of Reverse Mortgage Lenders (877) RM-TEXAS • (877) 768-3927 • Fax (512) 306-0089 4905 South Crest • Austin, Texas 78746 An Equal Housing Lender Copyright©2003 Texas Association of Reverse Mortgage Lenders Pol

  • paid for by the Texas Association of Reverse Mortgage Lenders

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  • Learn about reverse mortgages

  • If You're Over 61, a Reverse Mortgage May Be a Better Choice for You A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home

  • What You Get and How Much You Get Reverse mortgages can be paid to you: - All at once in cash; - As a monthly income; - As a credit line that lets you decide how much you want and when; - In any combination of the above

  • Types of Reverse Mortgages Loans offered by some states and local governments are generally for specific purposes, such as paying for home repairs or property taxes

  • These are the lowest cost reverse mortgages

  • The Cost of a Reverse Mortgage The costs for loans from banks and mortgage companies usually include the following: - Application fee - Insurance - Origination fee - Monthly service fee - Closing costs - Interest These costs are usually added to the loan balance (what you owe)

  • HECM loans are almost always the least expensive reverse mortgage you can get from a bank or mortgage company, and in many cases are significantly less costly than other reverse mortgages

  • Reverse mortgages are most expensive in the early years of the loan and generally become less costly over time

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  • Steiners Complete How To Talk Mortgage Talk includes information on home buying, refinancing a high interest loan, evaluating home equity lines of credit, pitfalls in reverse mortgages, preventing banks from miscalculating payments, or improperly continuing to assess PMI and real estate impound charges

  • Buying a home Planning to refinance your high interest loan Evaluating home equity line of credit offers Tempted by a reverse mortgage Worried your current mortgage payments have been miscalculated Wanting your lender to stop assessing PMI and real estate tax impound charges Not thrilled about the prospect of sitting around financially naked, with a Loan Advisor whose financial knowhow can tie you and your pocketbook in knots for more than a quarter of a century

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  • Reverse mortgages can allow retirees to access equity in their properties to maintain a quality lifestyle during their twilight years, while still living in their home

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  • Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer 'yes' to all of these questions, then the FHA Reverse Mortgage might be right for you

    Mendocino Mortgage
    Provides residential mortgage financing in the state of California.

  • The Mendocino Mortgage Newsletter Current Topic: Introducing Reverse Mortgages Until recently, there were two main ways to get cash from your home: you could sell your home, but then you would have to move; or you could borrow against your home, but then you would have to make monthly loan payments

  • 'Reverse' Mortgages A 'reverse' mortgage is a loan against your home that you do not have to pay back for a long as you live there

  • With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay a loan each month

  • The cash you get from a reverse mortgage can be paid to you in several ways: * all at once, in a single lump sum of cash; * as a regular monthly cash advance; * as a 'creditline' acct

  • To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older

  • Call Mendocino Mortgage to see if a 'reverse' mortgage could benefit you

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    Michigan Reverse Mortgages - Reverse Mortgage Lenders Michigan
    Northville lender specializing in reverse mortgages.

  • In a state other than Michigan => What is a Reverse Mortgage? Why choose First Financial? Smart, Safe, and Simple No monthly payments

  • Government 62 or older, own your home...you qualify Do you know someone that would like information on reverse mortgages?

  • Click here for First Financial information from the First Financial Mortgage Corporation - Specializing in Michigan reverse mortgages

  • Our reverse mortgage lenders help Michigan seniors convert home equity into cash for retirement, medical bills, travel, healthcare, house repairs, extra income, reverse mortgage calculator, free information, and much more

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