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Posts Tagged ‘reverse mortgages’

When old age pensioners consider borrowing on home equity as a part of their retirement financial planning they have options. As well as more classic home equity loans or home equity credit lines, reverse mortgages are available as loans for seniors. But, the difference is, the standard mortgages are paid off monthly so that the seniors home equity begins to grow again.

With a reverse mortgage, once taken against the Read the rest of this entry »

A new House Appropriations Committee’s bill could lower the amount of money available to seniors using the HUD reverse mortgage product but the 162 page bill looks like it will extend the increased lending limit of $625,500 through FY 2010.

SEC. 235. FHA Reverse Mortgage Loan Limits for fiscal year 2010. For mortgages for which the mortgagee issues credit approval for the borrower during fiscal year 2010, the second s Read the rest of this entry »

Designed for seniors over the age of 62, a reverse mortgage or HECM is a loan that allows the home-owner to convert equity in their principal residence into cash, a credit line or monthly income, while maintaining possession. Before HECMs became available, retired homeowners who needed cash had few options. They could sell and perhaps buy something smaller, move in with members of the family or move into a rental property. The o Read the rest of this entry »

While only comprising about one % of all mortgages, the reverse mortgage has gained in recognition recently. The loan is paid back when the owners die or when the home is sold or no longer occupied. The massive enlargement of the home market in the last five years has left millions of householders with big quantities of equity in their houses. Californians who acquired houses in the early 1960′s at modest costs are now retiring Read the rest of this entry »

As in all cases of money lending, the pliability comes at a cost.

To qualify for forward mortgage, you’ve got to have a steady source of earnings. As the mortgage is secured by the asset, if you miss payments on the payments, your place can be taken from you. As you clear the house, your equity is the difference between the mortgage amount and how much you have paid. When the last home loan payment is formed, the hous Read the rest of this entry »

Payments to the householder can be made in a multiple of ways. How is a reverse mortgage different from a home equity loan? Home equity loans are paid back over a period of booked payments for a fixed number of years. Borrowers who’ve got a high debt to revenue proportion or poor credit could also find reverse mortgages appealing as the equity in the home and the value of the home are far more applicable factors than credit repo Read the rest of this entry »

DATELINE:  NORWELL and PLYMOUTH, MA…

As a new year dawns and uncertain economic times continue, homeowners might want to start the new year off by investigating what could be the gift of a lifetime for themselves and their families by considering refinancing their mortgage.

With mortgage interest rates at historic lows, Brian Comer, President of Norwell and Plymouth based Advance Mortgage Servi Read the rest of this entry »