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Reverse Mortgage Information - Who Qualifies For Reverse Mortgages
By Charles & Susan Truett
Reverse mortgages can be a great solution for seniors who wish to remain in their home but are having difficulty making their monthly payments and meeting other financial obligations. If you are over age 62 and own your own home, the bank will actually pay you money so you can stay in your home, rather than the other way around. It is important to collect as much reverse information as possible before deciding whether to take out the loan.
Anyone is eligible for a reverse loan, even if they have no income. Your home must be a single family residence in a one to four unit dwelling, a condominium or some type of manufactured home. Cooperatives and most mobile homes are not eligible. The home must be at least one year old and you have to first meet with an authorized counselor.
You can obtain the loan as a lump sum payment, a fixed monthly amount or as a line of credit that you use whenever you need it. The money can be used for just about any purpose. This can include paying property taxes or medical bills, home repairs and improvements, paying off credit cards or just daily living expenses. The amount of money you receive depends upon your age, the amount of equity in the home, its appraised value and current interest rates.
Credit Report Manipulation Turns Credit Repair Industry on its Side According to CRCleanup.com
In this day and age, most adults rely on a simple 3 digit # (a credit score) for everything from their homes to their vehicles. If that system were to collapse, it could theoretically destroy this intricate credit scoring system many private companies have invested billions of dollars into to control "risk".Here comes a company called www.CRCleanup.com. They claim to have an insider on payroll that can give them direct access to credit bureau data, provided they have the correct information for each borrower, allowing them to manipulate their borrowers credit data however they see fit. (PRWEB Jan 8, 2009)
Read the full story at http://www.emediawire.com/releases/2009/01/prweb1836054.htm ]]>
The reverse loan does not have to be repaid until you sell the home, permanently move out, or pass away. Your loan could also become due if you allow the property to deteriorate, you fail to pay property taxes or hazard insurance, or if the last surviving borrower does not occupy the home for 12 months in a row due to illness.
There are some fees involved with a reverse loan, similar to those you would incur with a regular mortgage. These include origination fees which cover the lenders operating expenses and are currently capped at the greater of $2,000 or 2% of the maximum FHA loan limit. In addition you will be required to take out insurance and pay an appraisal fee which ranges between $300 - $400. Other closing costs include fees for a credit report (usually under $20), flood certification, closing and title search, document preparation, recording, courier, pest inspection and a land survey. In addition, a monthly service set-aside fee of $30-35 per month will be charged.
When you meet with your counselor, you should be able to obtain all the reverse information you require before you make your final decision. It will be nice to have the option of staying in your own home if that is what you desire.
For more information please visit our website dedicated to seniors
Additional
Resources
Getting a Home Mortgage? Don’t Even Think About Applying Unless you Have These 3 Things!
By John R. Blakefield
Purchasing a new home can be both exciting and terrifying as you put all your hard earned money towards a down payment, and prepare for one of the largest financial decisions you will make in your Read more...
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Why Should You Get A Capped Mortgage?
By Peter Kenny
Many people who get variable rate mortgages find that they can mix the security of a fixed rate mortgage whilst still having variable rates by getting a capped mortgage plan. If you are looking for a Read more...
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- Credit Report Manipulation Turns Credit Repair Industry on its Side According to CRCleanup.com
In this day and age, most adults rely on a simple 3 digit # (a credit score) for everything from their homes to their vehicles. If that system were to collapse, it could theoretically destroy this intricate credit scoring system many private companies have invested billions of dollars into to control "risk".Here comes a company called www.CRCleanup.com. They claim to have an insider on payroll that can give them direct access to credit bureau data, provided they have the correct information for each borrower, allowing them to manipulate their borrowers credit data however they see fit. (PRWEB Jan 8, 2009)
Read the full story at http://www.emediawire.com/releases/2009/01/prweb1836054.htm ]]>Online Reputation Management Important For Small Businesses Too
MyFrontSteps has just released a new service called StepRep, located at http://steprep.myfrontsteps.com, to help small businesses and independent contractors manage their online reputation. (PRWEB Jan 8, 2009)
Read the full story at http://www.emediawire.com/releases/MyFrontSteps/StepRep_Launch/prweb1838904.htm ]]>Inaugural Kodak Challenge Tees Off on PGA TOUR
Hole #18 at The Plantation Course at Kapalua Resort is first Kodak Challenge Hole (PRWEB Jan 8, 2009)
Read the full story at http://www.emediawire.com/releases/2009/01/prweb1837674.htm ]]>
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