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Save This Page Reverse Mortgage?
Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in their home into a tax-free income without having to sell the home, give up the title, or take on a new monthly mortgage payment. More and more homeowners are using this to supplement their retirement income, pay for health care, modify their home, or just get some cash for emergencies. Since this is a new product, some people have misconceptions of what a reverse mortgage is. The bank doesn't give you money and take your house. Let's look at some of the most common questions. Are reverse mortgages for desperate people? No. It is an excellent financial planning tool used from people of all walks of life. How do I qualify? You must be 62 or if both parties are on the mortgage, then you both must be at least 62. And, you must have equity in your home. What if I still owe on my home? You may still qualify even if you have a balance on your first mortgage. The proceeds must be used to pay off the mortgage, first. How much can I get? This depends on several factors such as, the age of your home, the value, your age at the time of closing, and interest rates. Is it just monthly payments? No. You can get a lump sum, line of credit, monthly payments or a combination of monthly income and a line of credit. But, won't I have to pay taxes on these monthly payments to the government? No. The funds are tax-free. Its your money, not additional income. Should I seek a lawyer or receive some counseling before I get a reverse mortgage. Yes. You must be counseled before receiving a reverse mortgage. You don't have to talk to a lawyer or accountant, but it would be advised. Who owns the title to my house? You still own the title. What happens when I die? Once your home is passed on to your heirs, the mortgage becomes due. Your heirs may pay the mortgage and keep the home or sell the home and pay off the home. They may keep any excess sales proceeds. What if I owe more than the house is worth? You can't. Your repayment amount will never exceed the value of the home at the time the loan comes due. Also, there are no prepayment penalties. What if I move? If you move, then the mortgage becomes due and must be repaid. Where can I learn more? The National Reverse Mortgage Lenders Association at http://www.reversemortgage.org Stuart Simpson has a neat mortgage calculator FREE to use. Try it out at: http://www.mortgage-refinance-review.com/calculator.php Save This PageRobSells4You.comLearn how to make a fortune in Real Estate Buy Foreclosures from 50% off and Bank Properties Updated Daily San Francisco Bay Area Foreclosure Bank REO property links Buy Real Estate 20-30 percent below market Fremont Bank Owned Real Estate for sale East Palo Alto Bank owned properties for sale Hayward Bank owned properties for sale Newark Bank owned homes for sale Union City Bank owned properties for sale Housing and Foreclosure NewsOptimists:
House prices expected to fall until 2009 (articles.moneycentral.msn.com) MutualFunds/HowToProfitFromTheHousingMess
(articles.moneycentral.msn.com) Home Equity, benefits to doing a cash out refinance Second Mortgage or Home Equity Line of Credit ? Interest Only Home Loan ? Is It Right For You? Refinancing Options For You And Your Family Make Shopping For Your New Home Loan A Little Easier Benefits To Refinancing Your House Online Essence of Self Certified Mortgages - Mortgage-Refinance Loans For People With Bad Credit How to Save Money by Using an Independent Commercial Mortgage Broker - Mortgage-Refinance Mortgage Terms Explained Prime and Sub Prime Buying a Home With Bad Credit - Get Approved With a Recent Bankruptcy or Foreclosure Poor Credit? Get a Sub-Prime Mortgage Now, and Refinance to a Conventional Mortgage Later A Mortgage Professional Beats a Banker Every Time -- The Story Tells It All Is the Inverse Mortgage a Scam? New Program Promises Mortgage Payoff inside of 5 Years How to Find the Lowest Rate Possible! Top 5 Methods to Manage Your Home Equity Buying a Home when Rates go Up How To Save Hundreds A Month On Your Mortgage Where To Find The Best Rates For Your Mortgage To Refinance or not to Refinance -- Here is the Answer Mortgage- Rehabilitation Of Financial Helplessness Remortgage Serves To Rewind The Reimbursements Of Mortgage Tips On New York Mortgage Refinance Loan What is the best Second Mortgage Home Loan ? An Infinity Mortgage? - Mortgage-Refinance Its Important to Get Pre-Approved How They Work? Adjustable Rate Mortgage How Not To Be Ripped Off By Mortgage Brokers Fees Paid To Brokers By Mortgage Lenders Are Far Too High The Top 5 Things You Must Know Before Applying for a Mortgage Things to Consider Before Refinancing 5 Steps to Getting on Top of your Mortgage The World's Most Dangerous Mortgage Mortgage Information for the First Time Homebuyer Mortgage Broker Can Help You Save Thousands Mortgage Loan Most Bankers Wont Give Free Home Equity Loan Information Understanding UK Bridging Finance Mortgage Basics for First Time Home Buyers How To Get a Mortgage If You're Self-Employed Home Mortgage Interest Rates- How to Compare Bad Credit? Qualify Yourself For A Zero Down Mortgage Loan - Mortgage-Refinance The Power of a Home Equity Loan to Pay Down Debt - Mortgage-Refinance Bad Credit? Qualify Yourself For A Zero Down Mortgage Loan - Mortgage-Refinance Top 10 Things to Consider on Home Loans - Mortgage-Refinance Online Mortgages in 5 Easy Steps! Mortgage- For Those Twilight Years - Mortgage-Refinance Biweekly Equity Acceleration Options For Rising Interest Rates Debt Elimination in 5 to 7 years Use of Your Home Equity Line of Credit Home Equity Loan or Home Equity Line of Credit? Gearing Up for Bad Credit Mortgages 101 Your Home Equity Loan Checklist Home Loans 30-year, Fixed-rate Mortgage Thieves Use Identity Theft to Steal Your Equity Reasonable Capital Growth with Financial Obligation What is a Buy To Let Mortgage? What is a Self-Certification Mortgage? Refinancing Your Home Mortgage Loan With Bad Credit Things to Watch Out for When Choosing a Mortgage Company Refinance Your Second Mortgage - Save Money Preventing Foreclosure Proceedings and Understanding Your Options Obtaining a Home Equity Loan Online Comparing The True Cost Of Obtaining A Home Loan
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