Reverse Mortgage Payout

Reverse Mortgage Lenders are offering a few different payout option for your Reverse Mortgage.

A reverse mortgage is a type of loan for elder homeowners where the bank sends you a check instead of the other way around (hence the name “reverse”).

With some reverse mortgages, you receive a lump sum of cash upfront or get a line of credit for emergencies.

With other reverse loans, the bank sends you a small check each month. In some cases, these monthly checks keep coming for a specific amount of time - say, 10 years. In other cases, the monthly checks keep coming until you die, move to a nursing home or otherwise leave the property.

You don’t make monthly mortgage payments to the bank when you have a reverse loan.

Instead, you (or your heirs) typically sell the home when you leave it, then pay back all principal and deferred interest in a lump sum.

For more Reverse Mortgage Help visit:
Reverse Mortgage Speclialists
Reverse Mortgage Nation
Reverse Mortgage Marketing

Reverse Mortgage Fact

Another fact is that more than ninety-five (95) percent of Reverse Mortgages done are the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM) version. This guarantees the full protection of the United States Government through use of the required two (2) percent insurance fee paid on all FHA Reverse mortgages.

The remaining, less than five (5) percent of Reverse Mortgages, are the Federal National Mortgage Association (FannieMae) and Proprietary Reverse Mortgages which are guaranteed by private lenders that insure their safety.

The American Association of Retired Persons (AARP) has provided more literature than anyone else on this subject and it is very positive. They are a great resource for Reverse Mortgage Information. They have a specific publication called “Home Made Money” which is excellent. The Federal National Mortgage Association (FannieMae) also offers a publication titled “Money from Home” that is helpful for Reverse Mortgage Education. The National Council On Aging (NCOA) completed a study in 2005 called “Use Your Home to Stay At Home” plus two booklets “A Planning Guide for Older Consumers” and “A Guide for Homeowners Who Need Help Now”.

Call 1-888-973-8377 to speak with a Reverse Mortgage Specialist and Counselor.