Reverse Mortgage Compare

Reverse Mortgages are quickly becoming a great option for senior citiznes nationwide.

To compare Reverse Mortgage to a more traditional one, the type of mortgage commonly used when buying a house can be classed as a “forward mortgage”. To qualify for forward mortgage, you must have a steady source of income. Because the mortgage is secured by the asset, if you default on the payments, your house can be taken from you. As you pay off the house, your equity is the difference between the mortgage amount and how much you’ve paid. When the last mortgage payment is made, the house belongs to you.

On the other hand a Reverse mortgage process doesn’t require that the applicant have great credit, or even that they have a steady source of income. The major stipulation is that the house is owned by the applicant. Generally, there is also a minimum age required as well, the older the applicant, the higher the loan amount can be. As well, reverse mortgages must be the only debt against your house.

Simple Reverse Mortgage

Simply stating, a Reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of their equity in their home into a tax-free income without having to sell their homes, give up the title, or take on a new monthly mortgage payment. Many homeowners are using this to supplement their retirement income, pay for their health care, modify their home, or just get some cash for emergencies. Since it is a new product, some people might have misconceptions of what a reverse mortgage is? The bank doesn’t give you money and take away your house. Let’s look at some of the most common questions?

Is reverse mortgage for desperate people? The answer is No, because it is an excellent financial planning tool used from people by all walks of life.

How do I qualify? You must be atleast 62 or if both parties are on the mortgage, then you both must be at least 62. And, you must also have equity in your home.

What happens 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.

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

Reverse Mortgage Seminar

Reverse Mortgage Programs are designed to raise a senior's standard of living and enable them to remain in their own home for the rest of their life. Are you unsure if this is an option for you? Please join Roy Shellhammer of Reverse Mortgage Nation as he presents an informational seminar on the HUD/FHA Home Equity Conversion Mortgages. This seminar will help you understand what a reverse mortgage is, review who qualifies for the program, discuss the benefits of reverse mortgage, and address questions and concerns you may have about these programs

Call 1-888-973-8377 to set up a Reverse Mortgage Seminar with a Reverse Mortgage Expert.

Reverse Mortgage Information, who owns title?

Another quality Reverse Mortgage Question

Who owns title to my home while my reverse mortgage is outstanding - the bank or me?

You retain title to your home during the period when you have a reverse mortgage, just the same as with a regular home purchase mortgage.

If you have more questions and would like to speak with a Reverse Mortgage Lender, please call toll-free 1-888-973-8377 (1-888-9REVERSE).