Reverse Mortgage

Reverse Mortgage Employment

2008-09-17T08:00:00.001-04:00

We are a seasoned Reverse Mortgage company, seeking experienced originators to join our winning team! We have two positions available that we are currently hiring for.

We are currently ranked as one of the top 50 Reverse Mortgage Lenders in the country and have been originating only Reverse Mortgages since 2004. Our experience, streamlined process, and online loan tracking abilities help you get your Reverse Mortgages closed in 30 days or less!

We have a very competitive compensation plan, which includes payment on the Rebate and Service Release Premium.

We have great marketing systems, free reverse mortgage leads, tools, and training, available to assist you in becoming a top producer in the Reverse Mortgage industry.

Email to learn more about the opportunity, or copy of your most current resume to: troy @ reversemortgagenation . com (Spaces were added to protect against internet spiders. When emailing us, just remove spaces.)

We look forward to speaking with you soon.

Reverse Mortgage Boom

2008-07-02T10:48:00.003-04:00

Reverse Mortgage Boom? New Market?

More and more reverse mortgage originators and lenders are stepping into the market. What does this mean for consumers like you? More benefits, better rates, additional discounts, and more. Found a couple links that are already offering a competitive product. Including no upfront appraisal fee, fast closing, free scholarship for your grandchildren, and more.

Visit:
Reverse Mortgage Coupons
Reverse Mortgage Safety
Reverse Mortgage Lender

Truth be told, this is not the case, year over year production has increased but not in proportion to the influx of new originators that came into the business over the last 12-16 months.

The fact that in 2006 there were roughly 800 brokers in the industry closing 84,000 loans and then in 2007 there were around 1,800 brokers in the industry closing around 108,000 loans. Plus throw into affect all the new competition currently that is going on and a huge consolidation effort in the industry…….sigh…….can you say overly saturated?

Wanna get involved in the industry? Positions, jobs, recruiting, and training can be found at:
Reverse Mortgage Mentors

Reverse Mortgage Brokers

2008-05-12T15:29:00.003-04:00

Truth be told, this is not the case, year over year production has increased but not in proportion to the influx of new originators that came into the business over the last 12 months.

The fact that in 2006 there were roughly 800 brokers in the industry closing 84,000 loans and then in 2007 there were around 1,800 brokers in the industry closing around 108,000 loans. Plus throw into affect all the new competition currently that is going on and a huge consolidation effort in the industry…….sigh…….can you say overly saturated?

Now is the time to choose a Reverse Mortgage Lender that you can trust and has the experience to service. Call 1-888-973-8377 today!

Reverse Mortgage DVD

2008-01-18T08:26:00.000-05:00

I have seen numerous ads, websites, and commercials discussing a Reverse Mortgage DVD. I think that is a way for people to not offer customer service. We make ourselves available at all times to answer questions, listen to your scenario, and help place you in the correct product. Call 1-888-9REVERSE (1-888-973-8377) today for a FREE consultation, we aren't going to send you a boring DVD, we are going to answer any question you have, offer support, and there is no charge or obligation.

Here is more Reverse Mortgage Information.

What are the Benefits of a Reverse Mortgage?
• No Monthly Payments
• Money is Tax Free
• Homeowner is able to reside in their Home until the Home is Sold
• Title always remains with the home owner

Use a Reverse Mortgage For:
• Medical Expenses
• Paying Off Debt
• Insurance/Financing Planning
• Travel or Purchasing A Vacation Home
• Funding College for your Grandchildren
• Everyday Expenses
• PLUS MUCH, MUCH MORE

Reverse Mortgages are Government Backed Loans. Call 1-888-973-8377 today!

Reverse Mortgage Gifting

2007-12-24T10:32:00.001-05:00

A question we found on a popular retirement forum.

My parents are in their mid-80's and desire to gift some cash from their Reverse Mortgage to each of their children and grandchildren. We hesitate, due to the fact that at their age, they could end up in a nursing home at any time. If they would need Medicaid, I don't want them to be penalized for doing this. Is gifting from a reverse mortgage handled differently than from other countable assets?

The cash available through a Reverse Mortgage is not considered income since it is a loan against the property. Knowing this, gifting the funds from a Reverse Mortgage will not affect any government programs that they qualify for. To avoid any problems, make sure that you stay under the maximum gifting level. Reverse Mortgages also do not have an effect on your social security income as well.

Call 1-888-973-8377 with any Reverse Mortgage related questions.

Another Reverse Mortgage Overview

2007-10-26T08:48:00.000-04:00

Another Reverse Mortgage Overview

A reverse mortgage is a special home equity loan available only to homeowners 62 and older. It allows them to address various retirement needs by eliminating any existing mortgage payment and converting part of the equity in their home into a line of credit or tax-free income, without having to sell their home, give up title or take on a new monthly mortgage payment. Funds are available as monthly income, a line-of-credit, cash, or any combination. Call 1-888-973-8377 for more details.

Don't forget:
* You retain title to your home
* No monthly mortgage payments required
* Use the cash any way you want to

For a Reverse Mortgage, make sure you visit a national Reverse Mortgage Lender. You can also call 1-888-973-8377 to ask any questions.

Reverse Mortgage Expenses

2007-07-05T14:44:00.000-04:00

Reverse Mortgages are expense compared to what? Where else can you borrow money regardles of credit or income. Banks would charge much higher rates.Why not complain to the state for making reverse mortgage expense by charging stamps at 150% of home value not 100% on loan value. Nor do you mention the FHA charges a 2% mortgage insurance where people buying an home only have to pay 1.5%. You also wrongly say there is a monthly payment not true. There are products with very low closing costs. Also you did not mention you can a fixed rate below the Market place for compared to loans with no income or credit checks. I didn't read in your collums where you criticize banks for equity loans the seniors can not afford. Or 6%&7% commission to Realtors for selling your home with putting up a sign and have some one buy it, with no work involved. Now is the best time to do a reverse Mortgages as homes are going down in value you can lock in todays value and possable borrow more money.

Call 1-888-973-8377 with any questions or visit ReverseMortgageNation.com a national Reverse Mortgage Lender.

Looking for more Reverse Mortgage Information?

New Reverse Mortgages

2007-03-19T08:17:00.000-04:00

It was only a matter of time before different types of Reverse Mortgage was released. This is great news for you, the consumer! With different loan programs including a new jumbo, HECM 100, and other lower priced features they can really lower the costs over the life of the loan. The interest rates are still standard, but closing costs and monthly service fees have been reduced.

Remember with a Reverse Mortgage, you aren't paying costs out of pocket, the costs are rolled into the loan. However reduced costs can really make a huge savings over the long run of the loan. If you would like more information about the new HECM 100 and other discounted reverse mortgage options call 1-888-973-8377 to speak with a Reverse Mortgage Specialist.

More information will be posted soon.

In the meantime, you can check out these other helpful Reverse Mortgage Sites:
Reverse Mortgage
Reverse Mortgage Lender
Reverse Mortgage Information
Reverse Mortgages

HUD Reverse Mortgage

2007-01-11T15:20:00.000-05:00

The Department of Housing and Urban Development, which insures most reverse mortgages, is looking into lowering the origination costs and mortgage-insurance premiums that homeowners pay.

Borrowers have several options for receiving the money. Most opt for a lump-sum payment while others choose a line of credit. Some prefer equal monthly payments that last for as long as a borrower remains in the home. (The sum of those payments can stretch beyond the value of the house, in which case the lender will book a loss.)

Roughly 90 percent of all reverse mortgages are insured by the government through a so-called Home Equity Conversion Mortgage, or HECM. Those mortgages cannot exceed a certain amount, regardless of how much the house is worth.

In the year ended Sept. 30, homeowners took out a record 76,351 reverse mortgages, according to the Federal Housing Administration. That's an increase of 77 percent over the previous year. Overall, half of all reverse mortgages ever issued have come in the past two years.

California Reverse Mortgage Lenders

2006-12-20T10:22:00.000-05:00

California Reverse Mortgage Snapshot: The proportion of California's population classified as elderly is expected to increase from 10.6 percent in 2000 to 17.8 percent in 2030. Among the 50 states and District of Columbia, the state had the 46th highest proportion of elderly in 2000 and is projected to have the 43rd highest proportion of elderly in 2030.

Unlike regular mortgages, reverse mortgages aren’t available from from any bank or financial institution. They have to be an approved Home Equity Conversion Mortgage (HECM) lender.

(U.S. Bureau of the Census, Population Division; U.S. Department of Housing and Urban Development HECM Activity Reports)

Links:
Reverse Mortgage Lender
Reverse Mortgages

Reverse Mortgage Growth

2006-12-06T10:17:00.000-05:00

Older Americans seeking financial security and a means to supplement retirement income are turning in record numbers to reverse mortgages as a way to convert home equity into tax-free funds. In fiscal year 2006, an unprecedented 23,271 customers took out reverse mortgages compared to 14,346 in fiscal year 2005. This represents an increase of 62 percent.

"More seniors are recognizing that traditional retirement tools, such as Social Security to pensions to retirement investments aren't providing enough income to help fund everyday living expenses and healthcare expenses," said Jeff Taylor, vice president, Senior Products Group,

"As many people approach retirement, they begin to realize their major asset is likely to be their house and by the time the average person retires, they own a home that's usually worth more than they paid for it. It's pretty amazing that a senior can receive income from their house and make it their dream retirement home, a place where they can control their independence, dignity and quality of life."

A reverse mortgage is a special type of home loan that allows an older homeowner to turn home equity into tax-free proceeds without having to leave the home or make regular monthly loan payments.

Reverse mortgage loan proceeds aren't considered income and don't affect Social Security or Medicare benefits. The loan becomes due and payable when the borrower no longer occupies the house as a principal residence. The balance can be paid from the proceeds of the home sale or refinance.

The number of reverse mortgage fundings jumped by 77 percent nationwide, according to the National Reverse Mortgage Lenders Association. The Federal Housing Administration insured 76,351 Home Equity Conversion Mortgages compared to 43,313 the previous year.

Taylor attributes the growth to several factors, including seniors having a better understanding of the reverse mortgage product, high home appreciation rates in many parts of the country; an aging population and efforts by various organizations to promote the benefits and flexibility of the product.

There is no imcome or credit required for this program.

Call 1-888-973-8377 to speak with a Reverse Mortgage Specialist or visit Reverse Mortgage Nation, a national Reverse Mortgage Lender.

Reverse Mortgage Key Features

2006-10-25T11:08:00.000-04:00

Reverse Mortgage Key Features

Only for homeowners 62 and over.
There are no income or credit qualifications.
No out-of-pocket application fees
All closing costs are financed into the loan.
Existing mortgages are paid off with the loan proceeds.
The borrower makes no monthly payments.
The home continues to be owned by the borrower.
The proceeds from the loan are non-taxable.
Borrower can take a lump sum, open a credit line, or receive monthly payments.

To speak with a Reverse Mortgage Specialist from RTG Consultants, call 1-888-973-8377.

You can also use the Reverse Mortgage Calculator or a FREE Reverse Mortgage Quote from a Reverse Mortgage Lender.

Reverse Mortgage Interview

2006-10-02T15:43:00.000-04:00

Here is an interview with Reverse Mortgage Specialist Valerie VanBooven from Reverse Mortgage Nation.

Valerie's Interview with NRMEC

September 2006

Valerie VanBooven, NGFS Marketing Director

Interviewed by Lyn Link, President of the National Reverse Mortgage Education Center

Link: I would like to start the interview in the newsletter with a brief introduction about you and the Next Generation Financial Services. Do you have something already prepared that we could use?

VanBooven: Next Generation Financial Services, a division of 1st Mariner Bank, uses creative financial techniques that have a proven ability to help consumers achieve their financial goals. These goals could range from paying off their mortgage early, funding a family member's education, increasing their retirement income, obtaining long term care or a variety of other financial goals. "The NGFS philosophy is based o¬n a blend of traditional banking and insurance products in an untraditional way.”

NGFS was an idea and a business model that was created by Brett Carter, President of 1st Mariner Mortgage, Doug McLain, and Frank Neubauer. Three great guys with a very solid and productive vision for the future of this market.

Valerie VanBooven RN, BSN, PGCM is the National Marketing Director for NGFS. Her job is to help the hundreds of financial advisors who have been through the NGFS training program, understand how to market their services to seniors, baby boomers, and adult children of aging parents. She does this is by showing advisors amazing, effective, lead generation methods that leave the competition in the dust! Valerie is the author of "Aging Answers: Secrets to Successful Long-Term Care Planning, Caregiving, and Crisis Management", she is also a professional speaker, radio show host, and contributor to the Weekend Today Show on NBC, as well as having appeared on CNNFN's "Your Money" with Ali Veshi. Valerie has been quoted in Time Magazine, and many AP articles across the country.

Link: Your background provides you a very special perspective on the health and financial burdens senior adults face on a daily basis. How and why did you got started in the reverse mortgage profession?

VanBooven: After completing my first book in late 2003, I realized very quickly that reverse mortgages were going to become one of the biggest "helpers" for seniors with regard to increasing cash flow and paying for long-term care...I was getting a lot of questions from clients and from people all across the country, so I decided to get educated! I went to an NGFS training class in Baltimore, Maryland in early 2005. It was one of the best professional decisions I have ever made. The class was outstanding. By September 2005, NGFS had offered me a job as their national marketing director. I accepted because I see the 3 Trillion dollar opportunity standing before us, and I see thousands of seniors finally getting the help they need.

Link: You are also the author of Aging Answers: Secrets to Successful Long-Term Care Planning, Caregiving, and Crisis Management. Please tell us about your book and whether it would be beneficial for reverse mortgage professionals to read or share with their senior customers?

VanBooven: "Aging Answers" was written as a simple guidebook for seniors and adult children of aging parents. The first half talks about the importance of planning ahead for long-term care while we are still healthy enough to do so, and the second half discusses what to do when it's too late to plan ahead, and your family is in the middle of crisis. "Aging Answers" is designed to point people in the right direction, it's not the encyclopedia of elder care. The book is appropriate for anyone who works with seniors on a daily basis, including reverse mortgage specialists. When we write reverse mortgages, we find that many seniors have a whole host of social service issues that need to be addressed. Having a reference like "Aging Answers" can really help the person advising the family know where to turn.

Link: The Next Generational Financial Services (NGFS) business model is leading the way in combining the reverse mortgage with financial products and planning. Describe for us NGFS's business model and what makes it so special?

VanBooven: This is so much fun for me! Here's the scoop: In "the old days" (which was 5 years ago), the only way a financial advisor or insurance agent could get a reverse mortgage written was to refer their client away to a captive reverse mortgage specialist. Most financial advisors will tell you that this makes them feel uncomfortable, and some will even tell you that they have been burned in the past because they lost control of their case design. Fast forward 5 years, and now it is possible for financial advisors to not only write the reverse mortgage, but also enjoy the commission on the reverse mortgage, as well as any other product sale.

My belief is this: When we write a reverse mortgage for a senior, there should always be a plan in place for where that money is going. It might simply mean paying off a current mortgage, or it might mean buying a long-term care insurance plan, or life insurance. Or, it may simply be a way to increase cash flow for that senior so that they can make ends meet, and afford to pay their bills. I don't think it's wise to enter into a reverse mortgage without a case design strategy that makes sense for that family. How many times, without proper case design and a plan in place, do seniors come back needing more money in 6 month or a year? It happens a lot. By training financial advisors on how to write reverse mortgages and put good case design strategies together, we avoid those issues, the family is happy, and their money is protected.

Link: Are there any regulations that prevent combining financial products and services with a reverse mortgage and if so, how has NGFS been able to comply with these regulations?

VanBooven: NGFS follows all federal rules and regulations. We are very very careful to train our advisors not to use variable products with reverse mortgages, and to make sure that each case design they put together meets the needs of the client and their family, and is not a risk to their assets. Seniors aren't usually in a position to tolerate any risk with their money. We advise against putting them in that situation. In 5 years, we have never run across any of our advisors who have made that mistake. When an NGFS Loan Consultant takes an application for a reverse mortgage, we have included many forms that must be filled out and signed by the senior stating that they are not putting their money into risky products. It's VERY clear.

Link: Do you feel that NGFS's business model is the future for the industry, and what advantage does it give NGFS in the marketplace?

VanBooven: Yes, I would say our model is the future for the industry, but as an industry we need to be very careful. Our program requires that each person who attends training go through a set of background checks and a drug screen before they become official W2 employees of the bank. They must also attend the three day training class in person. No exceptions. We honestly try to screen out anyone who may be an undesirable representation of our bank and our program. One bad apple can spoil the whole bunch! Other models that are similar to ours are less careful about who they let in the door. Some will allow you to send in $300 and watch a video, and you are "in". I think that's dangerous and not a good business model at all. We are THE example in the industry of how this model should and DOES work for the future of reverse mortgages and cash flow planning in general. A video just doesn't do it.

Link: How does combining retirement planning and financial products such as long term care insurance and annuities with a reverse mortgage benefit the senior customer?

VanBooven: In the last couple of years, The NCOA published a study on using reverse mortgages to pay for long-term care. Shortly after that, The Deficit Reduction Act '05 passed. The landscape for seniors changes every single day. The laws change, the rules change. Reverse mortgages can be used to plan ahead for long-term care by using the proceeds to purchase a long-term care plan, or the proceeds from a reverse mortgage can be used to pay for in - home care (crisis management) in the immediacy when the senior no longer qualifies to purchase long- term care insurance. Either way we can keep people at home longer. Long-term care insurance should be thought of as "lifestyle insurance". If you want to stay in your own home, with your own remote control, watching your favorite shows, then you need to plan ahead with long-term care insurance. It's that simple. For folks who thought this was unaffordable in the past, we can now show them away that they can afford it-- without touching a penny of their savings, investments, or current income. That's the beauty of the reverse mortgage.

As for annuities, there are some case designs that make a lot of sense. For those out there who sell annuities already, you have probably heard of a laddered or "stacked" annuity strategy. We can show you how to super-charge that strategy and increase your client's income by 210% (using a reverse mortgage). over what you could have done for them before. It's safe, and these are not variable products.

Link: What kind of specialized training does NGFS provide to the financial professionals it hires to originate reverse mortgages?

VanBooven: As I mentioned before, it's a 3 day training class. Full 8-10 hour days. The training is not only educational, but also entertaining and fun. We train once a month in a different part of the country. Las Vegas, Tampa, and Baltimore are the cities we rotate through currently. At the end of training, everyone is pumped, excited and realizing that they have a new marketing tool that literally blows the competition in their town out of the water!

Link: If you don't mind sharing with our readers, what type of marketing are you and NGFS's loan officers doing that is unique and effective in our industry?

VanBooven: I have some formulas that I like to use to train our advisors on how to market themselves more effectively. We provide over 100 print pieces, including newspaper ads (atypical- not vanity ads), postcards, seminar invitations, seminar ads, lead drip pieces, free reports, newsletters to send to clients, letters to other professionals and current clients, press releases, the church program (which is fantastic), and everyone's favorite- the "radio show". I won't go into detail on how we get all of this done, but I will tell you that our copy is outstanding, our marketing methodology is amazing, and it's not your traditional muckety-muck that you see everyone else in the industry doing. We actually get results. In order to understand why Jane Doe buys what Jane Doe buys, you MUST see the world through Jane Doe's eyes. That is the unique perspective that I bring to the table as marketing director- from the social service and health care perspective, I get it, and now so do all of our advisors.

Link: How many reverse mortgage loan officers does NGFS currently have and what are their goals for the future?

VanBooven: It appears that we have put about 1200 people through training, we have around 700 active employees. We terminate anyone who hasn't been productive in at least 6 months. We are serious about that, and that's another reason why we are so successful in this market. We see 50 new faces a month on average in our training class. Our goal is to cap our employee list at 2500 active loan consultants. We have no desire to have 10,000 people on our list just to say we have 10,000 people on our list. We want serious producers who do the right thing for their clients.

Link: If someone wanted to find out more about a career with NGFS, how do they get in touch with you?

Anyone can email me at valerie@nextgenfinser.com , they can call me at 877-529-0550, or if they want to come to training and need more info they can always visit www.ngfs.net

By the way Lyn, thank you for this opportunity to share our story!

California Reverse Mortgage

2006-09-18T16:29:00.000-04:00

In California, in particular, there is a high demand for reverse mortgage information. This is because over 2 million seniors in California alone could benefit from a reverse mortgage. That doesn�t mean the product is right for all 2 million, but it should be an understood option in all cases. Moreover, reverse mortgage education needs to continue, because there will be approximately 6.4 million Californians age 65 or over by 2025.

There is a specific California law that provides that reverse mortgages can be paid back in advance without any penalty. This, however, does not bar fees, payments, or other charges that would have otherwise been owed when the reverse mortgage came due.

Please be aware that in California, there is plenty of good reverse mortgage counseling and this is a key piece of the reverse mortgage process.

In general, the California Reverse Mortgage is no different than any other reverse mortgage.

Reverse Mortgage Examples

2006-08-18T16:23:00.000-04:00

Reverse Mortgages CASE STUDY #1
Client profile - William and Betty Senior
- Age - William 77, Betty 75 ( reverse mortgages are calculated using the youngest owners age )
- Home value - $375,000.
- Equity - $375,000.
- Problem - How to supplement monthly income to help pay for medical and medication expenses.
- Solution - A reverse mortgage will provide $218,419. tax free* in one lump sum or credit line or $1495. per month.

Reverse Mortgages CASE STUDY #2
Client Profile - Charles and Judy Pleasant
- Age - Charles and Judy are both 68
- Home value - $165,000.
- Equity - $165,000.
- Problem - They would like to travel in their motor home but lack the extra income needed to pay the added expenses of travel.
- Solution - A reverse mortgage of $82,419. will give them $519 per month of extra tax free* income.

Reverse Mortgages CASE STUDY #3
Client profile - Mary S. Citizen.
- Age - 72
- Home value - $250,000.
- Equity - $210,000. with a mortgage balance of approx. $40,000.
- Problem - Mary lives alone and wants to stay in her home but is having difficulty meeting expenses. Her mortgage payment is $611. per month. With her Social Security income and pension she is still short $187. per month.
- Solution - A tax free* reverse mortgage for $129,138. Taking a lump sum of $40,000. to pay off her existing mortgage and the balance in monthly payments of $561. After paying off the mortgage, Mary's monthly income rises to $1172. ($611. mtg. paym't plus $561 from the reverse mortgage).

Reverse Mortgages CASE STUDY #4
Client Profile - John and Joanne Smiles
- Age - John is 82 and Joanne is 80
- Home value - $850,000.
- Equity - $850,000.
- Problem - Their income is sufficient to live as planned but they would like to assist with the college tuition for their two grand children.
- Solution - A reverse mortgage credit line of up to $265,411. Then each grandparent can gift, each year, to each grandchild, the amount currently allowed by law*. Income from a reverse mortgage is currently tax free*.

Each Reverse Mortgage situation is different, please call 1-888-973-8377 to speak with a Reverse Mortgage Specialist or visit ReverseMortgageNation.com to find a Reverse Mortgage Lender.

Reverse Mortgage Payout

2006-07-21T14:55:00.000-04:00

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

2006-07-07T14:52:00.000-04:00

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.

Reverse Mortgage Question

2006-06-19T22:11:00.000-04:00

Q: I am a widow, 81, whose primary asset is my home. I have two adult children to whom I would like to leave this home, but I am concerned I might outlive my assets.

Also, my house will soon need repairs, which I am not sure how to pay for. My two children suggest I deed my house to them now and they will pay for the maintenance, taxes and insurance. Do you think this is a good idea?

A: No. If you quitclaim your house to your adult children now, that could prove detrimental to both you and them.

For example, suppose you later decide it's time for you to move to an assisted-living center. If you already gave away your home, where will you find the money to pay for your care?

Also, if you gift your home to your two adult children now, they will take over your presumably low market value adjusted-cost basis. They would be better off inheriting the house after you pass on, thus receiving a new ''stepped-up basis'' of market value on the date of your death.

If you are in reasonably good health, and expect to stay in your home at least five years, look into a senior citizen homeowner reverse mortgage. You can choose from a lump sum to pay for repairs, monthly lifetime income, a credit line (except in Texas), or any combination. To find reputable local reverse mortgage originators, visit www.reversemortgage.org.

Reverse Mortgage History

2006-05-10T14:47:00.000-04:00

The Reverse Mortgage became a valuable and safe tool for Senior Americans when the United States Congress authorized the Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM) in 1989. The National Reverse Mortgages Lenders Association was formed.

1) The United States Congress passes FHA Reverse Mortgage Legislation, the Housing and Community Development Act of 1987, (S. 825) on December 22, 1987.

2) President Ronald W. Reagan signs FHA Reverse Mortgage Legislation (S. 825) on February 5, 1988.

3) First FHA Reverse Mortgage made to Marjorie Mason, of Fairway, KS by James B. Nutter & Company on October 19, 1989.

Another program became available in 1996 when the Federal National Mortgage Association (FannieMae) created the Home Keeper.

These three (3) Reverse Mortgages offer the opportunity for virtually all Senior Citizens to utilize the equity in their homes to provide needed financial security. Since 1989, more than 200,201 Seniors have obtained an FHA HECM. Reverse Mortgages will continue to grow.

Call 1-888-973-8377 for a free Reverse Mortgage Analysis

Senior Reverse Mortgage

2006-04-28T11:01:00.000-04:00

You are referring to a senior citizen reverse mortgage for home purchase, offered by Fannie Mae. The residence to be purchased must be intended as your principal residence, not as a secondary or vacation home.

This special reverse mortgage program is ideal for seniors who want to "downsize" by selling their large home and using the cash proceeds to buy a smaller home and not have any mortgage payments.

Exact numbers will vary depending on the purchase price of the home, and the buyer's ages, but a very general rule is a cash-down payment of 50 percent or more will be needed.

However, that's a very good deal for senior citizen buyers who then won't have any monthly mortgage payments. You can find Fannie Mae reverse mortgage originators at www.reversemortgage.org. More reverse mortgage details are available in my special report, "The Whole Truth About Reverse Mortgages for Senior Citizen Homeowners," available for $5 from Robert Bruss, 251 Park Road, Burlingame, CA 94010 or by credit card at 1-800-736-1736 or instant Internet delivery at www.BobBruss.com. Questions for this column are welcome at either address.

Call 1-888-973-8377 for a free counseling session to answer all of your reverse mortgage questions.

Reverse Mortgage Counseling

2006-04-21T11:52:00.000-04:00

Another requirement for a Reverse Mortgage is Reverse Mortgage Counseling.

Anyone seeking a reverse mortgage loan must undergo mandatory counseling from a HUD (the U.S. Department of Housing and Urban Development) approved counselor prior to actually applying for the loan. This counseling is essentially an in-person or telephone session that outlines how the process works and answers any questions you may have. This counseling program is not to determine qualification, it is designed to provide you with the information you need to make the best reverse mortgage decision for you and your family.

Call 1-888-973-8377 to speak with a Reverse Mortgage Specialist and setup a counseling session.

California Reverse Mortgages

2006-04-11T10:19:00.000-04:00

Reverse mortgages are becoming extremely popular with seniors in California since the U.S. Department of Housing and Urban Development (HUD) created one of the first.

A California reverse home mortgage allows older Americans to supplement social security, meet unexpected medical expenses, make home improvements, and more.

A reverse mortgage allows the homeowner to convert a portion of the home equity into cash. Unlike a traditional home equity loan (HELOC) or second mortgage, repayment is not required until the borrower no longer uses the home as a principal residence.

To be eligible the borrower must be at least 62 years old; own the home and have a low mortgage balance that can be paid off at closing with proceeds from the California reverse mortgage loan, and must live in the home.

With a traditional second mortgage loan, or a California home equity line of credit (HELOC), there must be sufficient income versus debt ratio to qualify for the loan, and monthly mortgage payments are required.

The California reverse mortgage loan is different in that it pays the homeowner, and is available regardless of current income.

The reverse mortgage loan amount depends on borrower's age, current interest rate, other loan fees, and the appraisal value.

The loan is not repayable as long as one of the borrowers continues to live in the house and keeps the taxes and insurance current.

If the home is sold or no longer used as a primary residence, the homeowner or the estate repays the reverse mortgage, plus interest and other fees, to the reverse mortgage lender.

The remaining home equity belongs to homeowner or heirs. No other assets will be affected by a California reverse mortgage loan and the debt will never be passed along to the estate or heirs.

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

Reverse Mortgage Lender

2006-04-03T08:27:00.000-04:00

More good Reverse Mortgage News!

Lenders Implement Locking Mechanism to Safeguard Consumer Funds

Reverse mortgage lenders, with approval from the U.S. Department of Housing and Urban Development, have implemented a new consumer protection called the "principal limit lock" which freezes the "expected interest rate" on federally-insured reverse mortgages for a period up to 60 days from the date of application.

A Reverse Mortgage Lender such as Reverse Mortgage Nation, can answer any questions you might have regarding the reverse mortgage process and the new interest rate lock.

ReverseMortgageNation.com is a member of the National Reverse Mortgage Lenders Association (NRMLA), which helps consumers find a reverse mortgage lender and consultant in their state. Call 1-888-973-8377 to speak with a reverse mortgage lender today.

Reverse Mortgage Compare

2006-03-27T10:52:00.000-05:00

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

2006-03-16T10:50:00.000-05:00

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

2006-03-10T14:17:00.000-05:00

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?

2006-03-01T12:29:00.000-05:00

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).

Reverse Mortgage

2006-02-01T15:35:00.000-05:00

A reverse mortgage is a type of loan used by senior citizens as a way of converting their home equity (the value of their home, minus the amount of mortgage(s)) into a cash payment (or monthly payments, credit line) while retaining ownership of their property. To qualify for a reverse mortgage in the United States, you must be at least 62 and have paid off all or most of your home mortgage.

Reverse mortgages allow the home owner to continue living in the home for the rest of their life without being required to repay the loan. In exchange, the lender receives a substantial fraction of the home's equity. In the United States, the proceeds of the loan are tax-free, there are no minimum income requirements, and for most reverse mortgages, the money can be used for any purpose. However, reverse mortgages also can be more costly than other types of refinance or standard mortgage loans.

Income or savings is not considered by lenders when granting reverse mortgages, and no medical tests or medical histories are required. The amount you can borrow depends on your age, the equity in your home, the value of your home, and the interest rate. Reverse mortgages administered by the government may have other requirements as well.

In the United States, with a reverse mortgage, you can be paid in a lump sum, in monthly advances (payments), through a line of credit, or a combination of all three. The the tax free loan payouts, generally do not affect Social Security or Medicare benefits, since they are an asset exchange (giving up part of your home equity in exchange for cash), not income. However, you should keep in mind that reverse mortgages can have more costs than traditional loans. They also may use up all or some of the equity in a home. For these reasons, it's very important to compare reverse mortgage lenders and be aware of their requirements and risks before applying for this type of loan.

Reverse Mortgage HECM

2006-01-01T15:29:00.000-05:00

The Reverse Mortgage HECM is FHA insured and can be used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income, line of credit, or lump sum to be repaid when they no longer occupy the home. The reverse mortgage loan, commonly known as HECM, is funded by a lending institution such as a mortgage lender, bank, credit union or savings and loan association. Sometimes referred to as a Section 255. In order to qualify for a HECM loan you must follow a prescribed process.

HECM stands for Home Equity Conversion Mortgage but is usually always referred to as simply a Reverse Mortgage.

Texas Reverse Mortgage

2005-09-26T18:51:00.000-04:00

Reverse Mortgage Day in Texas Focuses on Benefit Offered to Everyone Except Texans

RISMEDIA, Sept. 26, 2005 — On Wednesday, mortgage lenders, brokers, and title companies will convene in Dallas for the fourth annual Reverse Mortgage Day in Texas, but the real focus will be on the upcoming election that will allow Texas senior homeowners the same opportunities enjoyed in every other state in the nation. On November 8, Texans can vote on Proposition 7 -- a constitutional amendment authorizing line-of-credit advances under a reverse mortgage.

Currently, the Texas constitution permits reverse mortgage advances to be made only in a lump sum or in monthly payments. In every other state a line- of-credit option is available.

“Many senior homeowners want to access their reverse mortgage only when money is needed to pay property taxes, medical bills, or for any of life’s daily needs,” said Scott Norman, president of the Texas Association of Reverse Mortgage Lenders in Austin.

“The flexibility of a line of credit -- an option that is chosen by 88 percent of seniors in other states -- would allow homeowners to better conserve their estates by enabling them to control the timing of their borrowings and to significantly reduce borrowing costs.”
Unanimously approved by the Texas Senate and the Texas House of Representatives this spring, Proposition 7 would effectively bring the reverse mortgage loan programs in line with the options offered seniors in all other states, while preserving the extensive consumer protections in the Texas Constitution.

Reverse mortgages allow homeowners 62 or older to borrow against the equity in their homes without having to sell them, give up title, or make monthly mortgage payments. An appraisal of the house is the only credit requirement.

As long as the borrower maintains the property and pays the insurance and taxes, the loan is not due until after the borrower leaves the house, both borrowers pass away and is typically repaid when the house is sold. Unlike a traditional mortgage that is paid back each month, a reverse mortgage makes payments to the homeowner. Payments are given in either a lump sum to cover unexpected expenses or as a regular supplement to monthly income. Payments can also be paid at intervals and amounts that are best for the homeowner.

“A reverse mortgage is one of the safest, most consumer-friendly forms of consumer credit and one of the most convenient way to access the equity in ones home,” said Norman. “As an additional consumer protection, all borrowers regardless of credit situation, age or health, receive the same regulated interest rate.”

Passage of Proposition 7 will allow an estimated $2 billion in home equity to be utilized by senior homeowners over the next two years to pay for the daily needs they may have, such as home healthcare and prescription drugs.

The maximum amount a homeowner can borrow for a reverse mortgage is based on the borrower’s age, the property’s value and the interest rate. A borrower cannot be forced to sell or vacate the property to pay off the loan, as long as the home is kept in good repair and taxes and insurance are paid on a timely basis. Borrowers also can choose to have the funds sent to their accounts through a wire transfer. All borrowers are required to attend an educational session on reverse mortgages and family members are encouraged to join them.

The Texas Association of Reverse Mortgage Lenders will host a one-day seminar for mortgage industry professionals today from 8:30- 2:30 at the Westin Galleria. Speakers from Financial Freedom, Seattle Mortgage, Texas Department of Savings and Mortgage Lending, HUD and Countrywide Home Loans will conduct the sessions.

Call 1-888-9REVERSE (1-888-973-8377) to find out more about Texas Reverse Mortgages

Reverse Mortgage Benefits

2005-09-06T18:52:00.000-04:00

A reverse mortgage can have a beneficial use, such as:

- pay off your current mortgage - no more payments!
- receive lump sum cash at closing
- receive cash as needed
- receive a monthly check

The proceeds from a reverse mortgage have no restrictions, you may use them for anything you like.