Briefly Information about Reverse Mortgage
It can go without saying that just about anyone you talk to is well aware of what a mortgage is but ask around to see how many know what a reverse mortgage is. This is a type of mortgage that allows you to take a portion of the equity that has built up in the home and have it as cash. The key difference in this type of mortgage is that you do not have to worry about repaying the loan until you no longer have that particular home as your main residence.
This is a perfect option for those that are retired as it can help to supplement their income, helping them to make ends meet. You do need to keep in mind that, should something happen to you, then your family will be left with the mortgage to take care of unless you have other arrangements made. You do need to meet certain criteria to get this type of reversed mortgage.
How do you qualify? In order to qualify for a reversed mortgage you will need to have either a single family home or at least a 2 to 4-unit property that you actually live in. This can be a type of duplex, town home or even a mobile home. Some condos have qualified so it all depends on your particular situation. You will need to talk with someone who knows the ins and outs of reverse mortgages. If you live in a condo, you need to be sure that it is FHA approved.
Beware- know who you are dealing with: - It is important to know the lender that is helping you with your reverse mortgage. There have been many class action lawsuits that have been filed on behalf of the seniors that have tried to utilize the reverse mortgage to help them supplement their income to help cover medical expenses and such. There are lenders out there that will tack on a great number of un-necessary fees so that you are tied into an outrageous amount for the loan. Most of these fees do not even pertain to the loan that you are getting.
Who to talk to: - If you think that a reverse mortgage is something that will be perfect for you and your needs, then you need to talk with a few lenders to see what your options are. You may want to check with your personal bank and perhaps you're the lender that you used for the original mortgage. The reverse mortgage can help you but you need to be sure that you go with a reputable lender that will not try to take advantage of you. Be sure that you make an educated choice where your reverse mortgage is concerned.
This is a perfect option for those that are retired as it can help to supplement their income, helping them to make ends meet. You do need to keep in mind that, should something happen to you, then your family will be left with the mortgage to take care of unless you have other arrangements made. You do need to meet certain criteria to get this type of reversed mortgage.
How do you qualify? In order to qualify for a reversed mortgage you will need to have either a single family home or at least a 2 to 4-unit property that you actually live in. This can be a type of duplex, town home or even a mobile home. Some condos have qualified so it all depends on your particular situation. You will need to talk with someone who knows the ins and outs of reverse mortgages. If you live in a condo, you need to be sure that it is FHA approved.
Beware- know who you are dealing with: - It is important to know the lender that is helping you with your reverse mortgage. There have been many class action lawsuits that have been filed on behalf of the seniors that have tried to utilize the reverse mortgage to help them supplement their income to help cover medical expenses and such. There are lenders out there that will tack on a great number of un-necessary fees so that you are tied into an outrageous amount for the loan. Most of these fees do not even pertain to the loan that you are getting.
Who to talk to: - If you think that a reverse mortgage is something that will be perfect for you and your needs, then you need to talk with a few lenders to see what your options are. You may want to check with your personal bank and perhaps you're the lender that you used for the original mortgage. The reverse mortgage can help you but you need to be sure that you go with a reputable lender that will not try to take advantage of you. Be sure that you make an educated choice where your reverse mortgage is concerned.
About the Author:
Get the best detailed information about Reverse Mortgage, Advantages and Disadvantages of a Reverse Mortgage, Amortization Chart for Reserve Mortgages, farm Reverse Mortgages at reversemortgage.businessinfoworld.info
posted by Credit Counseling at
8:18 AM
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