Sentences with phrase «because reverse mortgages»

Because reverse mortgages are meant to help seniors age in place, you must move into the new home within 60 days after closing, and the new home must become your primary residence.

Reverse Mortgages Perceived as Complicated — because reverse mortgages are less common and less well known than conventional mortgages, they can seem complicated and confusing.

Because reverse mortgages are best for those who want to continue living in their home, if you foresee moving out of your home in the near future, it may not be financially worthwhile to enter into a loan that will mature quickly.

Because reverse mortgages are open - ended — there's no fixed date when they have to be paid off — those interest charges and fees can accumulate to be quite large by the time the borrower dies or otherwise vacates the property.

Because reverse mortgages are generally used by older people whose homes are paid off or nearly paid off, long - term care is one natural use of the funds.

Because reverse mortgages are meant to help seniors age in place, you must move into the new home within 60 days after closing, and the new home must become your primary residence.

Reverse Mortgages Perceived as Complicated — because reverse mortgages are less common and less well known than conventional mortgages, they can seem complicated and confusing.

This is because your reverse mortgage funds will be used to pay off your existing mortgage as part of the transaction.

All the same — because reverse mortgage income is tax free and borrowers don't need a good credit score to qualify — they can be a great last resort for someone who is in a last - resort situation.

In this case, HUD would guarantee the Lender's loss on the loan because the Reverse Mortgage is a Federally Insured Program.

Because the reverse mortgage is calculated with a formula based on age and the equitable interest in the home and not on credit score and income, the buyer was a good candidate.

An important feature of the loan is that because a reverse mortgage is a non-recourse loan, the home is the only collateral that the lender may access to pay off the loan balance.

Because the reverse mortgage is a non-recourse loan, the home is the only asset that can be accessed to repay it.

Not exact matches

Because in reverse mortgage, a portion of your equity is given to you in cash.

Because of this, most reverse mortgage agreements have a «non-recourse» clause, which guarantees that the total cost of debt doesn't exceed the value of the home.

Because of the deferred payment plan, a reverse mortgage is helpful for an older homeowner in need of immediate cash.

In nearly all cases, he said, reverse - mortgage foreclosures took place because the borrower died.

This is important because it eliminates the worry that you or your heirs may be left with additional debt from the reverse mortgage after the home is sold.

In fact, many borrowers are attracted to reverse mortgages because the proceeds will pay off any existing mortgages as part of the loan.

HUD hopes this change will encourage more lenders to participate in reverse mortgages because of the higher revenue.

Because of this, most reverse mortgage agreements have a «non-recourse» clause, which guarantees that the total cost of debt doesn't exceed the value of the home.

I decided on a reverse mortgage because my case reverse were dwendling away and concerned about the future.

I enjoy working with home owner's who are interested in learning more about the reverse mortgage program because I have the opportunity to discover along with them how a reverse mortgage could really benefit them.

Because HECM reverse mortgages are regulated by the government, they are subject to specific rules and limits, many of which are designed to protect the borrower, such as counseling, financial assessment and more.

I enjoy working with homeowners on the reverse mortgage program because it allows me to truly help assist them in finding a solution to a problem that causes them stress, and the sincere thankfulness they tell me they have for me is very rewarding.

The reason to worry about reverse mortgages is because the FHA program pays lenders if such financing goes bad.

Reverse mortgages can be used to pay off existing mortgages, and once you do this, you will have no monthly mortgage payment because loan payment is deferred to when it matures.

And because the most common reverse mortgages, also known as Home Equity Conversion Mortgages (HECMs), are government - insured, these loans may provide you with the peace of mind you need to live a comfortable remortgages, also known as Home Equity Conversion Mortgages (HECMs), are government - insured, these loans may provide you with the peace of mind you need to live a comfortable reMortgages (HECMs), are government - insured, these loans may provide you with the peace of mind you need to live a comfortable retirement.

These home loans are considered «reverse» because payments are made from the mortgage lender to the borrower: a reverse mortgage draws upon the borrower's home equity to create the cash flow.

Unlike regular «forward mortgages,» a reverse mortgage is essentially a huge negatively - amortizing loan — the loan balance increases because borrowers are not making monthly payments — it follows that if the loan balance increases and the value of the property declines then the FHA can be stuck with big insurance claims.

Because it is in the best interest of applicants to be as transparent as possible about their finances when applying for a reverse mortgage, homeowners who purchased their solar panel system outright may also want to provide such information to their lender.

Because this generation tends to possess high homeownership rates while keeping about two - thirds of their wealth tied up in their home, reverse mortgages are proving very helpful to today's retiring baby boomers.

A reverse mortgage is different from other loan products because repayment is not accomplished through a monthly mortgage payment over time.

Unlike other mortgages, reverse mortgages are called «limited liability» loans because your property is the only source of repayment.

However, in my opinion the best reason why this is a more attractive option is because you are not required to make monthly payments on a Reverse Mortgage.

If the cost of the condo (HOA, taxes, insurance, etc) and your living expenses without having to make a mortgage payment is still too high, then the reverse mortgage would not be a good option for you because you would only be delaying a problem later if your costs of living still exceed your income.

That's because RRIF withdrawals reduce your GIS entitlement but reverse mortgage draws do not.)

The TALC is a useful tool when comparing one reverse mortgage quote to another because these types of loans can vary in terms of features, benefits, and cost.

In 2013 Walter Investment fired its interim chief financial operating officer, who must've been pretty upset, because he went to the U.S. Department of Justice with a doozy of a story: He said Reverse Mortgage Solutions and other lenders under the Walter umbrella had for years submitted false insurance claims to HUD.

I think reverse mortgages get a bad wrap because those that have sold it in the past didn't explain the product AND / OR the children didn't know what their no deceased parents have done.

Because of their guidance, training and motivation, I have become one of AAG's most successful reverse mortgage professionals over the past five years.»

It's helpful to negotiate with reverse mortgage licensed specialists in the area because they understand the real estate environment in your own state.

A lot of the momentum behind people signing up for reverse mortgages is because of the increased public awareness about them — thanks to all of the marketing that was done by major banks.

Keep the reverse mortgage in your back pocket in case you need it, or because you outlive your plan and run out of cash, want to invest in a business with no repayment risk, put a grandchild through college, or any responsible use.

Because loan proceeds will always go towards paying off existing liens first, a reverse mortgage provides borrowers with the most disposable cash if the home is either paid off or the remaining mortgage balance is low.

However, with a reverse mortgage the loan balance grows over time because the homeowner is not making monthly mortgage payments.

Because of this, a question that potential borrowers sometimes ask is, «Can I get out of a reverse mortgage?»

This can save you money since you incur only a single set of closing costs because it consolidates two financial transactions — purchasing a home and financing it with a reverse mortgage loan — into one.

Typically the interest rate for fixed rate reverse mortgages is initially higher than the variable rate because these loans are more risky for the lender.

The math on those reverse mortgages is scary, mainly because payments aren't made so the amount owing only gets bigger and bigger.