Sentences with phrase «as reverse mortgage loans»

Texas has the third largest population of older Americans (more than 3 million aged 65 or older) and ranks third in the United States in total Home Equity Conversion Mortgages (HECMs), commonly referred to as reverse mortgage loans.

7th Level Mortgage, LLC is a trusted provider of mortgage loans, home loans, refinance mortgages, Jumbo loans, FHA Mortgage, VA Mortgage, HARP loans, First Time Home Buyers, Commercial and Business loans as well as Reverse Mortgage loans.

Pursuing a Home Equity Conversion Mortgage (HECM, commonly referred to as a reverse mortgage loan) is a big decision.

As a reverse mortgage loan originator, your first job is to calm the borrower's fears and make her comfortable with the idea of a reverse mortgage.

Pursuing a Home Equity Conversion Mortgage (HECM, commonly referred to as a reverse mortgage loan) is a big decision.

Not exact matches

Proprietary reverse mortgages, also known as jumbo reverse mortgages, are for borrowers who want a large loan and own a more expensive property.

(b) The home equity value of one's residence can also be accessed by using the property as collateral for either a home equity loan or a reverse mortgage.

However, if you are confident a reverse mortgage loan is the best option for you, these counselors can answer your questions and offer unbiased information about the advantages, drawbacks, loan process, and your responsibilities as a borrower.

Since a HECM reverse mortgage is a non-recourse loan and it is secured by placing a lien on your home, you are protected from having any of your other assets taken as repayment for the loan.

If you are looking for a way to pay off your existing mortgage to free up cash, you may be eligible to get a reverse mortgage loan to leverage your home's equity and pay off your existing mortgage.2 Reverse mortgages, unlike forward mortgages, do not require monthly mortgage payments for as long as you live in the home as your primary residence, maintain it in accordance with HUD guidelines, and pay your property taxes and homeowner's insureverse mortgage loan to leverage your home's equity and pay off your existing mortgage.2 Reverse mortgages, unlike forward mortgages, do not require monthly mortgage payments for as long as you live in the home as your primary residence, maintain it in accordance with HUD guidelines, and pay your property taxes and homeowner's insuReverse mortgages, unlike forward mortgages, do not require monthly mortgage payments for as long as you live in the home as your primary residence, maintain it in accordance with HUD guidelines, and pay your property taxes and homeowner's insurance.1

One of the most popular aspects for senior homeowners is that any funds you receive from your reverse mortgage are recognized as loan proceeds and not income.

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

A reverse mortgage is one of the very few financial tools that allows senior homeowners to access a portion of their home equity to pay off their existing mortgage and eliminate their monthly mortgage payment for as long as they live in the home and continue to meet the loan obligations.1

As a veteran, you may be wondering if a reverse mortgage loan could be right for you when the time comes.

As with any loan product, there are pros and cons to consider with a reverse mortgage.

As we will explore, a reverse mortgage loan, while different from what you may be used to, is a compelling tool for veterans.

With a reverse mortgage loan, as long as the homeowner continues to meet their loan obligations (including paying real estate taxes, insurance, and upkeep), they will remain in the home and collect all of the loan proceeds.

Some mortgage lenders try to get reverse mortgage applicants to buy additional, yet unnecessary, products as part of the loan package.

A Home Equity Conversion Mortgage, also known as the HECM reverse mortgage, is a loan that functions as a federally - insured cash advance on a borrower's home equity, and, while there are other maturity events as well, it is repaid when the last borrower or eligible non-borrowing spouse leaves tMortgage, also known as the HECM reverse mortgage, is a loan that functions as a federally - insured cash advance on a borrower's home equity, and, while there are other maturity events as well, it is repaid when the last borrower or eligible non-borrowing spouse leaves tmortgage, is a loan that functions as a federally - insured cash advance on a borrower's home equity, and, while there are other maturity events as well, it is repaid when the last borrower or eligible non-borrowing spouse leaves the home.

The FHA reverse mortgage has many compared to traditional home equity loans: no payment is necessary until the borrowers no longer use their home as the primary dwelling, for example, if the home is converted into a rental property or if the borrowers move into an assisted living community.

Reverse mortgage loans are expensive As with any other loan, reverse mortgages also have closing fees and interest charges that vary depending on different fReverse mortgage loans are expensive As with any other loan, reverse mortgages also have closing fees and interest charges that vary depending on different freverse mortgages also have closing fees and interest charges that vary depending on different factors.

With an FHA reverse mortgage you will never owe more than the value of your home, and your home is the only asset that can be used as collateral for the loan.

With new safeguards in place, these Federal Housing Administration1 (FHA) insured loans are now recommended by many financial advisors as a smart tool to use in your retirement portfolio.2 Despite the positive press that reverse mortgages have received, there are still many misconceptions surrounding them.

• Further explain a reverse mortgage • Tell you about reverse mortgage product options • Go over reverse mortgage costs, such as the total annual cost • Help you determine your borrower eligibility • Help you determine if you can afford a reverse mortgage • Help you determine if you can meet all financial obligations such as maintaining your taxes and insurance • Expose you to alternative options like tax deferral programs, grant money, financial assistance, etc. • Explain how your choice can impact your heirs and estate • Go over loan comparisons

Reverse mortgages are government insured loans that allow seniors above the age of 62 to access the equity in their homes and receive it as cash to use.

You and your estate will never owe more than the fair market value of the home as determined by a licensed FHA - certified appraiser when the reverse mortgage loan becomes due and payable.

Using this approach, a reverse mortgage loan is established at the outset of retirement and drawn upon every year to provide retirement income until exhausted, allowing the retiree's investment portfolio, such as a 401 (k) plan, more time to grow.

Reverse mortgage home loans incur interest and mortgage lender charges as funds are drawn out.

As a government - insured non-recourse loan, a reverse mortgage will not require repayment of more than the fair - market value of the home as determined by a licensed FHA - certified appraiseAs a government - insured non-recourse loan, a reverse mortgage will not require repayment of more than the fair - market value of the home as determined by a licensed FHA - certified appraiseas determined by a licensed FHA - certified appraiser.

The reverse mortgage loan began as a way to help seniors use their equity to age in their home.

You can use the funds from a reverse mortgage loan to pay off other debts, such as an existing mortgage or you can use the funds for regular expenses.

While you may want to list just the oldest member of the household as the borrower on the loan, the funds from a reverse mortgage are available only to the borrower.

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.

Although the FHA's rules and regulations for the reverse mortgage loan may seem stringent to some, they are designed with the borrower's best interests in mind and are truly beneficial to you as a borrower.

Other factors including higher health care costs and reductions in income are cited by Commissioner Stevens as adding to the need for FHA reverse mortgage loans.

The non-borrowing spouse will inherit the responsibility for the reverse mortgage loan as well as the home's ownership.

Borrowers with reverse mortgage loans are guaranteed the right to remain in their homes as long as they wish, and do not have to repay their mortgage loans unless they vacate the property securing the reverse mortgage loan.

An FHA reverse mortgage loan, also known as a Home Equity Conversion Mortgage (HECM), can provide cash for living expenses, home improvements, and othemortgage loan, also known as a Home Equity Conversion Mortgage (HECM), can provide cash for living expenses, home improvements, and otheMortgage (HECM), can provide cash for living expenses, home improvements, and other needs.

An FHA - insured reverse mortgage loan — known as a Home Equity Conversion Mortgage, or HECM — can offer eligible homeowners financial flexmortgage loan — known as a Home Equity Conversion Mortgage, or HECM — can offer eligible homeowners financial flexMortgage, or HECM — can offer eligible homeowners financial flexibility.

These regulations and rules are meant to encourage borrowers to use this great financial tool as part of an intelligent retirement planning strategy, which in turn solidifies the overall strength of the reverse mortgage loan product.

When reverse mortgage lenders calculate the amount of loan proceeds that borrowers may be eligible to receive (also known as the Principal Limit), they use what is called the Expected Interest Rate.

For borrowers with an existing mortgage, the reverse mortgage loan will first pay that off as part of the loan.

Although the HECM reverse mortgage program is designed so that you don't have to repay the loan as long as you remain in your home, the program also requires that you stay current with homeowners insurance and property taxes and keep the property in good repair (to maintain its market value).

Financial planners are discovering that reverse mortgage loans can also be used as a strategic financial planning tool.

4 The reverse mortgage loan balance grows at the same rate as the available line of credit.

In the meantime, HUD has issued a ruling essentially saying that for reverse mortgages closed after August 4th of this year, a non-borrowing spouse can remain in the house after the borrowing spouse dies, assuming the couple was married at the time of the loan closing, occupied and continues to occupy the house as a primary residence and the non-borrowing spouse is listed on the loan documents.

For those who financed the purchase of their solar panels as part of their taxes, such as through the Home Energy Renovation Opportunity (HERO) program, they will be required to pay off the remaining loan balance at closing using proceeds obtained from the reverse mortgage.

The loan becomes due and payable as soon as the borrower moves from the home or passes away, so if you have plans to move in the next few years, you may want to also wait on getting the reverse mortgage.

Understanding your borrowing power can be tricky, so reach out to a HomeBridge Mortgage Loan Originator for more reverse mortgage information as it relates to you and your current siMortgage Loan Originator for more reverse mortgage information as it relates to you and your current simortgage information as it relates to you and your current situation.

Reverse mortgage loans work by using the equity in your home and converting a portion of it into cash for you to use as you wish.