Sentences with phrase «by getting a reverse mortgage»

We still owe mortgage payments on our home to the tune of $ 13,500 a year, but by getting a reverse mortgage that $ 13.5 k will go away, and we'll have a $ 105,000 credit line making a bit over 5 % interest per year (which we don't need at this time, so it will accumulate at compound interest).

Not exact matches

There's no better place to start learning about how a reverse mortgage can work for you than by talking to a reverse mortgage professional, asking your questions, and getting them all answered in customized detail to you.

All Potential Borrowers Must Get Counseling Before Applying Federal law states that anyone who wishes to apply for a reverse mortgage must receive counseling through an agency approved by the Department of Housing and Urban Development (HUD).

For some people, the important decision of whether or not to get a reverse mortgage is rivaled only by the decision of which lender to get a reverse mortgage with.

Firstly, If you are counting on the reverse mortgage later, the only way you will know for sure if you and the property both qualify is by applying for the loan and getting an appraisal.

Under the Department of Housing and Urban Development's HECM program (Home Equity Conversion Mortgage)-- which is the program used most often by reverse mortgage lenders — a 65 - year - old who owns a house worth $ 250,000 with no outstanding mortgage might be able to borrow as much as $ 127,000, according to the Boston College Center For Retirement Research, although fees and other restrictions may reduce the amount of cash you can actually get your hands on at least inMortgage)-- which is the program used most often by reverse mortgage lenders — a 65 - year - old who owns a house worth $ 250,000 with no outstanding mortgage might be able to borrow as much as $ 127,000, according to the Boston College Center For Retirement Research, although fees and other restrictions may reduce the amount of cash you can actually get your hands on at least inmortgage lenders — a 65 - year - old who owns a house worth $ 250,000 with no outstanding mortgage might be able to borrow as much as $ 127,000, according to the Boston College Center For Retirement Research, although fees and other restrictions may reduce the amount of cash you can actually get your hands on at least inmortgage might be able to borrow as much as $ 127,000, according to the Boston College Center For Retirement Research, although fees and other restrictions may reduce the amount of cash you can actually get your hands on at least initially.

Similarly, if you've got equity in your home, you may be able to tap it by downsizing or taking out a reverse mortgage.

The best way of getting out of a reverse mortgage is by repaying the loan balance in full.

If the reverse mortgage is not large enough to cover your existing loan, you can still get the reverse mortgage by bringing in the additional funds from another account and still never have to make another house payment!

The line of credit you can get with a reverse mortgage, by contrast, does not require monthly payments.

Many seniors had to change their plans for their retirement years as a result of the decline in home prices, but by using reverse mortgages, some are finding it easy to get their plans back on track.

There's simply nothing that will do what a reverse mortgage can do, so by getting all of the facts today, you could start making your retirement dreams come true tomorrow.

It makes no sense to think 1 in 5 Borrowers get a reverse mortgage and choose to give up their home to foreclosure by not paying their taxes and insurance.

By now, most people know why reverse mortgages got their name: the cash flow is reversed.

Step by step guide to getting your home sold when you have a reverse mortgage to deal with.

In general, the costs and risks of getting a reverse mortgage are greater than the cumulative increase in Social Security payouts that homeowners get by waiting until full retirement age to claim benefits.

When you own a home you can enjoy the value of your investment without selling it, by either continuing to live in it after you've paid off the mortgage (at which point you have no more mortgage payments), and optionally getting a reverse mortgage at any time after age 62, which allows you to extract cash value from your home in either a lump - sum or as monthly payments, and which you won't have to pay back as long as you live in the home.

Before considering whether or not to get a reverse mortgage, the following are five tips recommended by experts.

If you are concerned about getting scammed, be sure to work with a reverse mortgage lender who is approved by the Federal Housing Administration (FHA).

If the reverse mortgage is not large enough to cover your existing loan, you can still get the reverse mortgage by bringing in the additional funds from another account and still never have to make another house payment!

And the loan officer helped the buyer find a way to get her dream house by suggesting a reverse mortgage.

By taking charge to identify the right lender and getting educated about this viable financial planning tool, you will be well on your way to a safe reverse mortgage experience.

There's no better place to start learning about how a reverse mortgage can work for you than by talking to a reverse mortgage professional, asking your questions, and getting them all answered in customized detail to you.

Get the facts about reverse mortgages from our lending affiliate, Liberty Home Equity Solutions, Inc. (Liberty), one of the largest reverse mortgage lenders in America (A + rated by the BBB).

The best way of getting out of a reverse mortgage is by repaying the loan balance in full.