Sentences with phrase «get reverse mortgages»

In fact, many seniors get reverse mortgages to pay off the original loan.

This is a very important feature of the reverse mortgage and I want to take a moment to explain just what non-recourse means and how that affects senior borrowers who get reverse mortgages and their heirs.

What that means is that borrowers who get their reverse mortgages now before rates go up, will get even more money than those who will be cut back even further when the rates do rise under the new calculations.

The NewRetirement retirement planning calculator does enable you to model different options like downsizing, refinancing, getting a reverse mortgage and more...

You can downsize or get a reverse mortgage to support efficient spending.

If someone already has or plans to get a reverse mortgage, their home equity is not included as part of their wealth

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).

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 insurance.1

For example, you can get a reverse mortgage or a home equity line of credit.

«For many clients, the problem is simply that they are house - rich and cash - poor,» notes Michael Kitces, director of research at Pinnacle Advisory Group in Columbia, Md. «So the choice is sell your house, move, leave your friends and give up your lifestyle — or get a reverse mortgage.»

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

Fact: The bank does not take ownership of your home after getting a reverse mortgage; reverse mortgage borrowers maintain their ownership and title of the home.

A lot of information about reverse mortgages is usually geared towards senior homeowners who have not yet gotten a reverse mortgage and have questions about obtaining one.

Reverse Mortgage: For homeowners age 62 or older, it is possible to get a reverse mortgage, under which they receive funds according to a schedule they select.

And my wife and I have just been so happy since we got our reverse mortgage.»

This comprehensive guide offers information about reverse mortgages, the process of getting a reverse mortgage, misconceptions about reverse mortgages, and how to determine if a reverse mortgage is right for you.

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.

Before getting a reverse mortgage loan, it's important to understand how these loans work.

Now one might ask «Why would I get a Reverse Mortgage loan if I am just going to make payments?»

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.

The three circumstances below are times when seniors should strongly consider getting a reverse mortgage.

Getting a reverse mortgage with the potential to increase cash flow could be a viable alternative to selling at a loss.

Those who have been waiting to get their reverse mortgage for one reason or another may be in for a big surprise if the rates rise later this year as economists for the MBA, Fannie Mae and Freddie Mac predict (economists predict rates increase as soon as September 2015).

The cost of getting a reverse mortgage loan can be particularly high as origination fees and closing costs are included.

Depending on your current situation, getting a reverse mortgage might be a better option for you than a conventional loan.

In a rising interest rate environment, it may be more beneficial for you to get a reverse mortgage today, rather than waiting for the chance to rates to go up.

In order to get a reverse mortgage, all existing loans on the home must be paid off.

You have to be at least 55 to get a reverse mortgage, and your borrowing capacity is limited to 50 % of the home's appraised value, depending on age and location.

Sure, you could get a reverse mortgage but the fees are high and you are still living in a house that you can't afford.

They can answer all your questions and will guide you in the entire process of getting a reverse mortgage for your eligible manufactured home.

If you can't understand these on your own but can get a grasp on them with the help of a trusted financial planner who doesn't stand to make money off your decision to get a reverse mortgage, then that works too.

When you're ready to get started in getting a reverse mortgage, please check out our reverse mortgage calculator.

Originators have been coming up with an approach to financial planners and that's to provide them with enough evidence, not all of the information, especially since they don't have all of the answers; simply presenting them with the benefits that their clients could receive if they decided to get reverse mortgage loans.

I don't know what's coming at me over the next 30 years, so it just makes sense to get a Reverse Mortgage, unless of course you are Bill Gates.

Read more about the reverse mortgage process or continue to the next section on why would one get a reverse mortgage.

To go through the process of getting a reverse mortgage you will need to speak with a reverse mortgage originator or provider.

The homeowner gets reverse mortgage funds in a lump sum, in monthly advances, through line of credit, or in combination of the above depending on the type of reverse mortgage.

If waiting eight years sounds like too long of a period to go without any supplemental income from Social Security, consider getting a reverse mortgage to lessen your financial burdens while waiting for Social Security or other assets to come to fruition.

For example, using the calculator on the National Reverse Mortgage Lenders Association website and rates in effect as of December 2013, a single 65 year old homeowner with a $ 300,000 home could get a reverse mortgage for up to $ 152,100.

«Getting a Reverse Mortgage on a Manufactured Home.»

Learn the most common pros and cons of getting a reverse mortgage and figure out if the loan is right for you.

In your research, there is some interest rate jargon that may intimidate you from getting a reverse mortgage, but there is no need to worry.

If you don't have a mortgage, getting a reverse mortgage line of credit as an «emergency fund» is worth considering.

So if you're not concerned about leaving your home to anyone, getting a reverse mortgage might be a good way to get cash.

If you and your spouse are each at least 62, getting a reverse mortgage might be a good choice.

If you're married and your spouse isn't yet 62, getting a reverse mortgage is not ideal.

Not only does this limit how much cash can be accessed, homeowners with larger mortgage balances may not qualify for the loans any more since you need to be able to payoff all existing mortgages when getting a reverse mortgage.

Before getting a reverse mortgage, Zorn and his significant other relied on social security and two incomes.

That's an issue in some families, and if that's the case then perhaps tell the children you won't get a reverse mortgage if they'll chip in every month to support you.

That's right, we actually believe that there are many folks who should not get a reverse mortgage and we will cover that in this article as well.