Sentences with phrase «such as a reverse mortgage»

Also, many lenders such as Reverse Mortgage Funding LLC have lower up - front costs.

Going into retirement without debt — and avoiding debt during retirement — is the best option, but there are other options, such as a reverse mortgage.

Not exact matches

As you go through this exercise, you should also consider what other resources you may have to fall back on, such as cash value in life insurance policies or home equity that you could convert to income via downsizing or a reverse mortgagAs you go through this exercise, you should also consider what other resources you may have to fall back on, such as cash value in life insurance policies or home equity that you could convert to income via downsizing or a reverse mortgagas cash value in life insurance policies or home equity that you could convert to income via downsizing or a reverse mortgage.

• 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

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.

For example, financial planner and Texas Tech associate professor John Salter demonstrated how different claiming strategies, such as filing and suspending and filing a restricted application, that can significantly boost the amount of inflation - adjusted Social Security payments over a lifetime and how a reverse mortgage might be used as a back - up line of credit that can be drawn on during prolonged market downturns to reduce the chance of running out of money.

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.

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.

There is also a wide variety of mortgage types, such as mortgages in equity, reverse mortgages, and mortgages for debt consolidation, as well as a variety of lenders.

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.

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.

These are reverse mortgages in which you can only use the funds for one specific purpose, such as to pay for medical bills or a home improvement.

It is this feature of the reverse mortgage product that makes it so unique — and as such — so difficult for those outside of our industry to comprehend and understand!

Many senior homeowners look at various options such as personal loans, refinancing, or downsizing their current home and purchasing something smaller to make ends meet prior to looking into a reverse mortgage loan, but what is the best option for you?

Another would include ways of bringing in extra income should you need it, such as taking a part - time job (sites like RetiredBrains.com and RetirementJobs.com can help) or tapping your home equity via a downsizing or reverse mortgage.

Borrowers with reverse mortgages must continue to pay all property charges such as property taxes, hazard insurance and HOA dues (if any).

In the case of a reverse mortgage, that could be someone coercing you to use the proceeds for a costly home renovation that you may not need or a putative financial adviser whose goal is to get you to invest the proceeds in some sort of commission - generating investment, such as annuity.

Multi-family homes that contain up to 4 units, such as duplexes, triplexes, and quadruplexes, could qualify for reverse mortgage loans as long as one of the units is the main residence.

Your reverse mortgage professional will take into account the details of your exact situation, as well as other important considerations such as any existing liens or fees that must be attended to prior to receiving your loan proceeds.

Due to these details, fixed rate reverse mortgages are usually best for borrowers who plan to use their reverse mortgage funds all at once, such as to pay off an existing mortgage or other debt, or to make major home repairs or modifications.

This type of reverse mortgage is offered by some non-profit organizations and some local and state government agencies, and is meant to be used for one specified and approved purpose, such as repairing the home or paying property taxes.

Seniors across the state are turning to reverse mortgages to help pay off extreme debts such as medical bills, large home repairs, or mortgage payments.

We provide private, short - term California direct hard money loans for real estate investors for various real estate transactions such as fix and flip / rehab loans, trustee sale refinances, distressed property loans (REO loans, short sale loans, foreclosure loans), hard money business loans, real estate auctions that allow financing, private party transactions, estate, probate and trust loans, residential construction loans, cash out refinance loans, subprime loans, reverse mortgage refinance loans, bridge loans and other investment property loans.

There are ways to get out of a reverse mortgage, such as refinancing or paying off your balance out of savings.

A reverse mortgage isn't the right choice for everyone but Joe and Al explore other options such as downsizing to a less expensive home, mortgage options, alternatives to cash and possible tax consequences.

If you currently have a mortgage in your home that you may not be able to afford if the economy declines or your finances suffer a sudden change — such as large medical expenses — then consider replacing your current mortgage with a reverse mortgage as a way to protect yourself from a housing market crash.

Reverse mortgage loans, such as the government - insured Home Equity Conversion Mortgage (HECM), are designed for seniors age 62 or older to help turn a portion of their home equity inmortgage loans, such as the government - insured Home Equity Conversion Mortgage (HECM), are designed for seniors age 62 or older to help turn a portion of their home equity inMortgage (HECM), are designed for seniors age 62 or older to help turn a portion of their home equity into cash.

With a reverse mortgage, you can access your home's equity while remaining in the home without a monthly mortgage payment, as long as all loan terms are met, such as paying taxes and insurance and maintaining your home.

Just like regular mortgages, reverse mortgages have closing costs such as origination fees, an appraisal, title insurance and a home inspection.

States such as Florida and California have used the federal funds to help senior citizens with a reverse mortgage who have fallen behind on property - related expenses.

Both types of professionals might not consider or advise their clients regarding other financial resources such as home equity and reverse mortgages.»

You will also need to attend a reverse mortgage counseling session offered by a HUD - approved agency, such as Money Management International (MMI).

While proceeds from a reverse mortgage are not subject to personal income taxation, borrowers should seek tax advice on how proceeds may affect government needs - based programs such as Medicaid and Medi - Cal.

Proceeds from a reverse mortgage are not subject to personal income taxation, but borrowers should seek tax advice on how proceeds may effect government needs - based programs such as Medicaid and Medi - Cal.

Reverse mortgage, as its name suggests, is exactly opposite of a typical mortgage, such as a home loan.

Plus, the equity in your home is an asset which can generate income, such as through a reverse mortgage.

Unlike reverse equity mortgages, which include no income or medical requirements, such as credit checks, income verification, or physicals, home equity lines of credit have lending criteria.

In order to be eligible for a reverse home mortgage the appraiser must certify that the physical condition of the home meets all FHA guidelines and that there are no structural defects with the property such as a leaky roof, termite damage, or a cracked foundation.

This should include the following information: o The interest rate to be charged and whether the rate is fixed, variable or both; o Interest accrues from the time monies are advanced to the borrower and the interest is compounded; o All reverse mortgage fees and costs that must be paid by the borrower; o A description of any refinancing features that have been discussed with the borrower; o Any events that could terminate the reverse mortgage such as death or moving from the residence; o A description of any shared appreciation or equity participation features; and o A toll - free telephone number and the name of a contact person who can answer any questions, comments or complaints that the borrower may have.

As part of the HECM program, HUD has provided for free reverse mortgage counseling (with training for the counselors) for persons considering using such an instrument, and a toll - free information line (800) CALL - FHA (800-225-5342).

Clearly, there are many more issues you'll want to consider before downsizing, including whether you might just be better off tapping home equity in some other way, such as with a reverse mortgage.

Additional income sources, such as spousal income, overtime, bonuses, commissions, retirement or savings accounts and a reverse mortgage line of credit.

Services: Cambridge Credit Counseling offers a variety of counseling services covering topics such as credit cards, housing, reverse mortgages, foreclosures, bankruptcy and overall financial education.

Headlines such as, «Trump's Treasury pick excelled at kicking elderly people out of their homes,» belie the facts when the story doesn't explain that most reverse mortgage foreclosures don't displace the borrower.

Reverse mortgages do tend to be more expensive over the long haul than other types of loans, such as a conventional home equity loan or line of credit.

Whilst the Commonwealth, represented by ASIC («ASIC»), is the developer and owner of the Reverse Mortgage Calculator («Calculator»), the Calculator is available for use by members of the public as well as financial advisors and as such ASIC has no direct control over the results generated by such Calculator.

In addition to common loan structures such as fixed rate and adjustable rate, Fannie Mae and Freddie Mac have other loan programs for low to no down payments, community lending and affordable housing initiatives, construction to permanent, home improvement and reverse mortgages.

This can be quite painful as the taxman will be looking to take a large chunk of your money, as such a reverse mortgage can be a way to cover the fees.

As such, there are some misconceptions or myths associated with Reverse Mortgage loan option (s).

However, getting an FHA - insured reverse mortgage can affect need - based benefits such as Medicaid and Supplemental Security income.