Sentences with phrase «to get a reverse mortgage»

One of the financial conditions of getting a reverse mortgage loan is that you must continue to maintain your home and pay homeowners insurance and property taxes.

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

Right now, you can not get reverse mortgages on homes that are to be built by a developer, he says.

The home must be your primary residence — you can't get a reverse mortgage for a vacation home or investment property.

You usually can not get a reverse mortgage on a mobile home or a cooperative.

The whole process was not difficult like most loans are and I certainly would recommend to my friends to try getting a Reverse Mortgage with your company.

• Is the borrower getting a reverse mortgage as a solution to financial difficulties that they may have, as reflected in their credit report and property charge payment history?

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

You can avoid having to make monthly payments by getting a reverse mortgage instead.

Counselors will show potential borrowers the pros and cons of getting a reverse mortgage as well as alternatives to the loan.

If after getting a reverse mortgage you decide that you no longer want it you have three business days to cancel it, in writing.

This is the most important question to ask yourself if you are thinking about getting a reverse mortgage versus putting your house on the market.

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

Many people get a reverse mortgage line of credit in order to increase their financial flexibility.

First mortgage: If you still owe money on your home, you can still get a reverse mortgage.

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

Most people get a reverse mortgage on a home they already own and live in.

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.

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.

Still, if you wanted to follow that route, it would not interfere with getting a reverse mortgage at a later date.

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

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.

She made getting the Reverse Mortgage as satisfactory as one could expect.

While getting a reverse mortgage can be very helpful, the decision is not a small one.

Of course, you could always purchase the home with cash and get a reverse mortgage later, but it can be convenient to do both at the same time.

However, you can also get a reverse mortgage to purchase a new home, assuming you will make the home your primary residence.

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

• Is the borrower getting a reverse mortgage as a solution to financial difficulties that they may have, as reflected in their credit report and property charge payment history?

Consult with Consumers on what they need to know and do for their financial wellbeing before getting a reverse mortgage.

Furthermore, if you remain a homeowner as a senior, you can use it as an income source by getting a reverse mortgage.

In this situation, the homeowner can not get a reverse mortgage loan until the balance of their existing mortgage is lowered or paid off.

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.

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.

Many potential borrowers wonder if it is possible to get a reverse mortgage on second homes or vacation homes.

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

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.

Its intent is to make sure consumers understand the process of getting a reverse mortgage from start to finish.

In this situation, the homeowner can not get a reverse mortgage loan until the balance of their existing mortgage is lowered or paid off.

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.

• You can't get a reverse mortgage if you have a conventional mortgage (unless you use it to pay off the conventional loan balance)

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 want to use your home equity to help fund retirement, you have a couple options besides getting a reverse mortgage:

I have been through two days of misery trying to get my Reverse Mortgage counseling and if you have somewhere I can post a testimonial I would love to do it.

If you are one of the 99 % of Borrowers who got a reverse mortgage without determining if it was «right» for you there may be some help for you in certain States.

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.

Learn more about getting reverse mortgage information and counseling from ACCC, or if you are looking at buying a home you can find information about a home buyers course which will provide a wealth of information and home buying tips for first - time buyers and experienced buyers alike.