Sentences with phrase «who get their reverse mortgages»

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.

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.

Not exact matches

Reverse mortgages let retired folks who are running out of money remain in their home and get a check each...

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).

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.

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).

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.

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.

Information is power, and I hope that all people who get involved with reverse mortgages are fully aware of all options available!

Studies indicate that more than 90 percent of all households who have secured a Reverse Mortgage are extremely happy that they got the loan.

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.

Who can get a reverse mortgage?

Finally, would - be HECM borrowers are required to get a more in - depth education about their situation from an approved reverse mortgage counselor who is independent from the private lender.

A reverse mortgage can be a great way for retirees who don't have sufficient income from other sources to get extra cash to cover expenses and live the lifestyle they want to live.

Homeowners who obtain a fixed - rate reverse mortgage get the entire amount of the loan at settlement, with no restrictions on its use.

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).

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.

What makes these loans potentially toxic for lenders and the government also makes them attractive for borrowers: a homeowner who is at least 62 years old gets a lump sum of money, a line of credit, or monthly income from their reverse mortgage, and potentially does not have to repay the loan for decades.