The Best Reverse Mortgages

After obtaining a reverse mortgage , the homeowner is required to continue satisfying three conditions.  First, the property must always remain the primary residence for as long as the borrower wishes to have a reverse mortgage.  This means that the borrower must live at the property for the majority of each year, but the program does allow one to have extended periods of time away from home for various reasons.  Second, the homeowner must continue to pay the property taxes and homeowners insurance on time when due.  Recently, this has been a problem for many seniors across the country causing the reverse mortgage industry to re-examine the programs qualifying guidelines.  Some banks have already implemented new procedures to ensure that seniors will be able to afford these expenses before granting a reverse mortgage to them.  Lastly, the homeowner is required to keep the property in good condition for their own safety and FHA standards.  This means that repairs should be made for a

Consumers have been recently finding out that reverse mortgages are offering more options than ever before.  At one time, there was only an adjustable rate reverse mortgage program available, but in the last few years a competitive fixed rate program was introduced.  And recently, a new program called the Saver is giving the option to take lower closing costs in lieu of a lower cash benefit.  For some seniors, this will make sense as they may not need as much cash out that is offered by the Standard reverse mortgage program.  A  reverse mortgage professional should be prepared to explain the differences and help consumers determine which program will benefit them the most. In any event, one must ask themselves the question:  "The costs of a reverse mortgage are too high as compared to what?"  For many, the only other alternative is to sell the house and buy a new one, which is much more costly when you factor in all the costs to sell and buy a home.  Contact a revers