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

There are changes on the horizon for the reverse mortgage industry once again.  This time, however, many might agree that the changes are warranted and in the best interest of borrowers.  Until the changes are implemented, the originators in the industry are sitting on edge anticipating what those changes will be.  We can safely assume that banks will begin to look at credit history and income, which the lack to do so up to this point has been a marketable part of the program:  "No Credit or Income Qualifying Required"!  One would think that this will keep many seniors from qualifying for a reverse mortgage , however FHA is expecting an increase in reverse mortgage units in 2012.  As lenders begin to implement their financial assessment guidelines over the next few months, we will begin to learn which direction the reverse mortgage industry is headed.  With the ever-booming baby boomers and the economy in dire straits, one can hope that the changes will not keep the program

Due to constrictions with FHA/HUD funding, many FHA counseling agencies have begun to charge again for the required reverse mortgage counseling sessions.  Up to recently, they were able to offer seniors free sessions from FHA grants they had previously received.  The reverse mortgage industry is urging FHA/HUD to allocate funds for counseling expenses, as many seniors are unable to afford the counseling fee which ranges from $89 - $125.  However, most agencies will allow the fee to be financed into the loan if unable to pay upfront.  Check with a reverse mortgage lender for a list of counseling agencies and for the latest on which agencies may be still offering free counseling at this time.

With the recent exits of Wells Fargo and Bank of America from the reverse mortgage industry, many are left looking for a local reverse mortgage lender in their area they can drive to for a face to face consultation.  Which raises the question, "How crucial is it to have a reverse mortgage bank in your neighborhood?"  The success of these two companies in the reverse mortgage industry can be largely attributed to the convenience of their branch locations and the existing client business they drew from their other banking services.  As a result, they became the giants of the reverse mortgage world.  It was hard for other lenders to compete with them as a result, but was it really more to do with the convenience factor as opposed to the necessity for the consumer to obtain information in person?  Those lenders left behind are sure hoping that it was the convenience factor, and consumers are deciding if it really is a necessity.  Maybe years back when the reverse mortgage prog

Reverse Mortgages: Reverse Mortgage Calculators http://www.reversemortgagebenefit.com

You may be wondering, "How accurate are those online reverse mortgage calculators ?", and whether they can provide you with specific estimates for your situation.  Well, the answer is yes and no.  The online reverse mortgage calculators will provide you with a fairly accurate estimate based on the information you provide so that you may know whether you can qualify or not.  The calculators use the same software so you don't have to worry about estimates varying from one site to another.  However, the only true way to obtain specific calculations is to speak to a reverse mortgage professional who can make adjustments accordingly to your situation.  He or she may also help you with obtaining a more accurate estimate of the value of your home, since most people have no idea due to unstable real estate markets. Let us know what questions you have regarding reverse mortgage calculators by clicking on:  Contact Us

In the past few months, we have seen arguably the two largest reverse mortgage banks exit the industry.  The news surprised most folks and created a major shake in the industry that is still being felt primarily by those employees left looking for new jobs.  There were some who were less surprised and pointed out the small percentage of business that was lost by Wells and BofA as compared to their overall company revenues.  Thus making it easier to understand their decision to focus on their core business of traditional banking.  As for the rest of us who are committed to the industry, this is an exciting opportunity to connect with even more clients who will continue to require the reverse mortgage program for years to come.  We have always thought of ourselves as specialists and now more than ever we will have a chance to demonstrate that to the public.  The service to be provided will now come from people and companies who have made reverse mortgages their career and take great p

The reverse mortgage program is designed for those over 62 years of age and it will work well for many; however, for others it may not be the right solution.  You need to do your research to find out if this is the right financial decision to make.  Here are the top 10 reverse mortgage questions that will help you to decide whether a reverse mortgage is right for you: http://www.reversemortgageconcierge.com/Top_10_Questions.php Click on the link for the top 10 questions and for more valuable information on reverse mortgages.

Before applying online, be sure to do your homework and research everything there is to know about a reverse mortgage.  There are many reputable sites such as AARP, HUD and NRMLA that offer safe and secure information about reverse mortgages.  To obtain specific information on your situation, you can use one of the many online reverse mortgage calculators to find out if you qualify, like the one at:   http://www.reversemortgagebenefit.com . Take advantage of the consultants standing by to answer any of your questions and to obtain detailed information on how a reverse mortgage works, disadvantages to a reverse mortgage, reverse mortgage banks and reverse mortgage interest rates. Reverse Mortgage Information Site

Many are not aware that a reverse mortgage may be used to purchase a home. The program works the same as when refinancing, and the criteria to qualify is also the same. A person's age and the price of the home will determine how much down payment is needed to complete the transaction. Besides the down payment, there will be no further mortgage payment required while living in the home. Only property taxes and homeowners insurance will need to be paid when due. Thus giving the opportunity to live payment free for life and have added security against home foreclosure.  Click on Contact Us for more information and to obtain your benefit click on the Reverse Mortgage Calculator .

Reverse mortgages are designed for those over the age of 62 who are looking to gain greater financial security or simply are in need of additional cash for a variety of reasons. While other loan programs continue to make lending guidelines stricter and maintain a firm grip on their funds, reverse mortgages continue to be one of the easiest loans to qualify since there are no credit or income requirements. The qualifications are that you must be 62 years of age or older, you must be living in the home as your primary residence and must have (on average)a minimum of 50% equity established. It is considered a loan that is taken against the home to be used to payoff any current liens, credit cards, and any other debt including past due taxes and medical bills. In addition, you may qualify to receive additional cash that can be used for any purpose. Cash received is not considered income, and therefore is not taxable by the IRS. There are no monthly mortgage payments required, however you