Reverse Mortgage Pros and Cons, Learn the Disadvantages, reverse mortgage disadvantages.#Reverse #mortgage #disadvantages


Reverse Mortgage Pros and Cons

  • Allows the homeowner to stay in the home. 1
  • Can pay off existing mortgages on the home.
  • No monthly mortgage payments are required, however the homeowner must live in the home as their primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to Federal Housing Administration requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.
  • The homeowner receivespayments on flexible terms:
    • Credit line for emergencies
    • Monthly payments
    • Lump sum distribution (only on fixed rate loans)
    • Any combination of the above
  • A reverse mortgage can not get upside down so the heirs will never be personally liable for more than the home is sold for.
  • Heirs inherit the home and keep any remaining equity after the balance of the reverse mortgage is paid off.
  • Loan proceeds are not taxed as income or otherwise (though you must continue to pay required property taxes).
  • The interest rate may be lower than traditional mortgages and home equity loans.
  • The fees on a reverse mortgage are the same as a traditional FHA mortgage but are higher than a conventional mortgage because of the insurance cost. The largest costs are:
    • FHA mortgage insurance
    • Origination fee
  • The loan balance gets larger over time and the value of the estate/inheritance may decrease over time.
  • A reverse mortgage loan usually does not affect eligibility for entitlement programs, such as Medicare or Social Security benefits. However, some needs based government benefits such as Medicaid and Supplemental Security Income (SSI) may be affected by a reverse mortgage loan. You should consult a qualified professional to determine if there would be any impact to your government benefits.
  • The program is not well understood by most individuals. However, the availability of independent reverse mortgage counseling helps.

Next Step: Take 3 minutes now to calculate your eligibility for a reverse mortgage loan below.


1 Reverse Mortgage Calculator, age, reverse mortgage calculator.#Reverse #mortgage #calculator


Reverse Mortgage Calculator

Each week we update our online calculator to reflect our most popular programs offered at All Reverse Mortgage . You can request a formal analysis including written loan comparisons of ALL options, closing costs and amortization schedules by completing step 3 or call us while you’re using this calculator Toll Free (800) 565-1722

Input your date of birth, property zip code, estimated home value and existing mortgages (if applicable)

Unsure of your home value? Not to worry. When you request a formal analysis our team will also include a free property report.

Did You Know? Anytime you close a reverse mortgage within 6 months from your next birthday you will automatically be calculated a year older.

Step 2

Did You Know? On the adjustable plans you can change the terms of your reverse mortgage after closing for a time fee of $20. i.e. Move from a credit line to payment plan or vice versa.

Unsure of Program? Not to worry. Our expert team will provide straightforward comparisons of all your options. We look forward to helping you decide which HECM program may be most suitable for your immediate or long term needs.

Step 3

Did You Know? Once you request an application we lock in your expected rate which guarantees you access to the current principle limit even if rates should rise.

Additional Calculators courtesy of All Reverse

Legal Stuff: All Reverse Mortgage Calculator and all content included on this page and on their website are for borrower convenience only. Results using the online calculator are loan estimates, and terms produced by the calculator may not be presently available credit terms. All Reverse Mortgage will endeavor to maintain current information and a fully functioning calculator for customer use at all times, but cannot guarantee terms available or that system malfunctions will never occur. To receive an actual proposal or available programs, rates and terms, you must contact our office. Interest rates (fixed rate and adjustable rate, LIBOR index) and amortization, mortgage insurance premiums (MIP), origination fees, lender margins, payment options and closing costs may vary. Borrowers with reverse mortgages must continue to pay all property charges such as property taxes, hazard insurance and HOA dues (if any). Please contact our office to determine eligibility


Reverse Mortgage Lending Requirements Now Stricter with HUD Criteria – AARP, reverse mortgage scam.#Reverse #mortgage


Bulletin Today

Posted on 05/14/2015

Reverse Mortgages Now Harder to Get

Reverse mortgage scamIf you’ve thought about taking out a reverse mortgage, be aware that new rules that recently kicked in might make it harder for you to qualify.

The U.S. Department of Housing and Urban Development tightened lending criteria late last month. The changes require that lenders determine whether would-be borrowers have enough income to keep up with property taxes and homeowners insurance so they don’t default on the loan and, possibly, lose their home. HUD’s Federal Housing Administration insures most reverse mortgages.

Reverse mortgages are for homeowners 62 and older who have a significant amount of equity built up in their house. They can borrow against that equity — taking the cash in a lump sum, as a monthly income stream or a line of credit they can tap when needed. The money doesn’t have to be repaid until the owner moves, sells the house or dies.

Borrowers must continue to pay property taxes and homeowners insurance, however. And for some, that’s been a problem. In 2012, about 1 in 10 outstanding loans were in technical default because borrowers couldn’t keep up with those bills, says Lori Trawinski, director of banking and finance at the AARP Public Policy Institute.

The new lending standards are designed to reduce defaults. Lenders will be required to look at credit reports, assets, income and the borrower’s history of paying taxes and homeowners insurance.

“It will be more difficult for people who are struggling with income flow to meet the criteria,” Trawinski says.

Even so, she adds, a borrower could still qualify for a loan by having the lender set aside a portion of the loan proceeds to cover taxes and insurance. The amount to be set aside would be based partly on the borrower’s life expectancy.

Younger borrowers living in high-tax states will have to determine whether a set-aside makes a reverse mortgage worthwhile or if they would be better off financially with other alternatives, such as selling their house.

“We think reverse mortgages can be a useful tool for some people,” Trawinski says. “That s where it becomes difficult. Everybody is in a different financial circumstance.”

See the AARP home page for deals, savings tips, trivia and more.


Reverse Mortgage – What Is It, How Does It Work, And More, reverse mortgage rates.#Reverse


Reverse mortgage: What is it and how does it work?

If you’ve seen TV commercials or online ads for reverse mortgages, maybe you’ve wondered: What are they? Would I ever want to get one?

A reverse mortgage is a type of home equity loan that’s reserved for older homeowners and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.

Reverse mortgages are often considered a last-resort source of income, but they have become a great retirement planning tool for many homeowners.

The first federally-insured reverse mortgage — also known as a home equity conversion mortgage, or HECM — was introduced in 1989. These loans allow people who are 62 or older to tap a portion of their home equity without having to move.

Who would benefit

Steven Sass, research economist at the Center for Retirement Research at Boston College, says a reverse mortgage makes sense for people who:

  • Don’t plan to move.
  • Can afford the cost of maintaining their home.
  • Want to access the equity in their home to supplement their income or have money available for a rainy day.

Some people even use a reverse mortgage to eliminate their existing mortgage and improve their monthly cash flow, says Peter Bell, president and CEO of the National Reverse Mortgage Lenders Association, or NRMLA.

“There are a lot of motivations leading into it,” Bell says. “In some cases, people may have an immediate need to pay off debt, or they may have had some unexpected expenses like a home repair or health care situation.”

The bank makes payments to the borrower throughout his or her lifetime based on a percentage of accumulated home equity. The loan balance does not have to be repaid until the borrower dies, sells the home or permanently moves out.

Check your credit report for free, and with no obligation, at myBankrate.

Reverse mortgage basics

  • How does it work? The bank makes payments to the borrower based on a percentage of accumulated home equity.
  • When does it need to be repaid? When the borrower dies, sells the home or permanently moves out.
  • Who is eligible? Seniors age 62 and older who own homes outright or have small mortgages.
  • How can the money be used? For any reason. Retirees typically use cash to supplement income, pay for health care expenses, pay off debt or finance home improvement jobs.

Better yet, you can never owe more than the value of your home in a reverse mortgage loan, regardless of how much you borrow. And if the balance is less than the value of your home at the time of repayment, you or your heirs keep the difference.

How much can you get?

Several factors determine the amount of funds you are eligible to receive through a reverse mortgage.

Factors that influence loan amount

  • Age (or the age of the youngest spouse in the case of couples).
  • Value of home.
  • Interest rate.
  • Lesser of appraised value or the Federal Housing Administration’s HECM mortgage limit of $636,150.

To be eligible for a reverse mortgage, you must either own your home outright or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan.

You must also use the home as your primary residence.

A change in federal rules that took effect in October 2017 tightened the amounts that can be borrowed. But generally, the older you are and the more valuable your home, the more money you can get.

There are no restrictions for how the money from a reverse mortgage loan must be used.

The method of payment collection depends on the type of mortgage. Retirees with an adjustable-rate mortgage can collect their payments on a reverse mortgage as a lump sum, fixed monthly payment, line of credit or some combination.

Holders of fixed-rate mortgages receive a lump sum.

Pros and cons of a reverse mortgage

  • Does not require monthly payments from the borrower.
  • Proceeds can be used to pay off debt or settle unexpected expenses.
  • The money can pay off the existing mortgage.
  • Funds can improve monthly cash flow.
  • Fees and other closing costs can be high.
  • Borrower must maintain the house and pay property taxes and homeowners insurance.
  • A reverse mortgage can complicate one’s wish to keep the house in the family.

Who wouldn’t benefit

A reverse mortgage wouldn’t be the best option if you can’t keep up with maintenance and the other costs associated with the home, even without a monthly mortgage payment.

If you die or the home is no longer the primary residence for more than 12 months, the loan comes due, which means either you or the estate has the option to repay the loan or put the home up for sale to settle it.

Is your credit mortgage-ready? Get your free credit score today at myBankrate.

Homeowners interested in taking out a reverse mortgage are required to receive mandatory (free) counseling by an independent third party, including an agency approved by the Department of Housing and Urban Development or a national counseling agency such as AARP. These organizations help homeowners review alternative options.

“As you get older, it gets harder to grasp some of the terms in these kinds of transactions, so it’s not a bad idea to have someone younger who you trust, like an adult child, involved in the process,” says Phillip Cook, a certified financial planner professional in Manhattan Beach, California.

About the costs

If you decide to proceed with the loan, you can expect to pay higher-than-average closing costs based on the value of your home, including origination fees, upfront mortgage insurance and appraisal fees.

The interest rate you pay is also generally higher than that for a traditional mortgage.

Keep in mind that anyone who takes out a reverse mortgage remains responsible for paying property taxes, insurance and repairs on their home. If you fail to comply, you may be required to repay your reverse mortgage early.

Spending the equity in your home, of course, also diminishes the value of your estate — leaving you less to pass along to your heirs down the road.

“Always explore all other sources of income first before tapping into your home equity,” advises Cook. “Liquidate your portfolio and cut down on your living expenses. If you still don’t have enough, a reverse mortgage may make sense.”

To locate a Federal Housing Authority-approved lender or HUD-approved counseling agency, you can visit HUD’s online locator or call the department’s Housing Counseling Line at (800) 569-4287.

The National Reverse Mortgage Lenders Association also maintains a database.

Thinking of applying for a reverse mortgage? First, check your credit report at myBankrate.


Reverse Mortgage Fees, Your Guide to Rates and Costs of the Loan, reverse mortgage rates.#Reverse


Reverse Mortgage Information

Closing Costs

Some of the most significant loan closing costs are typically the Federal Housing Administration (FHA) initial Mortgage Insurance Premium (MIP), loan origination fee, and title insurance. Typically, all closing costs can be financed as part of the loan.

Generally, when you close the loan the only out of pocket fee is the Housing and Urban Development (HUD) required independent counseling. Although it cannot be paid by the reverse mortgage lender, often times the counseling fees can be financed into the loan and sometimes counseling fees can be waived by the counseling agency.

Mortgage Insurance

HECM fees include the Initial FHA Mortgage Insurance Premium paid at closing, which is 2% of the home value not to exceed $12,723, as well as an annual MIP of .5% of the outstanding mortgage balance.

The mortgage insurance provides the following guarantees:

  • The HECM is a non-recourse loan. If you sell the home to repay the loan, you or your heirs will never owe more than the loan balance or the value of the property, whichever is less; and no assets other than the home must be used to repay the debt
  • If the lender becomes insolvent or otherwise fails to make payments due to the borrower, MIP ensures that the borrower will continue to receive their payments

Loan Origination Fee

The origination fee is the lender’s fee. The maximum fee is set by law according to a formula:

  • 2% of the first $200,000 of the property s value and 1% of the amount over $200,000
  • A maximum of a $6,000 origination fee

Title Fees

Title fees are required for all types of mortgages and primarily consist of:

  • Title insurance (the largest component)
  • Title settlement
  • Title examination
  • Recording
  • Delivery
  • Notary
  • Document preparation

Home Appraisal

The home appraisal determines the market value of the property. A reverse mortgage loan appraisal must be conducted by a FHA-approved appraiser and meet the required guidelines.

Other closing costs

  • Flood Certificate
  • Wire Fee
  • Credit report

Interest

Interest accumulates on a reverse mortgage loan just like on a traditional mortgage. However, instead of paying down the balance, the loan balance increases over time.


Reverse Mortgage Definitions, Glossary of Terms, hud reverse mortgage.#Hud #reverse #mortgage


Reverse Mortgage Information

Adjustable Rate: An interest rate that will change during the life of the loan based on an index.

Annuity: An insurance product that pays out an income stream and is often used as part of a retirement strategy.

Appraisal: A professional estimate of the value of your home based on the features of the property and comparable sales in the area.

Available Principle Limit: The equity amount available to borrowers determined by age, rates and the lesser of the appraised value, sale price or the maximum lending limit.

Closing: The process where the clients sign the loan documents to begin the final process of having their loan fund.

Deed of Trust: A document which pledges real property to secure a loan, used instead of a mortgage in certain states.

Default: A breach or nonperformance of the terms of a note or of the provisions of a mortgage loan. Defaults under a reverse mortgage could include failure to repay the loan after a repayment notice has been issued, failure to maintain the property, pay property taxes and/or hazard insurance, and failure to live in the home as your primary residence.

Depreciation: A decrease in the value of the home.

Federal Housing Administration (FHA): An agency within the U.S. Department of Housing and Urban Development (HUD) that provides insurance to FHA-approved lenders for HECM loans.

FHA Insured Reverse Mortgages: Home Equity Conversion Mortgages (HECM).

Home Equity: The value of the home minus any debt against it.

Home Equity Conversion Mortgages (HECM): FHA-Insured reverse mortgage loans that permit senior homeowners to tap into a portion of the equity in their home. A HECM allows you to continue living in your home without having to make monthly mortgage payments.

Line of Credit: A credit line that permits a borrower to control the timing and amount of withdrawals.

Loan Balance: The amount owed, including principal and interest.

London Interbank Offered Rate (LIBOR Index): An index that is used to calculate the interest rate adjustments on HECM adjustable rate loans.

Lump Sum: A single loan payment (draw) to the borrower at closing.

Mortgage: A lien on the property that pledges a promise to repay the loan.

Mortgage Insurance Premium (MIP): The fee paid by a borrower to HUD or a private insurer for mortgage insurance. It guarantees that the borrower will continue to receive their expected loan proceeds. The FHA requires an initial Mortgage Insurance Premium. The MIP will also be assessed throughout the life of the loan and will be added to the outstanding balance and remitted to HUD on a monthly basis.

Non-Recourse Mortgage: A home loan in which a lender may look only to the value of the home for repayment; no other assets may be attached if the loan balance grows beyond the mortgaged home value. If you sell the home to repay the loan, you or your heirs will never owe more than the loan balance or the value of the property, whichever is less.

Origination Fee: A fee charged to the borrower for processing a loan application. Lenders can charge 2% of the first $200,000 of the home’s value and then 1% of any amount over $200,000. Origination fees are capped at $6,000.

Reverse Mortgage: A loan that allows seniors 62 and older to access a portion of their home’s equity to supplement their retirement income without having to make monthly mortgage payments.

Right of Rescission: A borrower’s right to cancel a reverse mortgage loan within three business days of closing.

Set-Aside: Funds for specified uses that are netted out when determining the borrower’s principal limit.

Total Annual Loan Cost (TALC) Rate: The projected annual cost of a reverse mortgage including all itemized costs.


Reverse mortgage leads, reverse mortgage leads.#Reverse #mortgage #leads


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Reverse Mortgage Leads, Reverse Mortgage Live Transfers, reverse mortgage leads.#Reverse #mortgage #leads


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Reverse Mortgage Counseling & Advice, GreenPath Financial Wellness, reverse mortgage lenders.#Reverse #mortgage #lenders


Reverse Mortgage Counseling

Reverse Mortgage Counseling

Reverse mortgage lenders

If you’re at least 62 years old and have substantial equity in your home, you could be a candidate for a reverse mortgage. If you or a family member is considering a reverse mortgage, contact GreenPath to learn the pros and cons and get all of your questions answered. We will equip you with the knowledge to determine if a reverse mortgage is right for you. You can reach us at (800) 550-1961.

A reverse mortgage is a loan against the equity in your home that you do not have to pay back as long as you live there. It enables you to turn the value of your home into cash without having to move or make loan payments. However, a reverse mortgage can be an expensive loan that reduces or eliminates your home equity.

Just because you qualify doesn’t mean a reverse mortgage is your best option. In order to be considered for a reverse mortgage, the U.S. government requires that you participate in a reverse mortgage counseling session with an approved non-profit agency like GreenPath. Reverse mortgage counseling can be completed over the phone or in person.

We will explain how reverse mortgages work, including payment options, costs, tax implications, benefits and drawbacks. After completing the mortgage counseling session, you will receive a certificate that lenders require as part of the loan application. Our goal is for you to understand your options so you can make an informed decision on whether a reverse mortgage is right for you.

We can also assist you if you already have a reverse mortgage and are having trouble paying your taxes or insurance.

Reverse mortgage lenders Use Your Home to Stay At Home

The official reverse mortgage consumer booklet approved by the U.S. Department of Housing Urban Development.

Reverse mortgage lenders

How much does it cost for reverse mortgage counseling?

GreenPath offers reverse mortgage counseling for a reasonable fee. Grant funds available through the Department of Housing and Urban Development (HUD) allow us to keep our services affordable and accessible. HUD prohibits lenders from paying the fee for applicants.

Does GreenPath provide reverse mortgage loans?

No, GreenPath is not a lender and is not involved in the lending transaction. We are an impartial educational resource to help seniors and their family members make an informed decision.

Does GreenPath receive support from reverse mortgage lenders?

No, we do not receive any payment or consideration from reverse mortgage lenders. Non-profit housing counseling agencies are not permitted to receive money or direct referrals from reverse mortgage lenders.

Who should attend a Reverse Mortgage counseling session?

All persons on the deed must attend a reverse mortgage counseling session. It is important that all involved parties understand all aspects of a reverse mortgage. We believe it is a good idea for the family to sit down together and discuss their wants and needs for a reverse mortgage prior to this session. HUD requires spouses of borrowers to be counseled, even if they will not be borrowers. We also encourage attendance by other family members and/or professional advisors who may be assisting the borrower. HUD strictly prohibits lenders from attending the counseling session.

I previously took out a Reverse Mortgage, but am having difficulty staying current with my property taxes. Can you help?

Yes. We will conduct a complete financial assessment with you and guide you through your options. Lenders are often willing to work with homeowners in order to avoid foreclosure.


1 Reverse Mortgage Calculator, age, reverse mortgage info.#Reverse #mortgage #info


Reverse Mortgage Calculator

Each week we update our online calculator to reflect our most popular programs offered at All Reverse Mortgage . You can request a formal analysis including written loan comparisons of ALL options, closing costs and amortization schedules by completing step 3 or call us while you’re using this calculator Toll Free (800) 565-1722

Input your date of birth, property zip code, estimated home value and existing mortgages (if applicable)

Unsure of your home value? Not to worry. When you request a formal analysis our team will also include a free property report.

Did You Know? Anytime you close a reverse mortgage within 6 months from your next birthday you will automatically be calculated a year older.

Step 2

Did You Know? On the adjustable plans you can change the terms of your reverse mortgage after closing for a time fee of $20. i.e. Move from a credit line to payment plan or vice versa.

Unsure of Program? Not to worry. Our expert team will provide straightforward comparisons of all your options. We look forward to helping you decide which HECM program may be most suitable for your immediate or long term needs.

Step 3

Did You Know? Once you request an application we lock in your expected rate which guarantees you access to the current principle limit even if rates should rise.

Additional Calculators courtesy of All Reverse

Legal Stuff: All Reverse Mortgage Calculator and all content included on this page and on their website are for borrower convenience only. Results using the online calculator are loan estimates, and terms produced by the calculator may not be presently available credit terms. All Reverse Mortgage will endeavor to maintain current information and a fully functioning calculator for customer use at all times, but cannot guarantee terms available or that system malfunctions will never occur. To receive an actual proposal or available programs, rates and terms, you must contact our office. Interest rates (fixed rate and adjustable rate, LIBOR index) and amortization, mortgage insurance premiums (MIP), origination fees, lender margins, payment options and closing costs may vary. Borrowers with reverse mortgages must continue to pay all property charges such as property taxes, hazard insurance and HOA dues (if any). Please contact our office to determine eligibility