Article by Leonard H. Franklin
Not so long ago, many Americans retired from a company and had enough money to live on. Those who did not could draw social security checks to supplement what they did not have from a pension. It was only a small handful of seniors who were either forced to return to the workplace after retirement or face selling their home and moving in with their families. Sadly, this is no longer often the case. The reality is much harsher these days with many workers putting in their time not only fearing for the jobs in the present but their pensions in the future. A company that bottoms out and crashes will not be paying out retirement checks, a sad truth that millions of workers in all industries are learning the hard way.
And even if they get the pension that they were promised, their monthly living expenses are often more than they can handle on that amount. Many seniors take early retirement so that they cannot always count on having Social Security to stretch their pensions either. They may be faced with dipping into their savings a time or two until that money is slowly leaked to nothing. But what if they are faced with a sudden, major expense? Then what can they do?
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Question by aredsailjunk: Pro`s and Con`s of Reverse Mortgage for Senior`s- State of Ok?
Are some companies better to use-
different interest rates and fees
are there US goverment programs-
if you have spouse in Nursing Home can it affect Medicare payment of their expenses ?
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Article by Pattie Levesque
If you are a senior aged 62 years or above, and you wish to take out a loan which would help you to have a continuous flow of income without making any monthly payments, then reverse mortgage loan is what you need. With the help of reverse home loan, you can get loan advances in monthly payments or lump sum, and the debt will get accumulated till the end of the loan period. Reverse mortgage lets you convert the equity in your home into cash which you can utilize for supporting your daily needs, repairing your home, starting a new business, etc.5 Requirements for reverse mortgage
To qualify for a reverse mortgage loan, you will have to meet certain requirements. Here are 5 major requirements:
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Article by Juhani Tontti
Have you thought, whether the reverse mortgages could offer you financial help? Have you also thought, how much you could get? Do you think, there is a clear formula to calculate the loan to home value ratio. Read this article to get the information.
The challenge, which the retired people face is, that their incomes are fixed but the living costs increase step by step. For those, who cannot borrow normally, the reverse mortgages offer good opportunities to get more disposable money, if they own their permanent homes.
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I’m trying to be one of the “good guys” in this area of business as I have been for the last 10 yrs doing traditional mortgages. I’m looking for straight talk about how to best serve the senior citizens of the U.S.A. and how to find those people who could benefit from a HECM (home equity conversion mortgage…aka reverse mortgage) Sorry if asking business questions is not allowed – I was thinking more along the lines of market research. What do people know? How do they feel? What do they think they know? How can I be a better loan officer? What is the best way to market to you or educate you?
Thank you first three for posting as I’ve learned already the confusion surrounding this. (people can NEVER lose their home or be asked to leave. Our govt. insures these loans to ENSURE that lenders AND borrowers are protected and get all that they are supposed to.
It is a loan. A non-recourse loan…meaning the lender can NEVER be paid anything from the borrowers. Lender only receives payment when house is sold after persons pass away or permanently move out. Heirs may keep the home and do a regular refi to get it in their name if they wanted.
Many seniors wonder how does a reverse mortgage work. As its name implies, a reverse mortgage is opposite of a typical one. In a regular mortgage, the borrower secures a loan and makes monthly payments toward it. In a reverse mortgage the lender gives either a lump sum or a stream of monthly payments to someone who already owns a home.
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