Seniors – people 62 yrs old or those with parents of that age – What do you think about reverse mortgages?
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.
How Does a Reverse Mortgage Work for Seniors?
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.
Why seniors are feeling the crunch and why they are turning to Reverse Mortgage in droves!
The home that they spent many years to pay off and maintain as their haven is now the one investment that they still have to use for life. Even though many homes throughout the country to loss value over the last few years, they can still be a great source of money and security in these troubled economic times. If you had purchased your home say 30 years ago and did not over burden yourself with refinances and cash out loans you are still sitting on a great stock pile of money.
You love your home you feel safe and secure in your home and which to stay there for the rest of your life and the thought of moving to a strange place and having to start all over again meeting new people then think about what you would do if you had the money to stay at home.
Reverse Mortgages Can Help Seniors Save Money
A reverse mortgage is a loan that is available only to seniors and is used to free up the equity in a property, whether in a lump sum or multiple payments. It is beneficial to seniors because the homeowner’s obligation to pay off the remaining debt is deferred until either the home is sold or the owner leaves or dies. For information on reverse mortgages, seniors should consider looking online. Gaining the best information on reverse mortgages can help seniors make a decision about how to finance their living situation, and can, in many cases, free up some money for essentials that they may need. In order to qualify for a reverse mortgage in MA or NH, the borrower must be at least 62 years of age. However, there are no income or credit requirements—one of the reasons reverse mortgages are so popular with seniors. There are some stipulations, nevertheless, that seniors must qualify for before committing time and money into a reverse mortgage. With most reverse mortgages, the money made available to the borrower can be spent in any way he/she deems fit; however, in most cases, any outstanding loan or mortgage must first be paid off before spending the income on personal items. In most cases, you will need to speak to a reverse mortgage lender in order to arrange a situation that fits your needs. If you are in the New Hampshire or Massachusetts area, you can find a reverse mortgage lender by looking online. A reverse mortgage in MA may be the best way for seniors to take some of the strain off their already stretched-thin budgets, and reverse mortgage lenders are easy to find by looking online. As in MA, finding the best reverse mortgage lender NH has to offer will pay off for seniors looking to absorb the financial damage a mortgage can have.
Seniors and the Reverse Mortgage
Many TV viewers, readers, and radio listeners hear and see many ads that sound like this is a dream come true. According to most ads, it sounds very enticing and dream like. Make sure these are not frauds. The truth is the government regulates these loans. Regulation is done and very well by the Department of Housing and Urban Development.
Along with this thought sometimes, the information is misleading about these reverse mortgages. Here may lay the fraud. These so-called “experts” are not associated with the federally regulated loans. Seniors beware.
Reverse Mortgage ? Senior?s Comfort at No Cost
Once you cross that vigorous age of youth, you need a permanent financial solution, for you are unable to earn and meet the rising expenses at an old age. Reverse mortgage loan gives seniors the benefit of retaining the house ownership, getting monthly payments, and complete security for living in the house as long as they are alive. And the best thing is—you don’t have to pay a dime for all this!
Reverse mortgage is appropriately named as it operates equally opposite to a forward mortgage. It is the kind of loan that exempts you from making monthly payments to the lender, as in a regular mortgage loan, while gives you the benefit of receiving payments as you deem necessary. Separating itself from a regular mortgage, a reverse mortgages for seniors give them relief of staying in their home even after the loan tenure expires.
Reverse Mortgages: Helping Seniors in a Slowing Economy
Seniors are increasingly discovering the benefits of a reverse mortgage. Sun American
Mortgage, based in Mesa Arizona, offers expert advice on reverse mortgages and was the first lender to offer the reverse mortgage program in Arizona over 20 years ago.
Why Reverse Mortgage Is Getting Popular Among Seniors?
Reverse Mortgage is a Government insured program which is typically offered to homeowners above 62 years of age. Reverse mortgage loan is gaining popularity among the old age citizens in the US, reason being the awareness of the benefits of reverse mortgage loans.
There have been a lot of developments going on and many of the reverse mortgage processes have been revised by the HUD (Housing and Urban Development). Many reverse mortgage products have been improved and introduced in the market in 2009, causing an inclination in the users of reverse mortgage loans.
Harbor Mortgage Solutions, Inc. Expands Services to Seniors Through Association With Liberty Reverse Mortgage
DATELINE: BRAINTREE, MA…
Christopher Downey, President of Harbor Mortgage Solutions in Braintree, MA has announced their firm’s association with Liberty Reverse Mortgage, the fastest growing and third-largest originator of Reverse Mortgages in the nation.
