Find out if Reverse Mortgages are a safe choice for you and your family courtesy of Success Mortgage Partners, Inc.
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Reverse mortgages are attracting a younger crowd. Originally they were designed to help cash-poor older people stay in their homes, as a loan of "last resort." But boomers ages 62 to 64 now represent 20 percent of prospective borrowers (62 is the earliest age you can apply), according to a recent survey by MetLife Mature Market Institute.
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We're talking about a reverse mortgage, and if you're considering one, a reverse mortgage line of credit is safe, thanks to the FHA insurance.
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Reverse mortgages offer pros and cons to older homeowners.. In a word, a reverse mortgage is a financial contract where a homeowner relinquishes equity in their.. To write a check properly and safely, follow these tips.
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With a single-purpose reverse mortgage, the lender restricts how you can use the money from a reverse mortgage. For example, a single-purpose reverse mortgage may only be used to pay off property taxes or to make home repairs. These reverse mortgages are typically the least expensive option, but they are limited in availability.
Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.
This question comes up quite often, and of course, it is a huge concern for people who are considering a reverse mortgage loan. Fortunately, HUD has included a few safeguards intended to protect you and other consumers who take out a reverse mortgage loan.
Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.