Reverse Mortgage 4 U

Have you wondered if a Reverse Mortgage would be a good or bad decision for you or a loved one? Our new book will help you determine if a HECM Loan is good or bad for you and your situation. get a free copy by going to our blog and following the link there. Hurry supplies are limited and are going fast! https://www.reversemortgage4u.com//free-copy-of-is-a-rever

When you first begin to learn about a reverse mortgage and its associated advantages, your initial impression may be that the loan product is too good to be true. After all, a key advantage to this loan, designed for homeowners age 62 and older, is that it does not require the borrower to make monthly mortgage payments. Borrowers are responsible for paying property taxes, homeowner’s insurance, and for home maintenance. Though at first this advantage may make it seem as if...Continue reading

Sunset on the American River

Reverse mortgage: What is it and how does it work? What is a reverse mortgage? 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 from a reverse mortgage? 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.

Just wanted to wish everybody a happy Independence Day beautiful time that we live in right now I hope you're enjoying your fourth of July week

Reverse Mortgage Client Tells His Story https://youtu.be/LhrSAEUtCCA

Most people think that the Reverse Mortgage is for people that have no other option or are financially destitute.. We have found that this isn't the case most of the time. We actually have found that most of our clients are just savvy homeowners looking to leverage an asset that is otherwise a liability. We see a lot of people who have plenty of other money in investments but because they are in retirement they want to make sure they can use those other investments to live ...on while they use the money generated from a reverse mortgage to accomplish some other financial goal. I've seen everything from buying second vacation homes or vacations and I even had one client that wanted to go to vegas until the money was gone.. While I never would recommend doing that with the money it was her life dream to have a Vegas VIP experience. You only live once I guess, and now that I type this it has me wondering how long did that money last? If you have been wondering about this as an option to achieve some sort of financial goal, or if you just want to have a good run in vegas then you should see how much you qualify for. Ince you know the numbers then you can at least make an informed decision for yourself about weather or not it's the right fit for you and your family. Message us here in the comments or by clicking the send email button up top and we can get you the numbers that are specific to you! If all of that doesn't interest you well then I hope you like this photo of a sunset over the Sacramento skyline. '-)

I'd like to hear everyone else's thoughts on the reverse mortgage if there's anyone out there that wants to chime in good or bad about what they think about the reverse mortgage we'd love to start a dialog

Reverse Mortgage Financial Assessment -How it Works Beginning April 27, 2015, lenders began conducting a mandatory financial assessment of all borrowers as part of the loan application process. Historically, borrowers qualified for a reverse mortgage based on their:...Continue reading

These requirements are good information to know if you're thinking about getting a reverse mortgage. The next thing you should know is how much you qualify for. If you would like to know that send us a message here on facebook by clicking the send email button above and towards the right side of our facebook page. Borrower Requirements and Responsibilities Age qualification: All borrowers listed on title must be 62 years old. If one spouse is under 62, it might be possible... to get a reverse mortgage. However, the loan officer will need to collect additional information upfront to determine eligibility. Primary lien: A reverse mortgage must be the primary lien on the home. Any existing mortgage must be paid off using the proceeds from the reverse mortgage. Occupancy requirements: The property used as collateral for the reverse mortgage must be the primary residence. Vacation homes and investor properties do not qualify. Taxes and Insurance: Borrowers must remain current on real estate taxes, homeowners insurance, and other mandatory obligations, including condominium fees. Property Condition: Borrowers are responsible for completing mandatory repairs and maintaining the condition of the property. Conveyance of the mortgaged property by will or operation of law to the estate or heir after mortgagor's death: When a reverse mortgage becomes due and payable upon the death of the last surviving borrower and the property is conveyed by will or operation of law, the estate or heirs (or parties if multiple heirs) may satisfy the HECM debt by paying the lesser of the mortgage balance or 95% of the current appraised value of the property.

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