REVERSE MORTGAGE ADVISOR
Reverse Mortgage Advisor (Mortgage Modification Loan)
        
Reverse Mortgages are programs designed to enable senior homeowners 62 years and older to convert part of their home equity into cash. They can do this without having to sell their home or give up the title. Seniors do not have to take on any new mortgage payments either. Instead of making monthly payments to a lender, the reverse mortgage lender makes payments to the senior homeowner.
Location: USA
Lender/Broker: Broker
Advantages:
This reverse mortgage does not need to be repaid during the lifetime of the borrower. Further, the FHA's (Federal Housing Authority) HUD (Housing and Urban Development) division insure reverse mortgages under their HECM program (Home Equity Conversion Mortgages). Seniors get to live in their home until they pass away. Let's also not forget about the handy HECM monthly payment checks that the seniors receive. Seniors often use a reverse mortgage calculator to estimate how much money they can get.
Disadvantages:
Disadvantages or pitfalls include the limits set by the FHA that prevent reverse mortgage lenders from giving you the full value of the house. There are also interest rates applicable and the closing costs are higher then that of regular mortgages but more lenders are starting to waive some of their fees. Additionally like all other programs, it eats up the equity of the home which leaves less inheritance. Further reverse mortgage information can be obtained from a counseling specialist.
Services:
Fixed Rate Reverse Mortgages are very popular these days and have been gaining popularity ever since the program was launched. A Reverse Mortgage can now be taken out for the purpose of home purchase. These purchase plans are great for seniors looking to downsize on their residential dwellings and cut costs. They are able to purchase a new home without making a down payment or taking another mortgage. Thus the benefits are many and this website can be used as an education guide to explore the many facets before contacting one of the listed reverse mortgage lenders for further info and counseling.

APR: Varies
Loan Amount: Varies
Outstanding Balance: Varies
Home Details: Varies
Costs: Vary

Terms and Conditions:
1.All reverse mortgage borrowers must be 62 and older
2.Must own property and occupy as primary residence
3.Participate in an information counseling session
4.Property must meet FHA property standards
5.Maintain home with needed repairs, property taxes and insurance
6.Loan is based on age of youngest borrower and current interest rate
Suitable:
Reverse Mortgages are programs designed to enable senior homeowners 62 years and older to convert part of their home equity into cash. Or for seniors looking to downsize on their residential dwellings and cut costs.
Restrictions:
You must over sixty two years old and own a property in order to be eligible for this service.
        

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