Despite the economic ills that continue to take a large toll in the manufacturing regions of the country, or what might be termed the “Rust Belt”, the benefits of Reverse mortgage financing continues to benefit seniors throughout Ohio.
Reverse Mortgages in Dayton, OH
September 8, 2009Reverse Mortgage Benefits throughout Ohio
April 7, 2009
No Payments and a Check!
Despite the economic ills ravaging manufacturing regions across the country, or an area commonly referred to as the “Rust Belt”, the value and benefits of Reverse Mortgage financing is rapidly becoming more evident. Many senior citizens in Dayton, OH and in cities throughout Ohio are discovering that a Reverse Mortgage can be an effective tool to generate both a personal and financial benefit; by leveraging unused equity to enhance a seniors living standards.
Contrary to a prevailing misperception, seniors do not need to own their home free and clear to unlock the equity in their properties. Let’s suppose for example that your home is worth $200,000 and you owe $89,000, as a senior you could use a Reverse Mortgage to would pay off the existing mortgage, eliminate monthly mortgage payments for as long as you live in the home, and you might also receive additional tax free money to use as you choose. Seniors who own their home are eligible for a reverse mortgage based upon their age, appraised value, and interest rate. Senior’s may also be eligible to receive tax-free monthly payments, and/or can receive a lump sum payment.
To be eligible for a reverse mortgage you must be at least 62 years of age. However, you do not need to income or credit qualify for a reverse mortgage. This can be a particularly attractive feature for seniors who are receiving only a fixed income, and have little or no liquid assets. Reverse Mortgages serve a welcome benefit to the private sector but they also relieve a potential burden on taxpayers. This is because the HUD insured portion of a reverse mortgage is funded by a 2% up-front mortgage insurance premium financed by borrowers (MIP), along with a small monthly premium.
Financial advisors and Elder Attorneys are more commonly recommending reverse mortgages to their clients for a variety of reasons, the most common being…
Reverse Mortgages are not a panacea for all seniors. Although financed into the loan, the closing and loan costs generally run 3-4% more than the traditional forward mortgages. This expense should be justified by the myriad of benefits received. In cases where a senior does not plan to stay in the home for longer than a few years, it may not make financial sense to take out a Reverse Mortgage. However, in certain medical or illness situations, emotional or personal considerations become the primary reason for choosing a reverse mortgage. Regardless, a HUD approved counseling session is required in advance of taking out a Reverse Mortgage to allow seniors and loved ones to review alternatives and the financial pros and cons of such a decision.
Choosing a reputable and reliable lender is a critical step in obtaining a Reverse Mortgage. A leading national lender can often be better equipped to properly originate and service a Reverse Mortgage. Moreover, Wells Fargo Home Mortgage employs specially trained, experienced Reverse Mortgage originators to deliver seniors a smooth and rewarding experience. For more information contact a Reverse Mortgage Specialist at: Reverse@Reverse.com. For an Exclusive FREE report on Reverse Mortgages go to Reverse Mortgages
Serving senior Reverse Mortgage needs throughout Ohio…and nationwide.
Reverse Mortgage information for Seniors.
March 14, 2009
Reverse Mortgage Solutions
Finding Reverse mortgage information is certainly not difficult, but finding an accurate resource for reverse mortgage information can be more difficult. One of the top online resources for making educated decisions is http://www.reversemortgageinformationresources.com. Today, more and more seniors are looking for personal and financial alternatives to allow them to stay in their home but experience the lifestyle they desire. Reverse mortgages can provide various solutions by enabling seniors to access home equity and use it without undue restriction or tax consequence.
More and more seniors are turning to the reverse mortgage option as a viable solution to the growing challenges of retirement. Today, following advanced health care technology, improved medical treatment and diet, Americans are living longer than ever before. This can be a good thing when the plans for increased longevity were successfully fulfilled. Unfortunately, retirement plans for many people have been irreparably altered due to the severe and dramatic economic downturn and the subsequent loss of pension programs, investment returns and more. Even more frustrating is the inability to find clear alternative financial plans that are able to sufficiently fill in the gaps. However, the myriad of benefits of the reverse mortgage has become increasingly evident. Unlike the traditional forward mortgages, reverse mortgages enable seniors to eliminate a monthly mortgage payment, pull cash out, create a line of credit, or a combination of all of these without income or credit qualifying. FHA reverse mortgages (also called HECM’s) are a viable HUD insured solution that are more popular than ever before.Not only can seniors (age 62>) design a reverse mortgage plan that best fits their personal and financial needs, they receive the funds tax-free. They also can pass some of those “today” dollars to their children or grandchildren for an array of current needs or future desires, rather than wait until many years down the road and access the dollars when they have far less value.
Whether a senior seeks a reverse mortgages in Dayton, Oh or in Phoenix, AZ, the availability exists to eliminate a monthly mortgage payment, receive a scheduled monthly payment, or obtain cash out to buy an RV motor home to travel. Based upon the age of the senior, the value of the home and the interest rate, they may be eligible to secure a reverse mortgage that fills their needs.
Obtaining a reverse mortgage loan can be a great decision but it’s a decision made easier with the proper information. More lenders are now entering this market because the senior market is expanding considerably, and it will continue to increase as the baby boomer generation commences retirement. Although most HUD approved lenders can originate a reverse mortgage, only a few of the larger banks and mortgage companies presently offer them. It is recommended that seniors work with an experienced reverse mortgage lender because they will have a system that simplifies the process and experience for homeowners needing this specialized mortgage product. Learn more about reverse mortgages and reverse mortgage lenders by visiting one of the top reverse mortgage websites for seniors @ http://www.reversemortgageinformationresources.com.
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Dayton Reverse Mortgages, reverse mortgages in Dayton, OH
Cincinnati Reverse Mortgages, Reverse mortgages in Cincinnati
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