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
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