Reverse-mortgages sentence example
Until 2010, the Senior Lending Network was an educational resource for seniors searching for assistance with reverse mortgages and other financial concerns of interest to senior citizens.
Even though the Senior Lending Network is no longer in business, seniors who are interested in learning about reverse mortgages and other financial services can seek information from other financial companies.
Most of the reverse mortgages are home equity conversion mortgages and are insured by the Federal Government.
If you already have a lien on the home, qualifying for reverse mortgages could prove to be very difficult, if not impossible.
Qualifying for reverse mortgages is often easier than qualifying for new mortgages.Advertisement
All reverse mortgages are not created equal.
It is important to thoroughly research reverse mortgages before signing on the dotted line.
There are three specific types of reverse mortgages available to seniors aged 62 and older.
The following is a breakdown of the disadvantages to each of the three types of reverse mortgages.
Borrowers can use reverse mortgages as income sources, allowing them to receive money in retirement and perhaps enabling them to avoid going back to work out of financial necessity.Advertisement
There is plenty of information available regarding reverse mortgages online, but you may still wonder, "How does a reverse mortgage work?"
People who still owe a considerable amount of money on their mortgages and who do not have much equity built up in the home are not good candidates for reverse mortgages.
Countrywide takes the stance that reverse mortgages are a great idea for people who have trouble making ends meet financially, and who qualify for a reverse mortgage based on the aforementioned criteria.
If you haven't already heard, reverse mortgages are quite popular for people aged 62 and over.
There are three types of reverse mortgages available.Advertisement
Plenty of mortgage lenders provide reverse mortgages throughout the state of California.
The income earned from reverse mortgages may be tax free.
Counseling Agencies can provide consumers with advice on home buying, renting, foreclosures and reverse mortgages.
Who better to explain reverse mortgages than a specialist in the field?
These mortgage loans can be difficult to understand, so it is a good idea to find out the facts from someone who fully understands reverse mortgages.Advertisement
In this LoveToKnow interview, reverse mortgage specialist Grace Farenbaugh defines reverse mortgages while also revealing what you need to know before signing on the dotted line.
For those who really don't need the additional money, or those who prefer that the full equity of their home be left to heirs, reverse mortgages don't really make sense.
Besides the no monthly payments, most reverse mortgages are called HECM's (Home Equity Conversion Mortgages).
The most important thing to know about reverse mortgages is that these loans are non-recourse loans.
There are many potential dangers associated with reverse mortgages.Advertisement
Many lenders also offer reverse mortgages on multi-family homes such as duplexes, condos, townhouses and co-ops.
These public sector programs tend to have lower interest rates and fees than private sector reverse mortgages offered by lenders and mortgage companies.
The company offers various options in reverse mortgages such as fixed-rate and variable-rate mortgages and home equity conversion mortgage savers.
It is important to understand how reverse mortgages work from the Federal Housing Administration before obtaining one of these loans.
Jumbo reverse mortgages can be available for homes valued as high as $6 million.Advertisement
Specializing in reverse mortgages for seniors, Generation Mortgage offers the "Generation Plus Jumbo Reverse Mortgage" on homes valued from $500,000 to $6 million.
This company provides reverse mortgages for high-value properties located in California.