 |
Reverse MortgagesReverse mortgage loans are specifically targeted home loans that allow for seniors to access the equity in their home to supplement their income, pay off other debts and eliminate their house payments. These loans are only for individuals over the age of 62. This type of loan is designed for seniors over the age of 62 who have equity in their homes, but may need to improve their cash flow. Most reverse mortgage today are insured through the FHA, and are commonly referred to as HECM mortgage (Home Equity Conversion Mortgage). Qualifying for a reverse mortgage is based on three main factors, the borrower’s age, value of the home and loan program they choose. One of the unique benefits of reverse mortgages is that it may allow the homeowner to create a monthly income stream from the properties equity. Essentially they receive a lump sum or monthly payments out of the homes equity. There are other key benefits with reverse mortgages, such as the ability for a homeowner to eliminate making mortgage payments, as the loan interest is deferred on the back end of the mortgage. A key benefit to the home owner is that if they borrow more money that the homes ultimate selling value they, or their heirs are not responsible for paying the lender back the difference. Lenders do not require minimum credit scores or income to qualify, but finding a lender who offers a reverse mortgage may take some homework as not all lenders offer this specialty loan program.
|
Right |
Reverse Mortgage Rates & Lenders By State
|
Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho |
Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri |
Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania |
Rhode Island South Carolina Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming |
Rates, News & Advice Articles
September 1, 2010
The stock market got into rally mode today to start the month of September with a bang. Surging by over 200 points in heavy trading as investors rallied into equity positions. The strong rally in the DOW follows a steady decline of the DOW in the past 60 days as the “double dip” recession...
August 27, 2010
The stock market finally caught a relief rally on Friday, as the DOW jumped well over 100 points on optimism from a reassuring speech from Fed Chairman Ben Bernanke. The DOW was able to get back above the 10,000 point market as investors took advantage of lower equity prices across the board on the market....
August 23, 2010
The markets strong start lost momentum over the course of trading on Monday and the market ended up dropping nearly forty points in trading. The dip follows a swing of nearly 100 points in light trading on Monday as investors pulled back when he market was up nearly fifty points when the market opened...
August 19, 2010
Jobs are certainly the largest component to any economy and has the potential to drive markets sharply. Today, we witnessed another example of the fallout from the employment sector as unemployment claims jumped to their highest levels in the last nine months, news that quickly led to a dramatic sell-off...