Skip to content Skip to sidebar Skip to footer

Frightened pup dragged into kill shelter, with all her might begging to be saved from death row

Reverse Mortgages: Mortgage Financing for Seniors

You've probably seen commercials lately for Reverse Mortgages (FHA- backed loans aimed at Senior Citizens). They allow seniors to exchange some or all of their home's equity for cash for paying unanticipated medical expenses, supplementing their fixed income, making home improvements, etc. The major drawback is that such programs attract scammers willing to charge you for information that HUD offers for free. My husband's parents obtained a reverse mortgage. For them, the major benefit is that when they're both gone, the lender owns the property so their children won't have the burden of trying to sell the house.

The Requirements

There are a list of requirements for obtaining a reverse mortgage.

1. You must be 62 or older.
2. The property must be paid off completely or have a sizeable amount paid down.
3. The home must be your primary residence.
4. You can't be delinquent on your taxes.
5. You need to have the financial resources to pay ongoing property taxes, homeowner's insurance, HOA fees and the like.
6. You must meet with a HUD-approved Home Equity Conversion Mortgage (HECM) counselor for an information session.

Your house must be one of the following to qualify:

1. single-family home.
2. 2 to 4 unit home (townhouse, duplex, three-plex), and one of the units must be your primary residence
3. HUD-approved condo
4. manufactured home that passes FHA conditions

The HCEM Reverse Mortgage Program

The first step before obtaining a reverse mortgage is to talk to an HECM counselor (call toll free: 800-569-4287). The counselor will discuss:

• the program eligibility requirements.
• the financial implications.
• alternatives to a reverse mortgage.
• repayment of the loan (yes, this is still a loan). In my in-laws' case, repayment of the loan means that the bank takes possession of their home as repayment, once both parents are deceased or are no longer physically able to take care of themselves.

Once you determine your eligibility, and have had time to determine if this is the right move, then get a list of FHA-approved lenders and fill out the reverse mortgage application. The lender will discuss the above points as well as talking about the loan approval process.

The Financial Aspects

The lender will look into the following terms to determine whether you qualify:

• your income, assets, living expenses, credit history
• whether you've paid income taxes, property taxes, and insurance on time

At which point you may be eligible for one of the following types of reverse mortgage:

• Tenure - fixed monthly payments for as long as one of the borrowers continues to use the property as their primary residence. (This is the type my in-laws have).

• Term - fixed monthly payments over a specified time period.
• Line of Credit - unscheduled payments, the borrower chooses the amounts and payment dates, until the line of credit runs out.
• Modified Tenure - combines Tenure / Line of Credit.
• Modified Term - combines Term / Line of Credit.
• Lump Sum - single disbursement.

The reverse mortgage will include interest (at the current rate). There will also be closing costs which you can pay outright or fold back into the reverse mortgage. Additional HECM fees include: mortgage insurance, third party charges, origination fees (paid to the lender), interest, and servicing fees. All these add-ons will reduce the amount of funds available to you

Reverse mortgages may or may not be right for you. Be sure to discuss it with trusted friends, family, and advisers before you sign anything.

This dog is on the pre-euthanasia list at Dallas Animal Services. Her intake photo is absolutely breaking my heart.

Animal ID: A1053323

ID# A1053323
Age: 1 year
Sex: Female
Wt: 35 lb
HW Negative
Intake: 12/27/2018 -- Eval: 12/31/2018

This girl was super stressed when she came to us yesterday, but she's had some time to adjust a bit and is doing much, much better. Very sweet, and responsive to treats! She does a pretty little stand on her hind legs for the treats, and gives kisses. She's still just a touch jumpy, but it's just a loud, new environment. ❤ ❤ At this time, she is rescue only based on her behavior when she first got here, so we're relying on you guys for placement!! Let us know if you can help

We are NOT the City Shelter to where pictures were taken. FOR MORE INFO ON THIS PET please contact:
Dallas Animal Services at +1 214-670-6800
1818 N Westmoreland Rd, Dallas, TX 75212
Ask for information about animal ID #A1053323

STATUS : - read comment for update from crossposter
Benefits of Using Reliable Mortgage Brokers

One of the more stressful situations that you are able likely to find yourself in relates to buying a property. If you are looking to purchase a first home, you might well find that the entire process can be quite daunting. In an attempt to make the process go that much easier you might want to look at the opportunity of using one of the highly knowledgeable mortgage brokers. By relying on the services of the brokers, any aspect relating to arranging the mortgage is made that much less complicated.

Here are some of the main advantages that relate to using the services of the reliable mortgage broker -

Impartial advice: If you are looking for impartial advice on the wide range of mortgages that are available in the marketplace, you might want to rely on the services of the independent brokers. An independent broker is likely to have access to the general mortgage market and will be able to offer the best possible deals to match your specific circumstances. An entirely independent broker isn't likely to be joined to any particular pool of lenders; therefore they should be in an excellent position to find the most attractive mortgages available in the marketplace.

Besides the independent brokers, you also have access to the tied mortgage brokers that have access to a smaller pool of services, mainly because they are associated with a limited amount of loan companies. Even though these brokers might have a limited pool of products, they are often in a position to offer exclusive deals or incentives, like low-interest rates, due to creating a special affiliation with the lenders.

Irrespective of whether you might visit the independent or tied brokers, you will often find that the services provided by the mortgage brokers are likely to attract the better rates of interest, when compared to what you might be able to get yourself by going direct to the bank. A broker might also be able to give advice on locating other professional services, such as a suitable lawyer.

Convenient go-between: A further quality of being able to rely on the mortgage broker is their ability to organize almost all aspects of the mortgage. If there is a need for posting forms, chasing up on documents, or making follow-up calls, then this work is often taken on by the broker who should make sure that the mortgage application process goes as smooth as possible.

Locate the latest services offered by the Private lender Niagara Falls for helping with all home loan applications.