Comments for Reverse Mortgage Information

Comment on Reverse Mortgage – possible surprises by Yvette LeGrand

Yvette LeGrand — Fri, 30 May 2008 11:52:03 +0000

2 Comments need more explanation:

Tho those with traditional mortgages have been used to escrowing, usually seniors with reverse mortgages are expected to pay their own taxes and homeowner’s insurance each year, and therefore these items are not deducted. If a senior chooses to have these paid by the mortgage then yes, the lender withholds as much as three years worth of payments, which can be a substantial sum. (If some states require tax and insurance escrows for reverse mortgages then this is a real concern).

The length of time one leaves the home is the factor determining whether it is still considered the principal residence. If the owner is gone for more than a year, then the loan is due. Part year residence at a vacation home does not impact a reverse mortgage, nor, usually does a recuperative stay in a nursing home following surgery or illness. Many people use the proceeds of a reverse mortgage to fund assistance while they remain in their homes, but if a senior goes into an assisted living facility because they can no longer live at home, then it will no longer be the principal residence, unless another borrower still lives in the home.

Comment on Reverse Mortgage – Yes or No. by Larry Cornett

Larry Cornett — Sun, 13 Apr 2008 21:18:08 +0000

Interest Rates Rise or fall, Home value rise or fall, the higher fees or end result, regardless. My home equity in California has already ballooned, and only recently have i seen it slow down. I am retired, divorced, and my son is well enough off on his own merits. I see this as the time to really live as well as I can, for as long as I can. I want to use the equity that has already built up over the years, and try to have some fun before the end! I dealt with a very good broker here, you should at least check out this option, if you value today, as opposed to later, talk to these guys: Living in Reverse

Comment on Think twice before getting by sam-mortgagespecialist

sam-mortgagespecialist — Sat, 12 Apr 2008 04:11:27 +0000

yup, you are absolutely right since making wrong decision about it could bring huge suffer and pain in the future.

Comment on A good idea only for… by Yvette LeGrand

Yvette LeGrand — Mon, 31 Mar 2008 12:20:13 +0000

ALL owners of a property must be 62 and it is best to wait at least until then. If necessity requires getting a reverse mortgage when only one of the parties is over 62, the borrowers need specific counsel to protect as best possible the family member who can no longer have a title interest in the home.

Comment on Pay taxes after equity is exhausted by Elaine

Elaine — Mon, 17 Mar 2008 20:39:23 +0000

Why would i run out of money with a revese mortgage, i though i got monthly payments for life

Comment on reverse mortgage (rights of ownership) by Anonymous

Anonymous — Sun, 09 Mar 2008 07:51:18 +0000

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Excellent post. Keep it up!

Comment on satisfaction with reverse mortgage. by Dennis Haber

Dennis Haber — Sun, 10 Feb 2008 15:03:23 +0000

I would suggest that any member company MUST do more than acknowledge NRMLA's code of conduct. I would deduce that most loan originators haven't even read the new code. This code must be the linchpin of every organization that originates reverse mortgage loans. DennisHaber.com

Comment on Reverse mortgage and heirs by Karla Welsh

Karla Welsh — Tue, 29 Jan 2008 04:02:54 +0000

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Comment on Reverse Mortgage information by jmax46

jmax46 — Mon, 14 Jan 2008 16:07:22 +0000

If you compare the cost of selling your home, the cost of moving everything and setting up again in a new place, the closing costs are not much different and at times less. I find that most Seniors want to stay in their homes with their memories and a Reverse mortgage can do that for them.
Jim Seger RMS
MyFloridareverse.com

Comment on What is a reverse mortgage? by Mr WordPress

Mr WordPress — Mon, 10 Dec 2007 05:45:24 +0000

Hi, this is a comment.
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