Reverse mortgages are becoming an increasingly popular lending option for older Americans. Reverse mortgages allow homeowners over the age of 62, the ability to convert a portion of their homes’ equity into cash, which they can receive in monthly installments or through a line of credit. This short article will provide a brief overview of the reverse mortgage process.
Reverse mortgages provide a sense of financial security for older Americans because they provide a supplement to social security income.
Individuals may receive payments on a term, tenure or line-of-credit basis. Repayment of the loan is not required unless and until the home owner decides to sell the home, or no longer uses the home as his/her primary residence. When either of these two conditions is met, the homeowner is then required to pay back the cash they received from the reverse mortgage. This repayment includes interest and other fees. The remaining equity, if any, belongs to the homeowner.
In order to be HUD eligible for a reverse mortgage loan, an individual must obviously own the home in question, must be 62 years or older, own the home outright, or have a mortgage balance low enough so that the mortgage balance can be paid in full at closing with the proceeds from the reverse loan. The individual must also go through HUD approved counseling. Single family homes, two or four unit properties, town homes, detached homes and some condominiums and manufactured homes are all eligible for a reverse mortgage.
Reverse mortgages can be a great option for older Americans. They provide extra income that often helps older Americans meet their financial needs. It is an extremely attractive option for individuals who plan to stay in their homes indefinitely, because the loan does not have to be repaid unless the individual moves out of the house.
Reverse Mortgage Explained Pros and Cons ????
In this video, I do my best to help you understand the basics round the concept of a reverse mortgage.
If you want your reverse mortgage explained...KEEP WATCHING
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What is Reverse Mortgage? | How can you benefit from Reverse Mortgage?
In simple terms, a reverse mortgage is the opposite of a conventional home loan. A reverse mortgage enables a senior citizen to receive a regular stream of income from a lender (a bank or a financial institution) against the mortgage of his home. The borrower (i.e. the individual pledging the property), continues to reside in the property till the end of his life and receives a periodic payment on it.
How does a reverse mortgage work?
When the home is pledged, its monetary value is arrived at by the bank, on the basis of the demand for the property, current property prices, and the condition of the house. The bank then disburses a loan amount to the borrower in the form of periodic payments, after considering a margin for interest costs and price fluctuations. The periodic payments also known as reverse EMI are received by the borrower over fixed loan tenure. With each payment, whether monthly or quarterly, the equity or the individual's interest in the house decreases.
A reverse mortgage is an ideal option for senior citizens who require regular income, or if the property is of illiquid nature for some reason.
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Should We Use A Reverse Mortgage To Enjoy Retirement?
Should We Use A Reverse Mortgage To Enjoy Retirement?
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Reverse Mortgages: How They Can Benefit You
SYNERGY HomeCare of the East Valley is proud to have partnered with Fairwary Mortgage for an educational session on reverse mortgages.
With this replay, you'll be introduced to:
• The advantages of a reverse mortgage, including at least 10 different potential advantages a reverse mortgage offers
• Different ways a reverse mortgage could enhance your cash flow
• How a reverse mortgage could potentially help you buy your next home
• How to qualify for a reverse mortgage
If you have questions around how a Reverse Mortgage might benefit
you and/or your loved one, contact Fred DeLuca, Sr. Loan Officer with
Fairway Independent Mortgage Corporation at 480.862.6165.
For more information around SYNERGY and how we provide the best experience in home care, visit or call us @ 480.377.6770.
#synergyhomecare #thesynergyexperience #homecare #seniorcare
What Heirs Should Know About Reverse Mortgages When The Owner Dies
For more information regarding reverse mortgages of deceased owners, call Attorney Williams at 786-831-9483. For help with creating your personal estate plan, click here.
In this video, Attorney Williams highlights key points of consideration for heirs whose parents obtained a reverse mortgage prior to death. This video discusses whether the mortgage company should be notified of the death of the property owner, whether a spouse who is not on title to the property can continue the reverse mortgage, and whether the children can buy the property and how much they have to pay. For more information, call Attorney Williams at 786-831-9483. For help with creating your personal estate plan, click here.
Benefits of Reverse Mortgage
Reverse mortgages provide benefits to seniors beyond staying in their homes. Know all the advantages at
Reverse Mortgage Pro explains how a reverse mortgage works and who can benefit
Brad Friedman joined us to share what options are available for getting funds from a reverse mortgage.
Ways a Reverse Mortgage Can Benefit You!
There's alot of myths out there about Reverse Mortgages. Many people don't even realize the many ways you can use a reverse mortgage. Watch this video to learn more.
Reverse Mortgage Explained | Magic Minute | Real Estate Tips
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Adam Stark: How Reverse Mortgages Can Benefit You
When most people hear the term “reverse mortgage,” a sense of apprehension creeps in. After all, the idea of forfeiting equity can be intimidating. However, much of the anxiety surrounding reverse mortgages is unwarranted. Reverse mortgages can actually offer incredible advantages for those in certain circumstances. Today we’ll cover a few such scenarios and dive deep into what a reverse mortgage can do for you. To learn more, watch this short video.
Learn more:
The Benefit Of A Reverse Mortgage
Lynn Farris with Windermere Hulsey talks with George Kalis with Peoples Home Equity mortgage about the benefits of a reverse mortgage. See more at or at
Family Benefits from Reverse Mortgage
Find out how this housing move helped not just a homeowner, but their kids too.
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How senior citizens can benefit from reverse mortgage? CA Vimal Punmiya
How senior citizens can benefit from reverse mortgage?
CA Vimal Punmiya
A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash.
The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. However, there is no restriction how reverse mortgage proceeds can be used.
The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower.
The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower lives in the home he or she is not required to make any monthly payments towards the loan balance. The borrower must remain current on property taxes, homeowners insurance and homeowners association dues (if applicable).
Practicing C.A. for last 39 years as Partner of M/s. VIMAL PUNMIYA & CO. and with the help of 25 Assistants attending to nearly 1000 Resident and Non-Resident Clients in various areas i.e. Taxation, Audit, Company law, R.B.I.,Service Tax, Vat, Co-OP. Society, Stamp Duty, Registration and other Matters relating to Properties, Appeals, Search & Seizure Matters etc. Attached to nearly 100 Companies, Trust, Firms as Advisor, Director, Auditor or Trustee
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How much money can I get from a reverse mortgage
To find out how much you can get with a reverse mortgage click:
Homeowners, who are 62 and older and have considerable equity, often wonder: how much money can I get on a reverse mortgage. The answer depends on which type of reverse mortgage, FHA or Jumbo, whether the home is paid off, the youngest borrower’s age, and the value of the home.
Most people don’t know that they can get more in year one if their house has a mortgage than someone whose house is paid off. But in year two, the homeowner without an existing mortgage can get more. This video explains that and why homeowners who have homes worth $650,000 to $1.1 million are often frustrated.
This is an important lesson in our How Do Reverse Mortgages Work video series. You can learn more from our blog at:
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If you qualify and your loan is approved, a HECM Reverse Mortgage must pay off your existing mortgages. With a HECM Reverse Mortgage, no monthly principal and interest payment is required. However, borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must also occupy the home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or defaults on taxes and insurance payments, or does not comply with loan terms. Call 1-800-208-1252 to learn more. A Reverse Mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency. Loan proceeds are paid tax-free; consult your tax advisor. This presentation contains images that were used under a Creative Commons License. Click here to see the full list of images and attributions:
Kent Kopen, NMLS #249631 | BRE #01170224.
United American Mortgage, NMLS #1942 | BRE #01154798
Introduction to Reverse Mortgages
What is a reverse mortgage (#reversemortgage)? In a #reversemortgage, the lender pays you, so it's quite different from a regular mortgage. In addition, reverse mortgages have an age requirement. Learn how seniors can benefit from a #reversemortgage.
Time Stamps
0:00 Introduction to Attorney Eric Olsen
0:36 What is a Reverse Mortgage?
2:02 What are the obligations of getting a Reverse Mortgage?
2:39 What properties are eligible for a Reverse Mortgage?
3:29 Who could truly benefit from a Reverse Mortgage?
5:03 Can a Reverse Mortgage help you leave an inheritance to your heirs?
6:23 What is the process of getting a Reverse Mortgage?
7:01 How to contact the HELPS Nonprofit Law Firm
Attorney Eric Olsen, Founder and Executive Director of the HELPS Nonprofit Law Firm, has vast experience in the world of reverse mortgages (#reversemortgage). In this video, conducted on Zoom, he explains how reverse mortgages (#reversemortgage) can help seniors who are house-rich but cash-poor. The attorney lays out in simple terms who could benefit the most from reverse mortgages (#reversemortgage), the obligations of getting a reverse mortgages (#reversemortgage), what kind of properties are eligible for a reverse mortgages (#reversemortgage), and how a reverse mortgages (#reversemortgage) could help a senior leave an inheritance to their heirs? He also explains the process of obtaining a reverse mortgage (#reversemortgage) and what your first steps should be if you're interested.
Olsen also tells how the HELPS Nonprofit Law Firm can help seniors. The HELPS Non-Profit Law Firm, based in Salem, Oregon, provides ongoing legal representation for purposes of communicating with debt collectors, serving clients in all 50 U.S. states. HELPS can help you even if you don't retain their services.
Jeff Hoyt is SeniorLiving.org’s Editor-in-Chief.
For more on how seniors are protected from many debts and the HELPS Nonprofit Law firm, watch
For more from Eric Olsen and the HELPS Nonprofit Law firm on Seniors and Bankruptcy, , watch
For more on seniors' finances & Coronavirus, watch
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Benefits of a Reverse Mortgage
Roseville Realtor Jen Klein and Liz Baeza discuss the benefits of a Reverse Mortgage
1. No longer just for refinancing, you can use it to purchase
2. Limit taxable events, leverage your retirement and your home
3. Collect non-taxable income... or don't
4. No prepayment penalty
5. Possible tax benefits (Consult with a CPA)
Watch all 4 videos to become familiar with how they work and what the requirements are. For more information check out JenKlein.com or call Jen Klein (916)230-3880 or Liz Baeza at (916)223-8869 or lbaeza@apmortgage.com.
Benefits of a Reverse Mortgage - Wealthy or Not
Slide #1 “Benefits for Retirees – Wealthy or Not”
Slide #2
Benefits for Retirees – Whether You Are Wealthy or Not
It used to be said that Reverse Mortgages are just for the poor or destitute!
NOT SO ANY MORE!!!
If you are a wealthy individual you may find that using a reverse mortgage line of credit to tap into your home equity just makes good sense! Ask your financial advisor…
It could provide you with a buffer when the market is down; and when you would prefer not to make a draw from your investment portfolio
It might be used as part of your “bucket strategy” – providing you with multiple buckets of available cash besides your savings, investments or 401K
Slide #3
Benefits for Retirees – Whether You Are Wealthy or Not
A Reverse Mortgage might make it possible:
To delay taking your Social Security until you’re 70; which we know will result in a higher monthly check to you! Or,
To stop having to withdraw from your taxable retirement accounts to pay your current monthly mortgage payment. Or, it might make it possible…
To Avoid a Large Income Tax Bill – when you use a reverse mortgage to pay off your current mortgage it is a non-taxable event. If you take funds out of a 401k or retirement account you could pay a lot of taxes!!
To have more available cash, stretch your assets to last your lifetime, and enjoy a more financially secure retirement lifestyle!
Slide #4
Benefits for Retirees – Whether You Are Wealthy or Not
To find out how much Equity You Can Use - based on your age
and the value of your property –
Call or Text me for Quick Quote and Eligibility!
Michele Kole
(858) 344-5998
I am your local Reverse Mortgage Specialist!
In home appointments are available throughout San Diego County.
I am licensed only in California.
I would love to answer your questions, GIVE ME A CALL!
Benefits of Reverse Mortgage
Watch this video to get honest and accurate information about Reverse Mortgages. Learn about the benefits and reasons why a Reverse Mortgage or Home Equity Mortgage might be right for you if you are over 62.
Call us today: (877) 891-7634
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The Smart Team: How a reverse mortgage can change your life
Husband & wife duo, Glen Smart and Robin Loomis offer over 50 years of mortgage/home loan experience.
What Is Reverse Mortgage Loan - How It Can Help Senior Citizen? | How Does a Reverse Mortgage Work?
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In this Video, Mr. C S Sudheer explained about What Is Reverse Mortgage Loan and How does a Reverse Mortgage Work?
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#FinancialFreedomApp #ReverseMortgages #HowItCanHelpSeniorCitizen #whatisareversemortgage #reversemortgagesbi #reversemortgagemeaning #reversemortgageloaninindia #reversemortgagebasics #reversemortgagecalculationformula
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10 HECM Facts About Reverse Mortgages By Quiana Williams
This BLOG On Ten Top Benefits To Know About Reverse Mortgages Was Written By Quiana Williams of Gustan Cho Associates Mortgage Group
The United States Department Of Housing And Urban Development (HUD) is the parent of the Federal Housing Administration (FHA). HUD’s FHA Reverse Mortgage is a great mortgage loan program for senior homeowners and home buyers.
Homeowners with equity in their homes can qualify for FHA Reverse Mortgage with no income nor credit requirements. Senior home buyers can also purchase their final home with a purchase reverse mortgage
Substantial down payment is required. A HECM – Home Equity Conversion Mortgage or commonly called a Reverse Mortgage is a loan were borrowers 62 years old or older converts the equity in their home
As with any financial product, there are numerous misconceptions and misleading information that may cause understanding complications
Frequently Asked Questions On Reverse Mortgages
Ten Top Benefits To Know About Reverse Mortgages – HECMs
Homeowners always retain ownership and title of their home
The truth is homeowners remain in the property owner during the life of the loan
Homeowners can sell the home at any time without a prepayment penalty
It is your home for you to do as you see fit
Just remember, the loan terms require borrowers to pay property, homeowner’s insurance, HOA if applicable, upkeep the property, and occupy the property as their primary residence
Regardless of age, homeowners never have to pay off the HECM – Reverse Mortgage Loan
A HECM does NOT need to be repaid until homeowners sell or no longer live in the home
As long as they comply with loan terms regarding paying the taxes, insurance, maintaining the property condition, and HOA fees if applicable
Regardless of age, if homeowners chose the monthly payments option the monthly payments will continue for the rest of their life
Although, the amortization schedule in HECM package only calculates to age 99; they do not expect life spanning pass 99. Thus the age 99 limit, payments will not stop until homeowners no longer live in their homes
The surviving spouse that is listed on the loan gets right of survivorship.
Surviving spouse can stay until they move out or pass on.
The fact is, main homeowner’s spouse does not have to be of age 62 yet
In this situation, the spouse goes on the loan as a non-borrowing spouse to have the right of survivorship
Read more
Read more
Read more
Reverse Mortgage Facts vs Fiction: Debunking The Myths
In this video, AAG debunks misconceptions about reverse mortgages such as:
Myth #1: You no longer own your own home (0:21)
Myth #2: Your lender could evict you (0:33)
Myth #3: A reverse mortgage loan is a loan of last resort (0:45)
Myth #4: You cannot get a reverse mortgage if you currently have a mortgage (0:57)
Myth #5: A reverse mortgage will affect benefits (1:10)
Call us toll-free if you have questions (866) 948-0003. #ReverseMortgage #AAG
NMLS ID: 9392
Exploring the value of reverse mortgages for seniors
Do you know the value of a reverse mortgage?
Reverse Mortgage Explained — Ed the Finance Guy
In this video Ed talks about the Reverse Mortgage — how they work and who can benefit from this program. Ed also suggests doing your homework and going with a well know lender for your reverse mortgage.
For more information on Reverse Mortgages, taxes, credit repair, or general financial advice contact Ed by email: ed1959@usa.com
Benefits and Process of a Reverse Mortgage
What is Reverse Mortgage Loan in Tamil -How It Can Help Senior Citizen|Mortgage Loan Explained Tamil
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In this Video, Mr. C S Sudheer explained about What Is Reverse Mortgage Loan and How does a Reverse Mortgage Work? watch the full video for the complete information.
There are no shortcuts to become rich but don’t worry, we have some secrets for you. In the Financial Freedom App, we have compiled all those secrets into readily consumable doses of financial wisdom. As you know, when you take control of your finances, you basically take control of your life. With the Financial Freedom app, we aim to empower the common man of India with the much-needed awareness and knowledge of personal finance subjects.
You can also visit us at-
Like us on Facebook -
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#FinancialFreedomApp #ReverseMortgages #HowItCanHelpSeniorCitizen #whatisareversemortgage #reversemortgagesbi #reversemortgagemeaning #reversemortgageloaninindia #reversemortgagebasics #reversemortgagecalculationformula
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Reverse Mortgage Counseling
Reverse Mortgage Counseling; Miguel Vazquez from Home Central Financial, is a reverse mortgage specialist & locally the best reverse mortgage specialist. In this reverse mortgage video, Miguel Vazquez explains the cost of reverse mortgage counseling, describes what reverse mortgage counseling will go over with the borrower. Hipotecas Revertida, Hipoteca inversa; Reverse mortgage en Espanol; Reverse Mortgage Spanish; For More Info. or to get your questions answered please Call or text Miguel Vazquez 56-881-9811 miguel@homecentralfinancial.com reversemortgageplus.net
5 Reasons not to get a Reverse Mortgage
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Pros and Cons of a Reverse Mortgage || Real Estate Explained #349
Is a reverse annuity mortgage an option for you?
J. Lucky Henry breaks down the pros and cons of reverse mortgages in today's Real Estate Explained video.
What is a reverse annuity mortgage (RAM)?
Reverse mortgages are a method for homeowners who are at least 62 years old to access the equity they have in their homes. Essentially, the bank now pays the homeowners (against their equity) in monthly payments. (Note: homeowners are STILL on the hook for property taxes.)
Pros:
1. Monthly cash payments
2. Insured/backed by the Federal Housing Administration
Cons:
1. Much of your equity is going to spent on fees and interest for taking this money out
2. Potentially outliving the RAM -- if you take out a lump sum and you outlive the money you took out
If you are considering a reverse annuity mortgage, make sure you are working with experience loan officers. J. Lucky Henry has great connections to loan officers who can help you navigate this option.
Read more on RAM here:
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