Shoring up the reverse mortgage program is no easy task. As the federal government faces a steep deficit, and as more borrowers find themselves in trouble with these loans, HUD is implementing reforms – and one in particular may make reverse mortgages less appealing.
Reverse mortgages for dummies (eBook, 2005) [WorldCat.org] – A simple, easy-to-use guide to reverse mortgages for seniors and their familiesReverse Mortgages For Dummies provides readers with the information they need to determine if a reverse mortgage is right for their situation-and if so, how to go about securing one.
Reverse Mortgages Are SCAMS!!! – Dave Ramsey Rant Subscribe to stay up to date with the latest videos: http://www.youtube.com/user/DaveRamseyShow?sub_confirm.
Reverse Mortgages For Dummies. Rather than face the choice of selling your home and moving or becoming a home-owning pauper, reverse mortgage products let seniors convert part of their equity into tax-free income that can be used for anything-even mortgage payments, living expenses, or medical costs.
Basics Of Reverse Mortgages Basics of reverse mortgages | las vegas review-journal – Reverse mortgages have become the cash-strapped homeowner’s financial planning tool of choice. The first fha-insured reverse mortgage was introduced in 1989. Such loans enable seniors age 62 and.
Reverse Mortgage Equity Percentage The percentage of your home’s equity that is available to an individual for a reverse mortgage depends on several factors. HUD uses a calculator to determine benefits for each borrower that takes into consideration the ages of the borrowers, the interest rates at the time the loan is originated as well as the value of the home or the hud lending limit whichever is less.
Type of property. To be eligible for a reverse mortgage, the property you intend to borrow against must be a single-family home, a 2 to 4-unit home with one unit serving as your primary residence, a HUD-approved condominium, or a manufactured home that meets FHA lending requirements.
Reverse Mortgages For Dummies covers all the basics of reverse mortgage products so you and your adult children can understand and take full advantage of these handy loans-and keep the home you love. Covering a full range of reverse mortgage options and topics, you’ll discover how to: Decide if a reverse mortgage is right for you
· My favorite site for mortgage shopping (lending tree) has a tremendous amount of resources on reverse mortgages, including a reverse mortgage calculator, and a great FAQ section as well. Another resource that I love is the book Reverse Mortgages For Dummies.
Reverse Mortgages for Dummies In general, it’s easiest to explain these loans by beginning with a comparison to a better known financial product, the home equity loan. At its core, the reverse mortgage is a home equity loan that’s designed to help seniors tap into the equity in their homes.