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I would suggest you try One Reverse Mortgage. Try the company and tell me how you like it. I would suggest them, because they are easy to contact. Log on to their website and try to contact them.
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∙ 12y ago
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Do you know how a reverse mortgage works?
A reverse mortgage works by allowing someone to borrow against their home equity. The money does have to be paid back, though
What reverse mortgage calculator is best?
A reverse mortgage is a nice financial instrument for the senior citizens in the country who do not have adequate retirement fund at their disposal and whose age is 62 or more. If you are curious about how much money you could qualify in a reverse mortgage feel free to check out our Reverse Mortgage Calculator in the related link. To know more information about reverse mortgage, see the related link.
What do I need to know in order to get a reverse mortgage?
You need to check with your bank, financial planner, or online resources to determine what steps and information you need to take to determine if a reverse mortgage is right for you. Once you have determined this, there are a variety of services out there that offer, rate and have information about reverse mortgages.
How do you use a reverse mortgage calculator?
If you are using a reverse mortgage calculator, you first need to plug in the variables that you know, such as loan amount, length of loan, interest rate. Then ask the program to calculate and it will find the unknown variables for you.
You want accurate formula for reverse mortgage do anyone know how to calculate for reverse mortgage line of credit etc please help me thanks in advance?
Age is factored into the equation through life expectancy tables. Meaning the older the borrower is, the more money they are going to qualify for starting from the youngest age eligible of 62 going all the way up to a 100 year cap for the table.This Reverse Mortgage Calculator will estimate the money you will receive from a Reverse Mortgage. In order to receive benefits from a Reverse Mortgage both the borrower and the co-borrower need to be at least 62 years of age. A Reverse Mortgage can be a powerful financial tool for seniors and if used correctly it can enhance a senior's retirement.
Where could a person go to find pros and cons for reverse mortgages?
You can find out more about reverse mortgages by contacting a mortgage broker, or by visiting the library. However, here is a little bit of imformation I have found for you concerning "reverse mortgages". First off, you should know that you must be 62 years of age to qualify for a reverse mortgage. You also need to already own your home outright -- no more mortgage payments!
What do you need to know about reverse mortgages for seniors?
Reverse mortgages are loans for homeowners aged 62 or older that allow them to convert a portion of their home equity into cash. Seniors should carefully consider the fees, interest rates, and long-term implications of a reverse mortgage before deciding to proceed. It's important to consult with a financial advisor or housing counselor to fully understand the terms and potential risks involved.
How do i find out about reverse mortgage quotes?
You can find out more information about reverse mortgages by visiting The U.S. Department of Housing and Urban Development website. There they have a top ten things to know list about being interested in reverse mortgages.
Are reverse mortgages insured by the government?
Most Reverse Mortgages, often known as Senior Reverse Mortgages, are in fact insured by the FHA branch of the US Government. They are also regulated buy HUD, another branch of the Government. The insurance is in place to insure that you will not owe more in interest and loan fees that the value of your home, which serves as collateral for the loan. When talking to a Reverse Mortgage Service, or other lender, ask about the Home Equity Conversion Mortgage, know as the HECM Reverse Mortgage. It is the most popular, and is 100% insured by the US government.
What are some of the best reverse mortgage companies?
One Reverse Mortgage.com is quite possible the best company available for reverse mortgages. They offer simple, free, and easy quotes so that you might know what the costs will be, and even then offer flexible payment options.
You want to get out of reverse mortgage and into conventional mortgage?
You can always get out of a reverse mortgage by refinancing it to a conventional mortgage, but before you do make sure its what you really want. A reverse mortgage is far better than most people realize. Not only do they not require payments and allow you to stay in the home as long as you live there, but they also have no personal recourse against you or your assets. A conventional loan does. As a result, if home values continue to drop and you get a negative equity situation, with a reverse mortgage you can walk away and the lender takes the full loss. With a conventional mortgage the lender can pursue you personally for any losses taken by filing for a default judgment against you. paying money to refinance out of a no payment no personal obligation loan to a forced payment loan with a personal guarantee may be a bad move depending on your situation. Finally if you want to you can always make a payment with a reverse mortgage. There is no prepayment penalty so pay whatever you want whenever you want. its just nice to know you don't have to pay if you can't. The only downside is you can't rent the home out.
You get depressed and cry too much and you dont even know why?
You probably are hurt from something, even if you don't know it conciously. You should see a good counselor.
