Reverse mortgages can definitely be a 'good thing' however it really depends on your personal situation. Many seniors find it beneficial to explore reverse mortgages if they are having trouble keeping up with bills or heath care expenses. A Reverse mortgage can help but allowing you to draw from the equity your home has built up over the years with out having to sell it. This can help many people retire more comfortably.
In order to obtain an NJ reverse mortgage (or in other states I believe), you must be at least 62 years of age, live in your home as a primary residence, and own the home in full (or at least be able to pay the balance of your home with the proceeds of the reverse mortgage).
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse mortgage.
Yes, there are reverse mortgage scams, as well as regular mortgage scams. You need to be careful who does your reverse mortgage, so you do not get scammed
A reverse mortgage is for older individuals to borrow against their homes. This allows them to not have to sell there home and the bank to make monthly payments to the owner.
a reverse equity mortgage usually refers to a reverse mortgage, also referred to as a HECM loan. (Home Equity Conversion Loan). The key difference between a regular mortgage and a reverse mortgage is that no monthly mortgage payments are due on a reverse mortgage. A reverse mortgage also does not have credit or income requirements because there are no payments due. Qualification is based on age- minimum age 62- the value of the home and its location.
A good thing about reverse mortgage is that it does not have to have any income to qualify. Like the regular mortgage, it doesn't have any monthly loan payments. When your property gets sold, your mortgage will get paid off without any risk.
A reverse mortgage is neither a great thing or a horrible thing. It depends on how you use it. A reverse mortgage can be used to provide necessities and a basic monthly income for some, and it can be used in a bad way by older people spending money on them that they don't need and then come later in their life they don't have the money anymore.
Opinions vary about which reverse mortgage calculator is the best, but a very good one is the AARP Reverse Mortgage Calculator. It provides estimates for two different reverse mortgage programs to tell you how much money you might receive under the plan.
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
You can find the features of a reverse mortgage at www.aarp.org/money/personal/reverse_mortgages/ - . ANother good website is www.reversemortgage.org/Default.aspx?tabid=658
A good place to search for online reverse mortgage is any place which has a good record, interest rate and is fair towards their clients. Best is to see if the place has a good reputation.
A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse mortgage.
Reverse Mortage Fees (RMF) are basically mortgage fees, backwards! Instead of the bank paying you money, you have to pay the bank money for mortgage. This can be good and bad.
Yes. The reverse mortgage must however pay off the existing mortgage balance, which means you need some equity to make the qualification work. If there is not enough equity in the home to qualify for a reverse mortgage you may choose to bring in the amount needed to finish paying off the existing mortgage- thus eliminating the mortgage payments for good.
With so many mortgage companies in trouble American Reverse provides great service and good rates. They come highly recommended by those not interested in large corporations.
Yes, there are reverse mortgage scams, as well as regular mortgage scams. You need to be careful who does your reverse mortgage, so you do not get scammed
A reverse mortgage is for older individuals to borrow against their homes. This allows them to not have to sell there home and the bank to make monthly payments to the owner.