0
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.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is a reverse mortgage loan, and where can I get one?
A reverse mortgage is a type of (lifetime morage) for people the ages of 62 and over. It allows the homeowner to access a portion of their equity. I was always told it wasent a good idea.
When is mortgage refinancing not a good idea?
Mortgage refinancing is not a good idea when you have had your mortgage for a long period of time.
Is getting a rent-to-own home a good idea?
It is a good idea if your credit is weak and you would be unable to get a conventional mortgage to purchase a home. The plus side of rent to own is that it will allow you to build credit and equity and a part of your rent money goes towards the down paymen.
Where can one find information regarding reverse mortgage interest rates?
You can find information about reverse mortgage interest rates from various sources, including: Lenders' Websites: Many reverse mortgage lenders provide information on their websites about current interest rates for their loan products. These websites often have tools or calculators that can give you an idea of the rates available to you. Financial News and Magazines: Financial news websites, magazines, and publications often provide information and updates on mortgage rates, including reverse mortgage rates. Look for reputable sources such as Bloomberg, CNBC, or The Wall Street Journal. Government Agencies: Check websites of government agencies like the U.S. Department of Housing and Urban Development (HUD) in the United States, which provides information on Home Equity Conversion Mortgages (HECMs), a type of reverse mortgage, including current interest rates. Mortgage Rate Comparison Websites: There are websites that specialize in comparing mortgage rates, including reverse mortgages. These sites allow you to compare rates from different lenders in one place. Mortgage Brokers and Financial Advisors: Mortgage brokers and financial advisors can provide information on reverse mortgage interest rates and guide you through the process. They may have access to rate information and can help you understand how rates apply to your specific situation. Reverse Mortgage Counseling Agencies: HUD requires prospective reverse mortgage borrowers to receive counseling from approved agencies. These agencies can provide information on interest rates as part of their counseling services.
Are interest only mortgages a good idea?
No, why would you want to pay for interest only on a mortgage and not the principle. In order to pay the mortgage off you have to pay on the principle.
What is a reverse mortgage loan, and where can I get one?
A reverse mortgage is a type of (lifetime morage) for people the ages of 62 and over. It allows the homeowner to access a portion of their equity. I was always told it wasent a good idea.
When is mortgage refinancing not a good idea?
Mortgage refinancing is not a good idea when you have had your mortgage for a long period of time.
What is a reverse mortgage?
A reverse mortgage is a mortgage that is only available to retirees who are over the age of 62. The idea is that the equity on the mortgage is paid out as a lump sum, effectively removing the long time frame usually associated with mortgage payments.
Are reverse mortgages for seniors a good idea?
No. Senior Citizens may not have enough time to pay off a mortgage. Meaning they wouldn't have to pay the mortgage until after they move into a new home. Most seniors don't generally move and end up staying in their home until time of death.
Is paying off my mortgage in full a good idea?
Yes, paying off your mortgage in full is a great idea as you can escape the loan and have peace of mind at night. You can also have more flexibility in your finances as you have no monthly mortgage payment to make.
Is a reverse mortgage a good idea?
It depends on the borrowers financial and living situations. For many a reverse mortgage can help improve the quality of life for seniors. In other cases, a reverse mortgage isn't needed, or can be held off for several years.
Is getting a rent-to-own home a good idea?
It is a good idea if your credit is weak and you would be unable to get a conventional mortgage to purchase a home. The plus side of rent to own is that it will allow you to build credit and equity and a part of your rent money goes towards the down paymen.
Where can one find information regarding reverse mortgage interest rates?
You can find information about reverse mortgage interest rates from various sources, including: Lenders' Websites: Many reverse mortgage lenders provide information on their websites about current interest rates for their loan products. These websites often have tools or calculators that can give you an idea of the rates available to you. Financial News and Magazines: Financial news websites, magazines, and publications often provide information and updates on mortgage rates, including reverse mortgage rates. Look for reputable sources such as Bloomberg, CNBC, or The Wall Street Journal. Government Agencies: Check websites of government agencies like the U.S. Department of Housing and Urban Development (HUD) in the United States, which provides information on Home Equity Conversion Mortgages (HECMs), a type of reverse mortgage, including current interest rates. Mortgage Rate Comparison Websites: There are websites that specialize in comparing mortgage rates, including reverse mortgages. These sites allow you to compare rates from different lenders in one place. Mortgage Brokers and Financial Advisors: Mortgage brokers and financial advisors can provide information on reverse mortgage interest rates and guide you through the process. They may have access to rate information and can help you understand how rates apply to your specific situation. Reverse Mortgage Counseling Agencies: HUD requires prospective reverse mortgage borrowers to receive counseling from approved agencies. These agencies can provide information on interest rates as part of their counseling services.
Are there resources for comparing reverse mortgages?
This is an excellent idea as it will free you up from a mortgage payment and give you some extra money. A great place to look for rates is www.OneReverseMortgage.com.
Are interest only mortgages a good idea?
No, why would you want to pay for interest only on a mortgage and not the principle. In order to pay the mortgage off you have to pay on the principle.
Why should you file a mortgage with a bank?
It is a good idea for someone to file a mortgage at a bank, especially if this bank is one that the person already has been doing business with. The reason that it is a good idea is that rates can be better for them, they can easier combine payments for their mortgage right from their bank account, as well as knowing the people that are taking care of one's mortgage such as the bank manager or the tellers that one sees on a regular basis.
Where can you find emc mortgage in Missouri?
There may not be an EMC Mortgage in Missouri. The company has been involved in a lot of controversy, and it wouldn't be a good idea to bank through them anyways. Consider a mortgage through a local bank.
