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What age of people are reverse equity mortgages most recommended for?
Wiki User
∙ 10y ago
Reverse equity mortgages would be best suited to people over 62 years of age. Homeowners of this age can convert a portion of the equity of their home into cash.
Wiki User
∙ 10y ago
Reverse equity mortgages are typically recommended for older individuals, usually aged 62 or older, who own their home and want to access the equity without selling the property. This product is aimed at retirees or seniors looking to supplement their income or cover expenses in retirement.
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Where can a person go to find information on reverse mortgages?
Money Smart by Asic is a website with lots of information about reverse mortgages, how it works , what the risks are, how much a person can borrow and about negative equity protection. People can also do their own investigation.
How do you fill reverse mortgage seminars?
reverse mortgages allow people to use the equity of their home to receive money.and pay off the debt later ****please be careful they are complex and as a consumer you need to consider pitfalls**** from supernerd444
What exactly are reverse mortgage leads?
"Reverse mortgage leads are people who need to refinance their mortgages. Companies get this information, and then sell these peoples numbers to banks that do mortgages."
Is there a website that has comprehensive information about reverse mortgages?
On aarp.org they have varying explanations of reverse mortgages explained by different people. Additioally, consumer.ftc.gov is a reliable and reputable source.
What are some reasons people have equity mortgages?
Reasons why people have equity mortgages include debt consolidation, purchase of large items such as purchase of a second home, car or caravan. Another reason could be to help a family member get on the property ladder.
What are some facts about reverse mortgage?
For people 62 or older, a reverse mortgage can be a very good option. There are three different types of reverse mortgages. A single-purpose reverse mortgage is normally the least expensive option and is over seen by state and local government agencies. Federally-insured reverse mortgages can have high upfront costs. Proprietary reverse mortgages are provided by private companies that issue the loans.
Is there a list on the internet including 100 mortgages?
You can find lists of mortgage lenders tailored to fit your individual needs. There are lists for people who need 100% mortgages, reverse mortgages, refinancing, etc.
Where can legitimate information on reverse mortgages be found?
The U.S. Department of Housing and Urban Development has many great resources for people considering a reverse mortgage. The Federal Trade Commission also has a site dedicated to providing information about reverse mortgages. Finally, if you're in the applicable age group, you can also find information of AARP's website.
Is a reverse mortgage a good thing?
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).
Are any disreputable companies involved with reverse mortgages?
Yes, there are many disreputable companies who are involved in giving reverse mortgages. They prey on the seniors and overcharge them. Most good financial planners will not recommend reverse mortgages. They aren't, in general, a good idea. Some mortgage brokers are pushing them because they are very financially beneficial for the lenders. There are also many reputable lenders involved in giving out reverse mortgages, so buyers should beware. Do your homework on the company and on the mortage itself. There's no need to rush into things when something as important as your home is involved. Mortgages are normally the biggest financial risk most people make, so educate yourself beforehand.
Where might a person find information regarding equity rates?
For financial issues like home equity rates, there are many sites available that provide basic information to people curious about them. A great example is Lending Tree, which goes into detail about the rates for home equity, mortgages, and other pertinent real estate and financial data.
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.
