Hello All Reverse, My mom’s house is in Martinsville, IN. During a healthy economy, the house was worth around $200,000. It requires some repair. Who pays for the appraisal to determine the home value? And, are there arrangements where if repairs are required as a condition of the loan approval, can proceeds from the loan be placed towards the repair? In other words, we don’t have the funds readily available to make the repair. Are there steps in the process that will tell us if we really should not go forward with a reverse mortgage (meaning, the disadvantages outweigh [...]
March 2nd, 2012
A reverse mortgage can have a very positive impact on a borrower’s financial situation, but it’s important to consider the big picture when thinking about whether a reverse mortgage is the right decision for you. If you are looking into getting a reverse mortgage, there are long term implications worth exploring in planning for your financial future. The good news is, there are several things you can do when getting your reverse mortgage that will benefit your situation, and that of your heirs, in the long run. Your Beneficiaries There are a few steps you can take to make for [...]
Tags: estate planning, retirement planning
Posted in About Reverse Mortgages | No Comments »
February 28th, 2012
Borrowers are often confused when they get to the point where they are ready to sign their final documents for their reverse mortgage loan and they are presented with a First and Second Trust Deed Note and also Two Deeds of Trust (or mortgage, depending on what state in which the property is located). Then to make matters worse, the amount on the Note and Deed of Trust is far higher than the amount they have agreed to borrow. Many borrowers have refused to sign the documents at closing due to the fact that they were never informed about the [...]
Tags: note, trust deed
Posted in About Reverse Mortgages | 1 Comment »
February 24th, 2012
If you’re seriously considering taking out a reverse mortgage, you probably know by now that you can use the proceeds of your loan for just about anything. However, even though you as a borrower are free to do as you wish with your money, using it to make investments is not recommended. In order to protect borrowers, the government has enacted “cross-selling” prohibitions that prevent reverse mortgage lenders from requiring or having any involvement in a borrower’s decision to purchase an annuity or make any other sort of financial investment. Additionally, under the Housing and Economic Recovery Act of 2008, [...]
Tags: annuity, invest
Posted in Pros & Cons | No Comments »
February 23rd, 2012
Many senior borrowers who are eligible for reverse mortgages or are about to become eligible and who live in condominium projects have no idea of the surprises that may be waiting for them. You may know neighbors who live in your project who currently have reverse mortgage financing and hear about how easy it was. Unfortunately, changes have taken place with regard to condominiums and HUD programs in the past few years that have changed much of this. If you live in a condominium, before you start making plans that include a reverse mortgage, you should know about the rules [...]
Tags: condo, condominium
Posted in Qualifications | No Comments »
February 21st, 2012
NEW: All Reverse Mortgage currently offers the industry’s lowest 4.00% Fixed Rate with $0 Origination Fees on all reverse mortgages for home purchase. Request a quote by using our Purchase Calculator or call us Toll Free (800) 565-1722 Many borrowers and real estate professionals have never used a reverse mortgage to purchase a home or been involved in a transaction where one was used. This promotes a bit of uncertainty on the part of real estate professionals, sellers and some buyers when it seems that the whole process is new and different in many ways than what they have [...]
Posted in Home Purchase | No Comments »
