What questions do you have?
Let’s face it. You are not only evaluating whether a Reverse Mortgage is right for you, but also which mortgage professional you would like to deal with.
You can learn alot about what you can expect from a salesperson from ReverseMortgageDaily.com’ss post ‘4 Sales Tips From Successful Reverse Mortgage Professionals‘.
Ted Knutson, a contributor to Forbes posted ”
“Reverse Mortgage Could Become Wiser In Bear Market Contend Two Experts“
…to get a Reverse Mortgage?
Senator Lindsey Graham was on NBC News’ ‘Meet the Press’ on Sunday,(July 9th, 2017.
Chuck Todd wished him a ‘Happy Birthday’.
Senator Graham joked back that he could get a ‘Reverse Mortgage’ now.
SO, how old is Senator Graham? And how old do you have to be?
To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, have the financial resources to pay ongoing property charges including taxes and insurance, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online or by phoning (800) 569-4287. (Source: Top 10 Things you need to know if you are interested in a Reverse Mortgage OR Frequently Asked Questions about HUD’s Reverse Mortgages HUD)
Reverse Mortgage’s are NOT a scam although some unscrupulous persons have been known to take advantage of or scamming elderly persons. This is but one warning listed in a article on ‘Protecting Mom and Dad from Scams’ posted by Business2Community.com.
Reverse Mortgage Scams
Homeowners faced with tough financial times or a potential foreclosure may be interested in a reverse mortgage — a favored front for criminals. In a reverse mortgage scam, the con artist will convince their victim to obtain a reverse mortgage in order to save an at-risk property. This ploy tricks them into signing over the deed to their home or partaking in a bad deal that boasts abysmal returns.
Read more at http://www.business2community.com/cybersecurity/protecting-mom-dad-scams-01422437#dmOwSl1H2FMjF04y.99
Those interested in a reverse mortgage should only use legitimate counselors and lenders. Information can be found on the HUD Website –
Lenders and Counselors
NowItCounts.com, a Website which focuses on 50+ Americans, posted a story – ‘Here’s The Scoop On The New Reverse Mortgage Rules’ – which addressed this question…
“New revere mortgage rules are in full effect and will change the way that you have to qualify for a reverse mortgage. But the good news is that most people will be just fine.”
We are coming close to another year’s end. Where does the time go?
There is a ‘slideshare’ image going around facebook weekend that tells about what it was like in 1915.
Things sure have changed in a 100 short years. Things are probably changing now at an even faster speed.
Perhaps you are asking yourself – ‘Is this the year that I/we should get a reverse mortgage?’ It is a very important question and timing can be critical.
The Motley Fool asks the question –
“Time to Get a Reverse Mortgage in 2016? A reverse mortgage can give you some much-needed cash, but make sure you know what you’re getting into before you apply.” Source: The Motley Fool
Be sure to check out this very good article that gives an overview and the pros and cons of a reverse mortgage.