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Retirees that want to enjoy a richer lifestyle should give serious thought to tapping into their home's equity using a reverse mortgage. For many Americans, the single most valuable asset they own is their home, and reverse mortgages allow seniors to generate a steady stream of income. In this article, we're going to help answer the question: What is a reverse mortgage? We're also going to explain how these loans work, and discuss the different offerings on the market today. Finally, we're going to finish up with some information on how they're calculated, their income tax treatment, and the costs associated with this type of loan.
Is a Reverse Mortgage a Good or Bad Idea? Pros & Cons Compared
Is a reverse mortgage right for you? It’s important to understand all of the factors involved with taking out one of these loans. Like anything else, there are pros and cons. Want to learn more? Click here to get free information about a reverse mortgage! Pros of Reverse Mortgages Access home equity. You are able to access your home equity, likely a substantial portion of your wealth, without having to leave your home. Remain in your home. As long as you keep your loan in good standing, you may remain in the home for as long as you live. Defer payments.
Reverse Mortgages | Dave The Mortgage Broker
One of the most common observations made about the financial profile of average baby boomers is that too much of their net worth is tied up in their primary residence. While real estate investments have served boomers well over their lifetimes, with steadily appreciating values and tax free capital gains, this asset class is also relatively illiquid and has a future that some fear may not be as bright as its past. Reverse mortgages offer Canadians over the age of fifty-five the opportunity to tap into their existing home equity without having to sell and move.
Why One Financial Planner Launched His Own Reverse Mortgage Business
Recent rule changes and demonstrative research has helped some financial planners change their minds about the use of reverse mortgages in retirement planning. But while, some have simply adopted a newfound liking toward these products, other newly enlightened planners are taking a more active approach to serve their clients’ reverse mortgage needs. The combination of positive media attention and increasing recognition from planners has been enough to convert any former reverse mortgage skeptics, from financial planners to a nationally syndicated personal finance expert.
Biggest Reverse Mortgage Lenders in Connecticut
A reverse mortgage is a unique product that allows Connecticut seniors to convert home equity into cash. Most older homeowners have substantial equity, the result of years of paying down a conventional forward home loan. The most popular version of the reverse mortgage is, by far, the home equity conversion mortgage, also known as the HECM. It is the only one of its kind insured by the United States government through the Federal Housing Administration (FHA). We’ve put together this guide for CT seniors considering a reverse mortgage. We’ve also provided data on top lenders, average interest rates, and local counselors and HUD offices.
Reverse Mortgage Age Limits
A reverse mortgage is a financial tool in which lenders provide loans to retirees based on the value of their permanent home. The vast majority of reverse mortgages offered today are Home Equity Conversion Mortgages, or HECMs, guaranteed by the Federal Housing Administration against default. Retirees use the proceeds of these loans to handle financial needs, including living expenses. In order to qualify for a reverse mortgage, a homeowner must meet several standards, including age. To qualify for a reverse mortgage, the homeowner must be at least 62 years of age.
How Does a Reverse Mortage Work?
To some, a reverse mortgage sounds complicated, and the process of how a reverse mortgage loan works can seem confusing. In reality, the process can be completed in just a few simple steps. If you are looking to supplement your cash flow in retirement, a reverse mortgage loan might be an option worth considering for a financially secure life. Quick overview: All HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) that allows homeowners 62 years of age or older to convert a portion of their home equity into cash with no monthly mortgage payments.
Reverse Mortgage Testimonials! Don’t Take our Word for It… Our Clients are Saying Great Things About Their Reverse Mortgage Loan “The reverse mortgage changed the status of our lives. ” – Thomas E. , Carmichael, CA. “The three biggest benefits are putting money aside, makes me feel secure, and being able to buy what’s needed for my- self and my family. ” – Angela, Delray Beach, FL. “A feeling of security: Security for the surviving spouse, no monthly payments, more cash for the things we need. ” – Donald, Los Molinos, CA. “Our home can no longer be taken away from us and the loan is government insured – HUD-FHA.