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Top 10 Reverse Mortgage Misconceptions
Perhaps more than any other consumer financial product, there is a tremendous amount of misinformation surrounding reverse mortgages. Listed below are ten of the most common misconceptions, printed side-by-side with the truth. 1. Under the terms of a reverse mortgage, the lender owns the property. This is probably the most common – and most harmful – misconception, and it prevents many would-be borrowers from even seeking information about reverse mortgages. In fact, a reverse mortgage is a loan – just like a conventional mortgage -and the borrower keeps the title to the property.
Serving Portage, Trumbull, Geauga & Ashtabula Counties
If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing. There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it's important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price. We can refer you to reliable mortgage contacts we have in Garrettsville, or help you in any other way to secure the best possible rate for your home purchase.
AAG Reverse | American Advisors Group
I just got off the phone with a representative named Maurice from AAG and the conversation was very frustrating and a bit volatile. All I wanted to begin with from Maurice was to get some basic, upfront, transparent information about a Reverse Mortgage Program that I was hearing so much about. All he would tell me is that this is a "wonderful" program for adults over 62. He sang the glories of not having to pay back this loan for the rest of my life etc. etc. However my concern was how does this really work. . . somebody had to be making money on this program.
Paying off a Reverse Mortgage Early - Lender411.com
By Steven Roberts Updated on 3/25/2015 If you want to pay off your reverse mortgage but do not have access to the needed funds, the only real option is to sell your home and then pay the lender using the funds from the sale. If you do decide to pay off the reverse mortgage in advance, check to see if there are any pre-payment penalties involved. The reverse mortgage will come due in the event of your death. In order to keep the home on which the reverse mortgage is taken, your heirs will need to pay off the due amount. They may choose to sell the home, or the lender may sell in order to settle the loan.
The Pros and Cons of Reverse Mortgages For Seniors
~ By Jeremy Johnson ~ Planning for retirement is a complicated matter and can leave many seniors short when they stop earning an income and need to rely on their savings. Reverse mortgages have been designed to provide seniors who have property equity with a means to cover any shortfall. However, there are distinct advantages and disadvantages to using this financial tool that seniors need to know about before applying for a reverse mortgage. What Is A Reverse Mortgage? A reverse mortgage, available to seniors over the age of 62 years, provides a means to turn property equity into cash.
Reverse Mortgage Rates
Reverse Mortgage Rates For current reverse mortgage rates, and a personalized reverse mortgage analysis please contact me 1-888-721-6272. There are two types of reverse mortgage interest rates. While some reverse mortgages are fixed rate reverse mortgages, most are variable rate reverse mortgages. Fixed Rate Reverse Mortgages Fixed rate reverse mortgages are specific to each lender, and are not based on an indexed interest rate. The advantage of a fixed rate reverse mortgage is that the interest rate is permanent, and cannot ever increase. The disadvantage of a fixed rate reverse mortgage is that often the interest rate is higher than a variable rate reverse mortgage because the lender seeks a higher interest rate upfront in return for guaranteeing that the interest rate will never increase.
New Reverse Mortgage Hits the Market
Senior homeowners will get less money from the new federally backed loan product, but they will also pay less in fees. EDITOR'S NOTE: This article was originally published in the January 2011 issue of Kiplinger's Retirement Report. To subscribe, click here. If you're shopping for a reverse mortgage, you have a new choice to mull over. The federal government has expanded its home equity conversion mortgage, or HECM, to include a product with a smaller loan amount and lower fees. The new HECM Saver made its debut in fall 2010. The traditional HECM is now known as the HECM Standard.
James L. Paris
I am a huge Tom Selleck fan. I love everything this guy is in. From his early start on my all time favorite show, The Rockford Files, to Magnum P. I. , Jesse Stone, Three Men And A Baby, Blue Bloods; I love them all. It also makes me that much fonder to know that he is a one of the very few conservatives in the entertainment world. Tom Selleck is not someone, however, that I expected to see in a commercial promoting reverse mortgages for AAG. Reverse mortgage pitchmen are usually actors that are in the twilight of their careers. Tom Selleck is a bonafide present day superstar, and according to some reports is the highest paid actor in the world.
Is a Reverse Mortgage Right for You?
TopicYour Money, Finances & Taxes, Financing Do you wish you could tap your home equity without having to make loan payments every month? If you’re 62 and own a house that’s paid for, or at least nearly paid for, then your genie in a bottle just might be a reverse mortgage. A reverse mortgage pays you via a lump sum, monthly distributions, a credit line, or as some combination of the three. The exact amount you can get depends on:Your age (the older, the better). How much home equity you have (the more the better). Current interest rates (the lower the better).
New Certification for Reverse Mortgage Professionals
At its annual meeting last month, the National Reverse Mortgage Lenders Association (NRMLA) formally introduced a new level of certification for which members are eligible to apply. Known as the Certified Reverse Mortgage Professional (CRMP), it is intended to designate that a reverse mortgage originator has achieved a certain level of experience, education, and ethics. According to the NRMLA, “Eligibility to apply for a CRMP designation requires that a loan originator have at least two years of experience and closed 50 reverse mortgages. Only then can they enter the process which includes 12 hours annually of continued education, participating in a three-hour interactive ethics training seminar, a background check and sitting for an exam.