find mortgage and refinancing information Akron Ohio

Channel:

We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.

 

Reverse Mortgage Providing Peace of Mind Without Sacrificing Safety or Security


For many seniors one of their greatest sources of security is their home. It not only provides a comfortable and familiar environment, but it provides a sense of independence and a source of many fond memories. The equity in that home represents a financial nest egg and a legacy for them to pass on to their family. With the ever-increasing cost of maintaining a home, along with the overall rise in the cost of healthcare, finding the resources to live out ones life at home is becoming a growing challenge.

What is a Reverse Mortgage? A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a government insured loan program that allows senior homeowners, age 62 and older, to convert the equity in their home into usable cash. Unlike a conventional mortgage however, qualification is not based on credit, employment, income, or assets, and there are no monthly payments. The homeowner never forfeits title, and as long as they pay the property taxes and homeowners insurance, no repayment is required until the senior no longer occupies the home due to their sale of the property or their passing.

Are Reverse Mortgages Safe? Absolutely! Reverse Mortgages are FHA insured or backed by Fannie Mae. And as long as you continue to live in the house as your primary residence, keep the real-estate taxes and insurance(s) current, and comply with the terms of the loan, you do not have to repay the loan.

For an increasing number of seniors, age 62 or older, a reverse mortgage has provided great peace of mind. They are provided the tax-free cash to meet these financial demands without giving up title to their home. They have no monthly payment or deadline as to when they must move or pay off the loan. Although the program is viewed by seniors as a possible solution to there financial needs, they are concerned about putting themselves, their home or their family at risk. Following are a few of the safeguards that HUD and Fannie Mae have provided:

1. Loan amounts, interest rates, and loan terms are set by HUD and Fannie Mae and can never vary from one lender to another.

2. HUD and Fannie Mae have established what fees can be charged and has set caps on them all.

3. All programs have lifetime interest rate caps.

4. The term of the loan is 150 years beyond the birth date of the youngest homeowner (i.e. date of birth April 1940, loan expiration April 2090.

5. If a spouse passes, none of the terms of the loan change, and the remaining spouse may stay in the home for as long as they wish.

6. If you are receiving monthly draws from your reverse mortgage, and your check is late for any reason, the lender is required by federal statute to pay the homeowner a 10% late fee.

7. Funds from a reverse mortgage are not considered income and therefore are not taxable and have no affect on ones Social Security or Medicare.

8. If a homeowner's health required extended hospitalization or assisted living care outside the home, as long as the homeowner returns to their home within 12 months there is no interruption in the loan.

9. Lenders are not permitted to take any steps in processing a reverse mortgage for any homeowner until the senior has received independent counseling from a certified reverse mortgage counselor.

10. Following the closing of the reverse mortgage the homeowner has a three-day period to reconsider the loan and cancel the transaction without any cost or obligation.

Reverse mortgages provide a safe secure solution for seniors to live out their life in the comfort of their own home with the dignity they deserve.

Barry Scoles is one of the leading experts in the Reverse Mortgage industry. For more information please contact him at 1st Reverse Mortgage USA 877-217-0166 or [email protected] or visit http://www.1streversemortgageusa.com


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Thu. March / 28 / 2024





































































































used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

Click here to
OfficeJax free ad space available here

Find used office equipment in Ohio at www.OfficeJax.Has.It

Find the best fleamarkets at www.FleaMarketWorld.Has.It

www.Akron.Has.It

Find electric powered vehicles at www.NoGas.Drives.It

Akron City directory

Free Automatic Link Exchange

Flea Market World

Find homes for rent
in Akron Ohio
www.homes4rent.has.it

iphone-4-less below wholesale prices

 

Place your AD here. Click here for more details.

Click above to place your AD here

[Back to Top]

Ohio RealEstate

auction news and listings for Akron, Ohio

Akron crafts and hobby news center

best home remedies and do it yourself tips

Akron currency trading

Akron Ohio pet news

Advertising and promotions Akron, Ohio

The Akron blogging news center

Akron Ohio web site design news

Akron Mortgaging and refinancing

Web site design tips

 

HOME | SITE MAP

© 2012 - 2024 All Rights Reserved
Increase pagerank with HitsSurfer

free page rank checker and seo evaluation tools 

first second ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers quotes florida houston gmac washington interest only 2nd software debt consolidation reverse senior equity texas maryland options lending bad credit  option one ameriquest chase first banks emc residential california miami dallas est branch marketing home company commercial yahoo online bad credit low credit no credit