Reverse Mortgages?

Jun 21, 2008 by Grammie | Posted in Renting & Real Estate

I heard, yesterday, that many people have lost their houses by getting a reverse mortgage.

I am not planning on getting one myself, but why would they lose their house before they die?
How does a reverse mortgage work. I thot

The idea behind reverse mortgages is that they are supposed to be issued to people who will pass away prior to the expiration of the reverse mortage's term. People lose their homes when they are healthy enough to live past teh reverse mortgage's term.

mcmufin | Jun 21, 2008

a reverse mortgage is just a equity loan either in a lump sum or monthly payments. They can foreclose on it like any other type of loan and there are fees and points up to 10% of the amount borrowed upfront along with an adjustable interest rate.
bob W | Jun 21, 2008

Reverse mortgages?

Mar 03, 2007 by momkat | Posted in Personal Finance

I will be without a job in 30 days. I will be 65 in May, but can't collect full Soc. sec. until 65 and 10 months. I'm thinking about a reverse mortgage and would like a couple questions answered if you have done this or are a broker. I know the house

I am in the mortgage industry and never recommed these types of mortgages. It's exactly what it say a reverse mortgage --- as if you were the bank and the bank is the borrower. I don't want to mislead you, I don't know much more about them. I believe

babeebluez73 | Mar 03, 2007

Dangers of Reverse Mortgages

wisconsinreversemortgages.net Explanation of Reverse MortgagesCall David at 414-531-4035

Generation Mortgage Launches Reverse Operations in Puerto Rico

18.05.11

Luis Alberto De Jesús will lead the Puerto Rico operation for Generation. De Jesús brings experience from Senior Mortgage Bankers, where he aided in expanding the reverse mortgage business to the territory.

“It’s tremendously exciting to bring to the Puerto Rican market a financial solution that could literally change the life of a senior in financial need, and Generation Mortgage has a long and proud history of being the leader in customer service in this industry,” he said.

The company says it expects to grow volume to serve the population and staff accordingly.

Source: Reverse Mortgage Daily

reverse mortgages - Bookshelf


Reverse Mortgages
230 pages 		Reverse Mortgages

Creator: Greg Patti | Business & Economics - 2005-09-29
In-depth discussion of Reverse Mortgages, jam packed with decision making information, realistic examples, how to use Reverse Mortgages to deal with many of ...
Publisher: Greg Patti
Reverse Mortgages, Product Complexity and Consumer Protection Issues Underscore Need for Improved Controls Over Counseling for Borrowers
80 pages 		Reverse Mortgages, Product Complexity and Consumer Protection Issues Underscore Need for Improved Controls Over Counseling for Borrowers

Creator: Matthew J. Scire | Law - 2009-12
Reverse mortgages -- a type of loan against the borrower's home that is available to seniors -- are growing in popularity.
Publisher: DIANE Publishing
Reverse mortgages for dummies
270 pages 		Reverse mortgages for dummies

Creator: Sarah Glendon Lyons, John E. Lucas | Business & Economics - 2005-06-10
This friendly guide covers all the basics so you and your adult children can understand and take advantage of these handy loans — and keep the home you love ...
Publisher: For Dummies

CNN Money: Reverse Mortgages Are Expensive | Reverse Mortgage Daily

by Elizabeth Ecker

I agree that the closing costs are higher on these than forward mortgage, but that’s because of the added benefit of insuring the loan as non recourse over an indefinate period of time.  Expensive?  The borrower doesn’t pay anything except perhaps an appraisal fee,  so it appears the writer’s facts are lacking. Also, leaving the house to the children has become a financial burden now-besides that, what exactly WILL the borrower leave?  How much will the home be worth?  I’d rather leave my children a solid inheritance, like life insurance, rather than saddling them with a house that may not be worth much that they can’t sell. 

...

Read more...

reverse mortgages - News


Generation Mortgage Launches Reverse Operations in Puerto Rico
Reverse Mortgage Daily - May 18, 2011
Generation Mortgage announced this week it is expanding its retail reverse mortgage business into Puerto Rico. Generation, a Top-10 lender and the largest privately-owned reverse mortgage company in the US, has opened a branch office in San, Juan,

RMI: Top Reverse Mortgage Regions Gaining Steam
Reverse Mortgage Daily - May 18, 2011
In some areas where reverse mortgage numbers are thriving, the reasons aren't so clear cut, says a recent report from Reverse Market Insight. The report addresses some of those areas across the country and aims to get at why some do better than would

Reverse Mortgages - Estate Planning and Income Taxes
OnMilwaukee.com (blog) - May 17, 2011
By rice2401 A reverse mortgage is a loan program in which the homeowner receives payments from the lender rather than making payments on a loan. To qualify, you must be at least 62 years old and own your home free and clear, or have a very small loan

CNN Money: Reverse Mortgages Are Expensive
Reverse Mortgage Daily - May 17, 2011
The CNN Money Help Desk addressed a viewer question today which asks: What are the pros and cons of acquiring a reverse mortgage? Help Desk expert and Certified Financial Planner Doug Flynn answered the question. The pros, he says, are access to home

CFPB Reform Bill Introduces Commissioner Who Will Oversee Reverse Mortgages
Reverse Mortgage Daily - May 16, 2011
What the leadership of the Consumer FInancial Protection Bureau will look like isn't clear, but a bill that is slowly making its way through the House of Representatives shows how quickly things could change for the reverse mortgage industry.

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