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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 bscoles@1streversemortgageusa.com
or visit http://www.1streversemortgageusa.com
 MORE RESOURCES updated Thu. February / 09 / 2012
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