We Are Endorsing Reverse Mortgages By Accepting Advertising For Reverse Mortgages
Posted by admin under: Main Dec 15I first began to post about reverse mortgages in 2006. My purpose was to invoke others to provide feedback in helping me learn and decide if this was a product with merit for the consumer. . This article was provided me by a leading reverse mortgage lender. It provides a summary of the benefits and costs. I conclude that it accurately makes the case pro and con regarding reverse mortgages. . We have a lot of confidence in Mark V Clawson. He has been a loan officer for our mortgage company beginning in 2002. Mark is extremely competent and attentive to detail. He has the highest integrity. I have found he will not sell a product just to make a commission, it must be right for the consumer. . Mark can help you with reverse mortgages in 30 states. As the article below states, there is a time when reverse mortgages are the perfect solution. Our mortgage company is not the broker on this product. . I recommend Mark be your adviser if you believe reverse mortgages might be for you. You can contact Mark at 206-999-2009 or 702-351-7912 or by email: markvclawson@mail.com . The article by Marks Reverse Mortgage,Mortgage Bank’s CEO: When is a Reverse Mortgage right?
Since first offering reverse mortgages, I’ve often been asked, “How do I/we know if a reverse mortgage is right for me/us?” This is a question that has a different answer for different people. I always start with the same first response, “The first thing I would recommend is that you seek the guidance of a qualified financial advisor”. After having given that advice, I am only too happy to go through the circumstances for the individual borrowers and give them their options.
A reverse mortgage is not an inexpensive loan. The loan fees are based on the maximum credit limit for the HUD lending area for the government Home Equity Conversion Mortgage (HECM). The loan also has an up-front mortgage insurance fee of 2% of the maximum lending limit which also increases the costs. Add to these the normal costs such as appraisal, escrow, title fees, etc., and it’s not uncommon for the costs to get up to $17,000 or slightly more in some of the higher HUD lending areas.
While the costs seem high, the insurance on this loan are more for borrower protection than any other loan the government insures. This insurance protects the borrowers in two ways. Firstly, if a lender ever goes out of business or fails to pay a borrower in a timely manner for any reason, HUD steps in and makes certain that the borrower receives a steady stream of payments. As you read about lenders going out of business, with a HUD insured loan, you never have to worry about whether or not your payments will be made to you. Also, HUD will insure that the borrower will never owe more than the property is worth regardless of how much money the borrower receives over the years, how much interest accrues, or what property values do in the future. Everyone hopes that values will continue to go up, but if the values should fall, the senior borrower and their heirs will never owe more than the property is worth.
So now that you know what the costs are, how can you decide if you should go ahead with the reverse mortgage? If you’re a senior homeowner, ask yourself the following questions:
Do you find yourself short of funds every month?
Do you wish you had money to repair your home but don’t and can’t borrow and make payments?
Are there rising medical costs you can’t quite cover and your insurance doesn’t cover them either?
Are you making a monthly payment that is keeping you from being able to live your life as you would like?
Do you wish you could travel, or help a loved one through their education but you just don’t have the funds in the bank to do so?
If you answered yes to any of the questions above, it may be time for you to put your equity to work for you with a reverse mortgage! We at All Reverse Mortgage Company firmly believe in the senior homeowner’s rights to age in place and dignity. We are passionate about this product and the good it has done for our senior borrowers. P
Source: We Are Endorsing Reverse Mortgages By Accepting Advertising For Reverse Mortgages
Saturday, December 15th, 2007 at 12:06 pm and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.