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The “house-rich” way to generate income for a comfortable retirement

A reverse mortgage lets homeowners age 62 and over turn part of their home equity into tax-free income without having to sell their home or take on another loan. If you’re house-rich and cash-poor, a reverse mortgage is a great method to plan for retirement.

The Reverse Mortgage Advantage offers a comprehensive introduction to reverse mortgages. Through real-life examples, the book answers a wide array of questions surrounding this concept, including choosing a mortgage type, selecting a lender, and minimizing fees.

Financial Freedom You Can Only Get When You Hit 62!

Whether you’re exploring a reverse mortgage to finance a home improvement, pay off a current mortgage, pay for health care expenses, or generate monthly income to improve quality of living, you’re one of the thousands of Americans age 62 and older who are turning to this lucrative way to build income.

Simply put, with reverse mortgages you no longer pay the bank, the bank pays you. In The Reverse Mortgage Advantage, renowned real estate expert Warren Boroson presents a thorough examination of the ins and outs of this intriguing investment method. Boroson dispels any myths and puts crystal-clear focus on the pros and cons of reverse mortgages.

With real-life case studies and practical examples, The Reverse Mortgage Advantage shows you how to:

* Transform a “house-rich, cash-poor” situation into tax-free equity
* Choose between a lump sum, a line of credit, a monthly income, or a combination
* Find a reputable HUD-approved reverse mortgage counselor in your area
* Minimize setup fees and related charges

Make sure you have full information regarding your current loan. Additional late fees, recurring interest, and back payments may push you over the reverse mortgage qualification level.

Preventing the loss of your home could be easier than you think. A little financial expertise can solve many of the major problems that lead to foreclosure. It includes the art of negotiating with your current lender on your behalf to address problems which would otherwise cause you to lose your home. The best strategy for using mortgage negotiation service depends largely on which of these problems is your greatest challenge.

1. Are your mortgage payments too high?
If your payments are too high, it could be due either to the loan balance or to your interest rate. If it’s because of your loan balance, it may be possible to lower your payments by reducing the principal loan balance.

2. Is your interest rate too high?
Maybe your payments are too high primarily because of the interest rate. If you find the interest rate overly high – even if you are current on payments – the bank may be willing to consider lowering your interest rate.

3. Do you owe more than the home is worth? Or is there too little equity to refinance?
This is a common problem: particularly in hard hit states like Ohio, Florida, and California and some major cities like Baltimore, MD. If you have been turned down for a refinance recently because you didn’t have enough equity, There’s good news: a mortgage negotiator can help persuade the lender to work out an agreeable solution.

4. Are you behind on your mortgage payments?
Depending on the situation, your lender may not take your case seriously until you are several months behind. However, there are certain other solutions available to you only if you are current on your mortgage payments. Hence the importance of enlisting this service as early on as possible. You need help to keep all your options open as long as possible.

5. Are you are recovering from a crisis?
Were you recently between jobs, or are you recovering from an illness that caused you to fall behind on your mortgage payments? Do you believe you could keep up with your mortgage payments and other bills from now on? Your lender may be willing to work out agreeable terms to keep you in your home.

6. Are you retired, on a fixed income?
Were you turned down recently for a reverse mortgage? Were you told that you don’t have enough equity? It may be possible to overcome these hurdles and qualify for a reverse mortgage after all!

7. Has your refinance been denied?
No matter the reason, it may be possible to work something out with the lender on the current loan so that the terms become tolerable and there is no longer the pressing need to refinance. New government loan program requirements may deem you eligible for refinance once again. Your negotiator should be able to point you to the right mortgage broker with expertise in this area.

Reverse Mortgage Cons

Take some time to review the Reverse Mortgage Requirements

This will help you better be prepared to see exactly how much you would benefit from a reverse mortgage.

Call 1-888-973-8377 with any questions.

Some of these loans may say they offer more equity, may say they allow lower aged individuals, but in reality you could potentially be risking your home and your financial security.

Make sure you choose to go with any non FHA or HUD program to have a lawyer or attorney review all mortgage documents.

Read more about the Government Programs, you can also call the free helpline at 1-888-823-6125.

Success Stories

I found them at a really good Reverse Mortgage site, they even offer a free helpline, all you have to is call the toll free number at 1-888-823-6125 , and they will provide answers to your questions, supply documentation, and help you find a reverse mortgage lender.

As of April 1, all reverse mortgages went to “live pricing,” meaning interest rates and margins will be fixed daily, not weekly.

Thus, when seniors are shopping for reverse mortgages, they must be sure to compare apples to apples because originators (salespeople) may try to hoodwink even the sophisticated potential borrowers by backdating their good-faith estimates and quoting products that are not even available on the market any longer. That is why your old application will not work.

When signing applications, there is no longer any kind of “lock” on the interest rate, et cetera, until the lender is ready to close the loan. Thus, neither the lender, the originator or the elder person will know what the final amount available for a loan will be until the loan is “cleared to close” when the originator locks the interest and margin at whatever the market offers at that time.

Find out your current interest rate by calling 1-888-9REVERSE (1-888-973-8377)

Also visit My Reverse for lender, brokers, and bankers information. Click here

Beware of the Costs
But reverse mortgages are not cheap. Origination fees, the costs related to preparing and processing your loan paperwork, can take a bite. With an HECM, fees can cost up to $2,500 for a home worth less than $125,000. If the house has a value beyond $125,000, the fee is capped at 2% of the first $200,000 of your home’s worth plus 1% of any amount beyond $200,000. The most origination fees will cost is $6,000. Third-party closing costs could be anywhere from $2,000 to $3,000. There are also appraisal costs to consider. There’s also an insurance premium, which can be tacked onto the loan. Total non-interest costs could easily tens of thousands of dollars. A good tip: Don’t take on more credit than you need. Just because the bank approves you for a certain amount of money, don’t assume you’ll need it. Consider borrowing less.

Also visit Reverse Mortgage Coupons for money saving tips and coupons!

As part of the Economic Stimulus Package, the Lending Limit for Reverse Mortgages has just been increased to $625,500. If you currently have a Reverse Mortgage, you now may be eligible to get more money.

You can refinance your existing reverse mortgage.
You can tap into more of the equity in your home!

Call us today at 1-888-973-8377 to see how much more money you can receive and how to apply!

As always be prepared, and make sure to avoid REVERSE MORTGAGE SCAMS!

Other benefits include:

- Maintain independence by not relying on Family or Friends for Financial Help
- Payoff existing mortgage and eliminate that monthly debt
- Rebuild Assets Lost or Supplement Retirement Income for any reason
- Make needed repairs or improvements
- Refinance loan even if delinquent or in foreclosure or in bankruptcy
- Refinance high rate unaffordable subprime 1st or 2nd liens
- Use money to give to your Children/Grandchildren some of their inheritance while you are still living
- Refinance while appraised values are stable

NOTE: NEW REVERSE MORTGAGE LOAN LIMIT — $417,000

I am an expert in REVERSE MORTGAGES and have helped senior homeowners refinance their homes to make ends meet or make their life more enjoyable with a secure future. Just give us a call at toll free at (888) 973-8377 for a FREE, NO OBLIGATION ESTIMATE of the funds available to you!

If you are looking for regional info, visit the following sites:
Orlando Reverse Mortgage
California Reverse Mortgage
Alabama Reverse Mortgage
Iowa Reverse Mortgage

Reverse Mortgage Scams talks about other problems to watch out for, including:

Being charged for information
Shady and non-accurate counseling
Overpriced home repairs
and more

Visit Reverse Mortgage Scams for full detailed reports.

We always like to show the pros and cons of reverse mortgages, and we hope you found this post helpful.