Some people have made complaints regarding that the benefits of a Reverse Mortgage are only achievable if you have a lot of equity. That however is not the case. Some problems that occur is that people over estimate the value of their home during a pre qualification. Unfortunatly home values are dropping and appraisers are returning lower than expected appraisals, this is causing some seniors looking for Reverse Mortgages to complain about the amount of equity they feel they have. We do not see the value hitting bottom and starting to climb for another few years. So make sure you way out the pros and cons if you decide to wait…
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
As Reverse Mortgages become and more common option for seniors across the nation, the cons and scammers are common up with ways to rip them off. It is important to talk to a reputable reverse mortgage lender, make sure you are supplied the correct documentation, and see or speak with a HUD Counselor.
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.
You hear and read a lot of articles about reverse mortge cost and fees being higher than equity lines, refinances, or normal home purchases. In retrospect they can be higher, however the reduced qualifications requirements is a pro instead of a con. I found a comment from an individual replying to costs of a reverse mortgage. Pretty interesting…
People who argue that the cost of the reverse mortgage is high often forget that the senior still has a mortgage payment. Once the reverse mortgage is in place the mortgage payment goes away. A senior with a $800 dollar a month mortgage payment now can apply that money to other needs.
He makes a good point that even with the higher costs, seniors still are elminating a large debt and even a large monthly payment.
To speak with a Reverse Mortgage Specialist, call 1-888-973-8377. You can also use an online Reverse Mortgage Calculator to see how much you qualify and what the costs would be. CLICK HERE!
We have seen a handful of new reverse mortgage lenders and reverse mortgage brokers using a heavy “debt consolidation” pitch to push more consumers into reverse mortages. Reverse Mortgages can be a great tool for debt consolidation however certain steps need to be followed to insure you don’t repeat your previous actions and go back into heavy debt, because at that point you won’t have your house to bail you out.
One key to remember that isn’t always told by some brokers/lenders. You still are 100% responsible for your property taxes and insurance. When looking for debt consolidation, it is important to factor in what you will be paying for your taxes and insurance on a yearly basis and factor that into your number crunching.
Reverse Mortgages are a wonderful and can be great at reducing or eliminating other high interest rate debt, however it is important to really number crunch your required monthly outlay before jumping in.
To speak with a specialist, call 1-888-973-8377.
