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Reverse mortgage

 
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manu



Joined: 25 Aug 2007
Posts: 7

PostPosted: Sat Aug 25, 2007 7:05 pm    Post subject: Reverse mortgage Reply with quote

Idea A reverse mortgage is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (i.e. into aged care).

In a typical mortgage the homeowner makes a monthly amortized payment to the lender; after each payment the equity increases within his or her property, and typically after the end of the term (e.g. 30 years) the mortgage is paid in full and the property is released from the lender.

In a reverse mortgage, the home owner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, then the debt on the property increases each month.

If a property has increased in value after a reverse mortgage is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home. But in certain countries (including the United States), a reverse mortgage must be the first and only mortgage on the property.
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Scott123



Joined: 25 May 2008
Posts: 45

PostPosted: Wed May 28, 2008 8:43 pm    Post subject: Reply with quote

Reverse mortgages are powerful tools that help eligible homeowners obtain a tax-free cash flow. Over two hundred thousand people have already used Reverse mortgages to enhance their retirement. A reverse mortgage is a government sponsored and insured loan that requires no payments during the period of time you live in your home. Reverse mortgages enable eligible homeowners to access the money they have built up as equity in their homes.
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clairebill



Joined: 14 May 2009
Posts: 1

PostPosted: Thu May 14, 2009 10:50 am    Post subject: Senior Life Loan Reply with quote

A reverse mortgage is a loan through the government available to homeowners 62 and older. Reverse mortgages are becoming popular in America. It is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more. Reverse mortgages are growing in popularity in our area as senior citizens try to keep up with the increasing cost of living. A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live there.
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Luciano Marini



Joined: 08 Jul 2009
Posts: 21

PostPosted: Sat Jul 11, 2009 2:09 am    Post subject: A reverse mortgage is a loan taken out against your home. Reply with quote

A reverse mortgage is a loan taken out against your home. The best thing about it is that you don't have to pay it back for as long as you live there.
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p3nang



Joined: 09 Jul 2009
Posts: 69

PostPosted: Sat Jul 11, 2009 2:17 pm    Post subject: Reply with quote

sounds good news for retirees. but will it over burden to government?
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Graysonaw



Joined: 25 Aug 2009
Posts: 47

PostPosted: Wed Sep 02, 2009 8:40 pm    Post subject: Reply with quote

Reverse mortgage is a funding option that gives senior citizens a payout now without a mortgage payment.Reverse cashes out home value now; leaves repayment to estate, or by sale of home after death of lender.Good; instant cash with no repayment worry Bad; estate loses house as an asset or has to repay mortgage.
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vnrao



Joined: 25 Oct 2009
Posts: 1

PostPosted: Sun Oct 25, 2009 5:39 pm    Post subject: Reply with quote

Reverse Mortgages loans
Reverse mortgages are loans against your home that require no repayment for as long as you live there. As opposed to regular mortgage loans, reverse mortgages have no income
requirements and are based solely on the equity of your home or condo. There are no monthly payments to make as the mortgage is due only when the borrower is no longer living at the residence.

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frennyscott



Joined: 23 Apr 2010
Posts: 2

PostPosted: Wed May 05, 2010 2:05 pm    Post subject: Reply with quote

Here the topic discussed is really very informative and also very useful to know.A reverse mortgage is a loan that's taken out based on your home's equity.Reverse mortgage rates can be fixed or floating and hence will vary according to market conditions depending on the interest rate regime chosen by the borrower.Reverse mortgage is a way of getting the benefits of your home equity by retaining the home ownership and also without having to make any repayments.
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DamianaIndu



Joined: 31 Jul 2010
Posts: 87

PostPosted: Thu Aug 05, 2010 1:22 pm    Post subject: Reply with quote

A reverse mortgage provides income that people can tap into for their retirement. The advantage of a reverse mortgage is that the borrower's credit is not relevant, and is often unchecked, because the borrower does not need to make any payments. Because the home serves as collateral, it must be sold in order to repay the mortgage when the borrower dies (in some cases, the heirs have the option of repaying the mortgage without selling the home). These types of mortgages have large origination costs relative to other types of mortgages. These costs become part of the initial loan balance and accrue interest. Senior citizen borrowers with good credit should carefully analyze the options of a more traditional mortgage, such as a home equity loan, against a reverse mortgage.
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sasi77



Joined: 31 Jul 2010
Posts: 37

PostPosted: Mon Aug 30, 2010 10:17 am    Post subject: Reply with quote

You want to get it through a reputable mortgage lender. I'd be very worried about the fine print. The AARP has good advice on this.

In general it seems like a good idea. You've spent your life building up equity in the house. You might as well spend that money, but you don't want to move. So you sell your house to the bank, who has a contract to let you live there as long as you want. (That's why you'd better make sure it's a good lender, who's not going to screw you at a bad time.)

If you don't want to sell the house to the bank, you can take a Home Equity Loan, which is similar: they loan you the money in exchange for a lien on your house. With the home equity loan you have to keep making mortgage payments, and with the reverse mortgage they just send you money. The Home Equity Loan requires a lot more management on your part, but you keep owning your house. The loan eventually has to be paid off, and that usually comes when they sell the house. If they live a long time... well, that can become a problem.

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