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Homeowner learns about reverse mortgages from a news article, advertisement, word of mouth etc.
2. Upfront Education
Homeowner contacts a reverse mortgage lender to learn more about reverse mortgage programs. Request a reverse mortgage calculator or complete free, no obligation analysis from Kaye Financial.
Homeowners seek counseling from a local HUD approved counseling agency, or a national counseling agency, such as AARP (800-209-8085) Money Management International (MMI, 877-908-2227) or National Foundation for Credit Counseling (866-698-6322). Counseling is required for all reverse mortgages and is conducted by telephone.
By law a counselor must review (1) options other than a reverse mortgage that may be available to the prospective borrower, including housing, social services, health and financial alternatives (2) other home equity conversion options that are or may become available to the prospective borrowers such as property tax deferrals (3) the financial implications of entering into a reverse mortgage and (4) the tax consequences affecting the borrower’s eligibility under state of federal programs and the impact on the estate for his or her heirs.
Homeowner fills out a loan application and selects a payment plan, whether fixed monthly payments, lump sum payment, line of credit, or a combination of these. Lender discloses to homeowner the estimated total cost of the loan as required by the federal truth in Lending act. Homeowner provides lender with required information, including verification of Social Security number, copy of deed to home, information on any existing mortgage(s) and counseling certificate.
Lender orders an appraisal, which the homeowners pays for, to place a value on the home. The appraiser makes sure the physical condition of the property meets the FHA guidelines. If any structural defects are found, the homeowner must hire a contractor to complete the repairs after the reverse mortgage closes.
After receiving all pertinent information and data, lender finalizes loan parameters with home owner (i.e., determining payment option, frequency of loan interest rate adjustments) and submits loan package for final approval. It can take anywhere from 4-8 weeks (sometimes sooner, sometimes longer) to underwrite a loan package.
If the loan package is approved, closing (signing) of loan is scheduled. Interest rates are calculated. Closing papers and final figures are prepared. Closing costs are normally financed as part of the loan. Lender or title company has homeowner sign the loan papers.
Homeowner has three business days after signing papers in which to cancel the loan. Upon expiration of this period, the loan funds are disbursed. Homeowner accesses the funds in the form of payment option selected. Any existing debt on the home is paid off. A new lien is laced on the home. The homeowner may use the loan proceeds for any purpose. The loan “servicer” manages the account and is responsible for disbursing monthly payments to the homeowner (if this option is chosen), advancing line of credit funds upon request, collecting any repayments on the line of credit, and sending periodic statements.
Homeowner doesn’t make any monthly payments during the life of the loan. The loan is repaid when the homeowner ceases to occupy the home as a principal residence. The loan may be repaid by the homeowner or the heirs/estate, with or without a sale of the home. The repayment obligation cannot exceed the home’s value or sales price.
Kaye Reverse takes care of Reverse Mortgages for its many senior clients in Michigan. To see if a reverse mortgage is right for you and you are a Michigan homeowner log onto: http://www.kayereverse.com/dvd.html and get the FREE DVD.
HECM stands for Home Equity Conversion Mortgage, popularly known as a Reverse Mortgage. Significant changes occurred on October 1 of this year and Rob Brinkman walks through not only the changes, but the basics of understanding how these mortgages work.
This video will explain many of the rules in order for you to do a reverse mortgage correctly, including what to watch out for and what loopholes can cost you money if not done correctly.
Find out why the maximum mortgage withdrawal went from 70% to 40% along with some other big changes that occurred after October 1st, 2013.
You will also learn about the adjustable rates on the new reverse mortgages and why the fixed rates are a thing of the past.
Popular among seniors, a Reverse Mortgage is a legitimate tool for income planning. As an Income Expert, Rob uses a case study of a typical retired couple living on Social Security, Pension and some Investment Income, to show a scenario that may typically apply.
To find out more about Rob and to download all of his free reports, check out http://www.retirementharvest.com
Nothing in this video can be construed as investment advice or can be used to fully make a decision on a reverse mortgage. This is simply the basic education on HECM’s and you should always consult a reverse mortgage expert before ever making any moves Video Rating: / 5
Seniors counting on securing the most money they can from a reverse mortgage need to act now while interest rates are low and loan limits are high, according to Jim Cory from Legacy Reverse Mortgage.
The amount of cash available to homeowners through a reverse mortgage is limited by federal regulations. For now, the Federal Housing Administration (FHA) has decided to leave the limit at $ 625,500, but industry experts believe that could change come next year.
In response to the financial crisis, the FHA raised the maximum amount a reverse mortgage borrower’s property value could be calculated at from $ 417,000 to the current level in February 2009. FHA officials had previously announced that loan maximums would revert back to pre-February levels on October 1, 2011.
However, they now say the higher limit will likely remain in place at least through the end of the year.
October 1 is the beginning of the government’s fiscal year. Historically, officials make changes to many programs effective that day. So there is a possibility for seniors counting on maximizing the amount of money they can receive could be in for a disappointment if they wait too long.
Many industry experts expect to see a number of changes from FHA in the next six to twelve months.
These same industry experts believe that by acting now while interest rates are at records lows, reverse mortgage borrowers will maximize their options.
Regulatory uncertainty is only one factor driving seniors to consider locking in a reverse mortgage sooner rather than later. Low interest rates allow homeowners to unlock the most equity from their homes, while 10-year Treasury notes, a key industry benchmark rate, sit at historic lows.
In many areas, home values are continuing to decline. Since reverse mortgages limits are contingent on property appraisal amounts, borrowers are looking to lock in higher values before the real estate market gets potentially any worse.
The industry is doing all it can to help keep the higher loan limits so that seniors can get the most benefit from their homes.
Peter Bell, president of the National Reverse Mortgage Lenders Association has said, “We’re glad to see FHA take this interim step. It eliminates uncertainty for loan applicants who might have been concerned about not getting their loans before the limits possibly dropped.”
The focus now, according to Peter, will be on persuading HUD and lawmakers to retain the higher limit beyond calendar year 2011.
Since loan limits vary in some parts of the country, it’s also important that seniors considering a reverse mortgage contact a loan specialist to learn about the specific benefits available for their unique situation.
If you’re a California senior interested in learning more about securing the most money your home equity can afford you through a reverse mortgage, please take a moment today to call and speak with a Legacy Reverse Mortgage representative by dialing (800) 991-4613.
Legacy Reverse Mortgage offers Senior Reverse Mortgage services in California. If you’re a California senior interested in learning more about securing the most money your home equity can afford you through a reverse mortgage, please take a moment today to call and speak with a Legacy Reverse Mortgage representative by dialing (800) 991-4613.