Reverse Mortgage Loan Scheme in Hindi

< item kind="application/x-shockwave-flash" style="size:425 px; height:355 px;" data ="// www.youtube.com/v/okxeeo0ioc8?color2=FBE9EC&version=3&modestbranding=1" >< param name="movie" value ="// www.youtube.com/v/okxeeo0ioc8?color2=FBE9EC&version=3&modestbranding=1"/ > A reverse mortgage is an unique type of home lending for seniors who are over the age of 60.

Reverse mortgage help senior citizens to postpone or hold off payment of the home mortgage till their fatality or when they market or
vacate just due to the fact that they have actually accessed the house equity that has actually been accumulated in their residences.

Read thorough article here – http://www.bankexamstoday.com/2016/12/reverse-mortgage-loan-explained-with.html
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The Big Reverse Mortgage Question: Should I Stay Or Should I Sell?

With a reverse mortgage, seniors are able to stay in their homes for as long as they wish without having to sell their home or take on new monthly mortgage payment. Seniors will never under any circumstances resulting from reverse mortgages, be forced to leave their homes providing they make their real estate property tax and insurance payments and keep the home in reasonable condition.

Also, unlike other retirement tools or conventional loans, there is no income qualification with a reverse mortgage. Borrowers are not required to make monthly mortgage payments on a reverse mortgage throughout the life of the loan. The loan becomes repayable when the last borrower on title sells the home or permanently moves out. In addition, the repayments amount will not exceed the fair market value of the home.

Many homeowners become interested in reverse mortgages so they can pay off their existing mortgages, equity loans and high interest credit cards. Selling and moving elsewhere are generally not very appealing to most seniors. In fact, most senior adults prefer to enjoy their retirement in the comfort of their home.

Unfortunately, seniors often find that unexpected emergencies, rising debt and medical conditions make staying in the home difficult. For seniors living on a fixed income, unexpected and rising costs can be financially crippling. Often seniors are forced to lower their standard of living or sell their home. Fortunately, with a reverse mortgage seniors are able to supplement their retirement income and remain in their home for life.

The single best way to evaluate a reverse mortgage is to compare it to what may be your only real option: selling your home and using the proceeds to buy or rent a new home. Do you know:

How much cash you could get by selling your home?

* What it would cost you to buy (and maintain) or rent a new home?
* How much money you could safely earn on any money left over after you buy a new home?
* Have you recently looked into buying a less costly home, renting an apartment, or moving into assisted living or other alternative housing?

Until you have seen and considered other housing options, how do you know that another housing choice wouldn’t be better for you than a reverse mortgage? For you own peace of mind, look into what else might be available. It doesn’t hurt to explore all your options before making a decision.

Most likely you will come to one of two conclusions:

* You may find another housing option that is a lot more attractive than you thought; or
* You may confirm what you were fairly certain of all along: that where you live now is the best place for you to be.

No matter what you conclude, you will have a much better idea of the overall costs – and benefits – of staying versus moving. That will give you a better sense of what is most important to you. And then it should be easier for you to evaluate the costs and benefits of a reverse mortgage.

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.

Suze Orman talks about how a Reverse Mortgage can work for a loved one. If you are interested in a Reverse Mortgage in Colorado, call Steve! He will find you the best deal and stick by you to make sure you’re happy!

Go to his website at: http://www.ReverseMortgageInstitute.net or call (877) 854-1720
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Related Reverse Mortgage Articles

Should I Get A Reverse Mortgage?

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Simple Explanation of a Reverse Mortgage

For information about the aging process in Place, Reverse Mortgage choices, spending money on house health care alongside useful tools for maintaining someplace to call home for the rest of yourself, go to http://www.charlesguinn.com. Call Charles straight at (310) 616-6965

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How Does A Reverse Mortgage Work? Steps To Getting A Reverse Mortgage

1. Awareness

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.

3. Counseling

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.

4. Application/Disclosure

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.

5. Processing

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.

6. Underwriting

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.

7. Closing

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.

8. Disbursement

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.

9. Repayment

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.

What is a Reverse Mortgage?  Understanding the pros and cons of HECM

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
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Reverse Mortgage Loan Limits Remain In Place At Least until End of the Year

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.

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