1. Introduction
2. The Basics
   1. 1 Minute Recap
   2. Calculator
   3. Misconceptions
   4. Reasons to Do
   5. Qualifying
   6. Payoffs
   7. Using the Money
   8. Interest Rates
   9. How Much
   10. Safeguards
   11. Items Needed
   12. After Applying
   13. After Final Docs
   14. Purchase Home
   15. Testimonials
   16. Financial Qualify
3. The Detail
   1. Properties
   2. Spouse Off Title?
   3. Holding Title
   4. Insurance
   5. Property Taxes
   6. Medicaid
   7. Subordination
   8. POA
   9. No Foreclosure
   10. Foreclosure
   11. Foreclosure2
   12. Loan Comes Due
4. Considerations
   1. Alternatives
   2. Use Savings?
   3. Now or Later?
   4. 2010 Update
   5. 2009 Update
   6. Social Security?
   7. Video
   8. Decision Maker
5. Jest for Fun
   1. Old 45's
   2. Why You Need RM
   3. Do For Fun
   4. Letter to Bank
   5. Perks Over 50
   6. Trip to Costco
   7. Your House
   8. 1950s Nostalgia
6. Product/Services
   1. Origination
7. Contact
   1. Contact
   2. About Us
   3. Contact Form
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1 Minute Recap of a Reverse Mortgage

So often, people ask me, "What is a Reverse Mortgage."  My brief answer about how a reverse mortgage works is this:

Someone qualifies for a Reverse Mortgage

• When they are age 62 or more
• Own their own home or buying a home
• It’s their primary residence
• Beginning November, 2011 lenders may have financial and credit qualifying guidelines.

This is it for the Reverse Mortgage requirements.  They can then take tax-free money out of the home without making monthly payments.

That is sort of the reverse of it; we are paying them rather than them paying us. 

 

They do pay us back when they

• Sell
• Move
• Or pass away

 Most people choose that last choice; they plan on staying in their home as long as they can. 

They can then take money out of a Reverse Mortgage in three ways.

• They can take a lump sum; meaning all the money up front.  We use this choice when the borrower has an existing mortgage or equityline.  That has to go away as part of the process. 
• They can choose a line of credit; sort of like a jumbo credit card that they can draw from as needed but only are charged interest on the part they actually use.
• Or they can take monthly payments.
• Or they can take a combination of all three.
• The exception is to the fixed rate choice (which has only appeared in the last couple years) which requires them to take all the funds up front and begin interest rate accumulation on the full amount immediately.

Would you like to receive a detailed quote on how much money you could receive in a Reverse Mortgage. Please use my Quote Request Form

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