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some_of_the_advantages_of_reverse_mortgages_are [2013/08/12 20:24] (current)
jan793 created
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 +A [[http://​bellaterra.sosblogs.com/​The-first-blog-b1/​Reverse-Mortgage-Reverse-Your-Monthly-Mortgage-Payment-b1-p6.htm|reverse mortgage]] must be repaid in full when the borrower(s) no longer occupies the home. At this time, either the borrower or borrower'​s estate will sell the home and use the net proceeds of the sale to repay the lender. The balance will consist of the total of all disbursements made to the homeowner or on the homeowner'​s behalf, as well as the interest and service fees that accrued while the loan was outstanding.
  
 +The Reverse Mortgage has no time limit. The loan will last as long as the home remains the primary residence. If the borrower decides to take a monthly payment with their funds, these funds will continue to be paid every month until the borrower turns 150!
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 +When an applicant chooses to purse a [[http://​bellaterra.sosblogs.com/​The-first-blog-b1/​Reverse-Mortgage-Reverse-Your-Monthly-Mortgage-Payment-b1-p6.htm|reverse mortgage]], there are several factors that determine how much money they can receive. The options available to the homeowner are to receive monthly installments or a lump sum, access their funds as needed through a line of credit, or a combination of these options. The lender will use several factors, including the disbursement option that is chosen, to estimate how much can be disbursed to the borrower. The goal when making this determination is to ensure that, when the loan becomes due to be repaid, the amount owed to the lender will not be more than the value of the home.
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 +[[http://​bellaterra.sosblogs.com/​The-first-blog-b1/​Reverse-Mortgage-Reverse-Your-Monthly-Mortgage-Payment-b1-p6.htm|Reverse Mortgages]] have no payments! The Reverse Mortgage is an equity loan that allows a senior to take up to sixty percent of the home;s value. However, the borrower is never required to make a payment. Ever. This means that you will never default on the loan, and your home can never be foreclosed on.
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 +Knowing that a reverse mortgage is an income stream derived from the equity in a home, and that stream can never run out as long as you live in the home, despite the fact that you might outlive the value of the home, you wouldn'​t want to sell it unless absolutely necessary. Many situations create the necessity for selling a home, such as moving to assisted living or a nursing home facility. Another consideration is death of the homeowners. Those are all situations where giving consideration to [[http://​bellaterra.sosblogs.com/​The-first-blog-b1/​Reverse-Mortgage-Reverse-Your-Monthly-Mortgage-Payment-b1-p6.htm|reverse mortgages]] to sell a home must be handled well in advance of the changing circumstances.
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 +The HECM reverse mortgage is a serious product, which is not meant to pay the Caribbean Cruise. Most seniors, who have taken it, use the money to pay the increased medical bills, to pay the home repair or to buy a home to a child. However, a senior can use the money as he will, there is no reporting.
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 +That being said, the next concern is how a consumer is to go about determining whether a particular financial product is right for them. The only way for a consumer to make an appropriate choice is to be well-informed about the decision he or she is making. This is especially true in when it comes to [[http://​bellaterra.sosblogs.com/​The-first-blog-b1/​Reverse-Mortgage-Reverse-Your-Monthly-Mortgage-Payment-b1-p6.htm|reverse mortgages]] because they are so different from traditional financing.
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 +The Reverse Mortgage requires that every applicant receive Reverse Mortgage Counseling. This is a free service. It requires that every person who has a Reverse Mortgage, to first meet with a third party representative validated by the HUD and have their questions answered and made sure that they understand the process. It is a wonderful service and is mandatory for all applicants.
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 +The [[http://​bellaterra.sosblogs.com/​The-first-blog-b1/​Reverse-Mortgage-Reverse-Your-Monthly-Mortgage-Payment-b1-p6.htm|Reverse Mortgage]] is one of the safest Senior Products ever created. It allows for seniors to take equity safely from their homes with a decent interest rate and never make a payment. Here are 10 reasons why the Reverse Mortgage is a fantastic product for seniors and remains one of the safest products on the market.
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 +You are free from regular "​Monthly Payment"​ issues because here the lender pays rather than consumers paying the lender. Reverse mortgage loans can provide a regular source of income to the older Canadian house owners possessing considerable home equity values. Factors like Credit scores and income values are not taken into account in the qualification process. This makes the qualification process even simpler.
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 + To get eligible for traditional mortgage loans you need to show proofs for sufficient income and also should pay monthly installments regularly. But with the [[http://​bellaterra.sosblogs.com/​The-first-blog-b1/​Reverse-Mortgage-Reverse-Your-Monthly-Mortgage-Payment-b1-p6.htm|reverse mortgage]] loans, there is no need for any such things to be done. Thus reverse mortgages differs in various aspects from a traditional mortgage loan.
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 + ​[[http://​bellaterra.sosblogs.com/​The-first-blog-b1/​Reverse-Mortgage-Reverse-Your-Monthly-Mortgage-Payment-b1-p6.htm|Reverse mortgage]] loan is a tax-free income and hence there is no necessity to pay any taxes for Reverse mortgages. In fact to be true, the people have paid the taxes already on their house and so it is now their money and of course their home. Hence reverse mortgages cannot be merely termed as an income. In financial terms, reverse mortgages can be called as a transaction process where your home equity is converted into cash.
some_of_the_advantages_of_reverse_mortgages_are.txt · Last modified: 2013/08/12 20:24 by jan793