Reverse Mortgage Information

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Important Change Mortgage Information for Confused Consumers

Before you decide to walk into a brokerage firm in order to get a change mortgage on your house, you should prepare yourself with some of the best reverse mortgage information that you can locate. You want to be sure that you are in reality getting the mortgage for the right reasons instead of the wrong and you want to be certain that you are not about to do business with a company that may ‘t be as on the up and up as you previously thought.

The first piece of reverse mortgage loan information that you need to be certain of is whether or not you are placing a reverse mortgage on your home for the right reasons. There are countless reasons why people take out the reverse mortgage, however most of them are not very practical. So, if you do not owe anything at all (or very little) in your home and you have spoke with a variety of professionals in regards to the reverse mortgage procedure, then a reverse home loan may be perfect for you.

Of course, there is also change mortgage information on reasons why a reverse mortgage loan may not be right for you. You should never get a reverse mortgage if you are only about to use it for a few fast bucks to pay a few bills or something like that. Furthermore, never ever buy a reverse mortgage strategy from a telemarketer, an unwanted email or a door to door salesman. Also, you shouldn’t take out a change mortgage from somebody that is pressuring you to do so and if you do not comprehend or you are not confident with the terms of the home loan walk away. As long as you use these handy bits of invert mortgage information next time you consider taking out a reverse mortgage on your home, you will really feel much more comfortable with the application process.

Comments: 45

  1. Bryan March 1, 2013 at 4:27 pm Reply

    The house I am in is in reverse mortgage. The home owner has moved in the last few months but I am still there. The bank has requested information regarding a change of address. Oct. 3 I wil be returning to school and seeking employemtn with my school. I do not want to be dishones but nor not wan then callling the loan due asap! Any informaion would be greatly appreciated.

  2. Bryan March 13, 2013 at 3:27 pm Reply

    I am not sure how they work, but I heard they are a good deal if one has a lot of equity in their home.

  3. Scotty March 13, 2013 at 3:27 pm Reply

    This reverse mortgage is for me or not?

  4. Sherrill August 9, 2013 at 2:44 am Reply

    My folks are 78 yrs old, have no savings and limited income. Their house is a 2 family worth 500,000. They are considering a reverse mortgage. Is it a good idea?

  5. Angelic August 28, 2013 at 1:55 am Reply

    would like to know if anyone has done the reverse mortgage and is it a good idea

  6. Sharron August 30, 2013 at 1:35 am Reply

    Where can I find out all the details about reverse mortgages?

  7. Faustino September 1, 2013 at 7:57 am Reply

    My elderly family member owns a home (paid it off years ago) but now has a line of credit against the house for 100K. I am concerned that this member of my family is running out of money and will need a reverse mortgage in the next year or two as they will require an in home health care worker. I would guesstimate the value of the home to be 275K to 300K right now. Does anyone know if a reverse mortgage would be possible for her?

  8. Guadalupe October 8, 2013 at 4:41 pm Reply

    I see it advertised on TV. Has anyone done it? Were you happy with your decision later? How will it affect my taxes?

  9. Lucia October 22, 2013 at 3:28 am Reply

    Checking on local area in Houston County Texas where someone can apply and obtain a reverse mortgage on their home.

  10. Valentin November 19, 2013 at 5:13 pm Reply

    Our only income is from Social Security. Including taxes and insurance our house payment is nearly $900.00 a month. We really don’t have any equity in our home since price went into the bucket. We will never own our home. Any information or guidance?
    W are considering a reverse mortgage.Our mortgage is too high. We can not refi because debt to income is too high.

  11. Marlyn December 8, 2013 at 9:53 pm Reply

    I am a US homeowner. Instead of refinancing, I wanted to explore the possibility of a reverse mortgage.All I have seen so far is that this is only good for homeowners aged 62 or more. Is there a company that provides reverse mortgages for those younger than 62?

  12. Alaine December 9, 2013 at 4:18 am Reply

    My Uncle who was a police officer in NJ just passed away. I over heard his widow saying she thinks she may lose the house because she may not be able to afford the mortgage and thinks she should refinace. I don’t know all the details of what my uncle left as far as insurance and things but I would like some advice as to what her next step should be.

  13. Lorna December 18, 2013 at 10:23 pm Reply

    Can I get a loan based on age and the value of my house even if I do not have a lot of equity?

  14. Franchesca December 19, 2013 at 10:19 pm Reply

    The reverse mortgage would be for New Brunswick.

  15. Denny January 6, 2014 at 3:40 am Reply

    And how do they work?

  16. Royce January 17, 2014 at 1:33 am Reply

    Also, how do they work exactly?

  17. Blaine February 2, 2014 at 12:55 pm Reply

    I am nearing retirement and thinking about a reverse mortage. Anybody out there have any direct experience with these?

  18. Bula February 12, 2014 at 3:51 pm Reply

    My great-grandparents live on $200 a month and help they receive from family. We’ve breifly talked about helping them get a reverse mortgage but they don’t want to because they’ve heard that when they die the government takes their house. Same thing for getting a live-in or nurse help (cooking, cleaning). They are both hard of hearing, seeing and have diabetes, so they need the help. Is it true that they have to sing over their house? Or is it that if the family that is left after their death can’t pay or don’t have any other assets then they take the house?? Please help or send me to a legit website that has detailed information.

  19. Brandon February 17, 2014 at 4:24 am Reply

    Just wondering, sounds weird

  20. Josephina February 21, 2014 at 1:55 am Reply

    My 71 year-old mother, who is a bit financially strapped, received information from her retirement association about Reverse Mortgages. The papers makes it read like for fees of roughly $300-ish, the bank will just give her whatever money she wants and she won’t have to pay anything back until the sale of the house…. which for my family, will never happen.

    It really sounds like free money… what are the catches??

  21. Ezekiel February 21, 2014 at 5:06 am Reply

    And what banks issue them?

  22. Taylor February 21, 2014 at 10:39 am Reply

    I am 60 and still rent an apartment i hard about reverse mortgage for home owner at 63
    If i buy the house at 63 i be able to do the reverse mortgage right away ? or i have to made payment for some time.

  23. Wei February 21, 2014 at 10:39 am Reply

    My mother has talked to a consultant about a HUD reverse mortgage. She thinks she needs it to help in her retirement. Is it a good deal or a rip-off?

  24. Leandro February 21, 2014 at 2:46 pm Reply

    I’m trying to find out some helpful information for my parents. They are considering a reverse mortgage, but so far my Mom has only spoke with one lender……We live in SC, and the last time they had their house appraised it was for $91,500. or somewhere around that amount…..The lady she spoke to on the phone today told her that if her house is appraised at only 91500 she will only get around $60,000. and that is before the closing cost and other fees, which all that added up to be around $14,000. Does this sound right? We were thinking that she should be able to get more than that…..If anyone has any experience in this, any advice would be appreciated. I’ve found a list on the Gov. website for hud approved reverse mortgage lenders…..Maybe she should call around for the best deal? Thanks guys and I hope everyone had a blessed Christmas!

    oh yea, and if it helps any, my parents don’t have a current mortgage. They owe nothing.

    God bless……

  25. Angelo February 21, 2014 at 3:36 pm Reply

    And how exactly do they work?

  26. Lou February 21, 2014 at 3:36 pm Reply

    My Grandfather (85) has his home paid for, but kind of falling into disrepair. He is thinking of a ‘Reverse Mortgage’.. I have heard good and BAD about them.?? Any expert opinions??

  27. Rodrick February 22, 2014 at 6:26 am Reply

    I don’t even own a home I am just really curious because the commercials I see for them give you no real information and it seems like just another way to scam the elderly. So what is it?

  28. Brian February 22, 2014 at 6:26 am Reply

    I will be without a job in 30 days. I will be 65 in May, but can’t collect full Soc. sec. until 65 and 10 months. I’m thinking about a reverse mortgage and would like a couple questions answered if you have done this or are a broker. I know the house is paid off with equity and the balance is available. So here’s where I need help.
    1. I would like to see the house paid off, but may not need funds immediately. Do I need to set up a payment schedule immediately after applying for the reverse mortgage? .
    2. Can that schedule be changed later if I need more – or even less?
    3. Is there any kind of repayment involved and what type of interest is generally applied? Can I repay, even if it’s not necessary?
    4. Is this income taxable?
    5. I assume both tenants in common need to sign for this. Can I sign as POA for my husband who cannot write due to a stroke. (He’s 83)
    Thanks in advance for any help!

  29. Deane February 22, 2014 at 7:36 am Reply

    And what banks offer them?

  30. Eugene February 22, 2014 at 7:36 am Reply

    It sounds like a good solution to our problem of not enough money to enjoy retirement. The salesman assures us we can never have to pay more than the house is worth.

  31. Werner February 22, 2014 at 7:59 am Reply

    Also, how do they work?

  32. Pedro February 22, 2014 at 8:00 am Reply

    Can anyone tell me what that is exactly and if he is doing the right thing? He is alone now and wants to travel a bit and is on a fixed income. I told him to just sell the house and enjoy all his $$$ from the sale but he said the “reverse mortgage” is the way to go? Why?

  33. Dimple February 25, 2014 at 3:38 am Reply

    i would like information from people who “don’t have a dog in the hunt”. would really love to hear from people who have gotten a reverse mortgage. also would love to hear from grown children and how this reverse mortgage affected them when their parents died. i do not particularly want to hear from agents, bankers because i am not confident that the information would not be biased. i would like to thank anyone who can help. it is crucial that i educate myself on this.

  34. Lionel February 25, 2014 at 11:11 am Reply

    .We are looking to retire. I’ve read a little about them but they are confusing. Each plan we have read says something different. And the cost?

  35. Johana March 7, 2014 at 11:47 pm Reply

    All I know is that somehow you get money. I’m assuming that when you die the lender gets ownership of your home or something like that?

  36. Delma March 21, 2014 at 7:46 am Reply

    My Parents are in their 70’s, have a house worth $100,000 and owe about $50,000. They have heard good things about Reverse Motgages.

    My initial reaction was No Way!
    Don’t just give up your house to the bank.

    but I wanted more information on the process and if it will help them out.

  37. Isabel March 21, 2014 at 7:47 am Reply

    I want a respectable,honest bank that is backed by HECM

  38. Alessandra March 21, 2014 at 7:48 am Reply

    I want to find out about ppl’s experiences with these. Interest rates, problems, etc.

  39. Delisa March 28, 2014 at 4:51 pm Reply

    My mom is 78 years old and owns a paid for house valued at $120,000. The problem is she has no other money. She has her son with her that doesn’t work due to mental illness. I am with her since I am unemployed but don’t want to be. My cousin is close with my mom and my cousin told me we will need to get a reverse mortgage. I am the only driver in the house and my mom said if I leave she will have to sell the house since nobody can get her groceries. Should my cousin even be making this decision over me about a reverse mortgage and if the house gets sold soon is it even worth starting?

  40. Rufus April 3, 2014 at 10:39 pm Reply

    Her husband died last year. She does not work. I think she collects disability. She and her daughter were talking with me present about the fact that she made a deal with the mortgage company where they pay off her car in exchange for some payment plan. I guess she did this but now wants to get a reverse mortgage. What does this mean for me? Do you think she is in trouble of losing her house? I don’t think she will answer this question if I asked her. She is upset enough about her husband passing and cries every day.

  41. Normand April 4, 2014 at 3:10 am Reply

    I have some debts from helping my kids go to college and another opening a restaurant, and don’t have the good credit anymore to get an additional equity credit loan.

  42. Brady April 5, 2014 at 2:27 pm Reply

    my grandfather is in his late 70’s and is leaving me his property when he dies. he is in good health and i hope he doesn’t ever dies, but one day he will. Anyways, he wants to take a reverse mortgage out on his house. He is looking at over 60 thousand dollars. Then he told me that when he past away that i would half to pay it back. He told me that if he lived for more than 10 yrs that he didn’t have to pay it back. I don’t know much about reverse mortgages, but i think there may be more of a catch to the information that he got. Would I have to pay back the mortgage amount he took out if he died before his 10 yrs. His property and house arn’t even worth the amount he thinks hes going to get. I mean its none of my bussiness what he does with his land/money. But i have to pay it back when he dies, i could ruin my credit and i don’t have a job that can pay for a high mortgage. Where can i find info about this?

  43. Brandon May 28, 2014 at 11:13 pm Reply

    I’m considering a Reverse Mortgage on my home to clear up some small bills and fix my home up. I’ve already attended the seminar and received my Certificate as per Government mandate. What gimmicks, if any, should I be looking for when I go for financing?…..Thanx

  44. Virgil May 28, 2014 at 11:30 pm Reply

    I’m a little overwhelmed with all of the information out there on reverse mortgages. The main thing i want to know, is how we pay back the loan – how often, etc.
    Thanks in advance for your help!

  45. Noel May 29, 2014 at 8:21 am Reply

    I am aware of the concept of this type of mortgage but I want to be completely aware of all the disadvantages.

    My elderly mom is thinking of getting a reverse mortgage on her home. I would like to know if anyone has any experience with this kind of mortgage. What should she be aware or cautious of (hidden obstacles, etc.)?
    Is this type of mortgage regulated “strickly” by the government or can there be other types of reverse mortgages, etc.?
    Since my mother worries from day to day if she can pay even pay her utilities on her small Social Security check I would much rather see her have some “peace of mind” than any profit from the sale of her home once she is gone.
    I didn’t think a reverse mortgage was a “loan.” I thought that you are given the appraisal amount for your home in $$’s and you are allowed to live in the home until you pass away because your home is no longer yours but the money you are given for it can be spent on many things, bills, vacation, etc. Obviously I need to read up on it some more…

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