Robert Jackme Blog

What is Reverse Mortgage? for more details visit: https://www.quora.com/What-is-a-reverse-mortgage-loan/answer/Robert-Jackme Normal Mortgage: In a normal mortgage or home loan, the borrower pays for the house over the years to the bank. Reverse Mortgage is the opposite of a regular mortgage. For Retired People: It is a product primarily designed for retired people who are not able to support themselves but have assets in the form of             house properties. How Reverse Mortgage Works? There are 3 steps: Step 1 Step 2 Step 3 Step 1: The borrower mortgages the house to the lender (bank). Step 2: Borrower receives monthly payments from the lender for the mortgage duration. During the reverse mortgage period, the ownership vests with the borrower. Step 3: Borrower Dies. The house loan is paid by legal heirs and house handed over to legal heirs, or if the loan is not paid back, the bank auctions the house to recover dues. Rev...

REVERSE MORTGAGE For More information visit: http:// www.beingarealtor.com When do I have to pay back a reverse mortgage loan? Answer: Reverse mortgage loans typically are repayable when you die, but may need to be repaid sooner if you no longer use the home as your principal residence, or fail to pay taxes or insurance, or make needed repairs. Types: Most reverse mortgages are Home Equity Conversion Mortgages (HECMs). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. Pay Off: A HECM loan has to be paid off when the last surviving borrower or eligible non-borrowing spouse dies. The loan also becomes due when the last surviving borrower sells the home or permanently moves out. Note: This webpage has information about HECMs, which are the most common type of reverse mortgage. Requirement of a HECM: A key requirement of a HECM is that you occupy your home as your principal residence. When the home is ...

The title of my blog post today is not necessarily a big surprise. But the magnitude of this drop may be surprising to you. My chart below shows the monthly Conventional loan origination (Purchase and Refinance combined) from January 2009 to April 2010.  When comparing January 2009 to January 2010, you can really see how drastic the drop has been in Conventional loan origination . In January 2009, there was 389,460 Conventional loans as compared with January 2010 at 260,326 loans. See the chart below. We will monitor this and see what happens over the summer. Credit:  Conventional Mortgage Origination Drop!

What is a Reverse Mortgage? for more details visit: http://beingarealtor.com Convert into cash: A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. Help retirees: The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. No restriction : However, there is no restriction how reverse mortgage proceeds can be used. Payments: The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower. Pay back loan: The borrower is not required to pay back the loan until the home is sold or otherwise vacated.  Loan monthly payment: As long as the borrower lives in the home he or she is not required to make any monthly payments towards the loan balance. Borrower m...

Learn What is Reverse Mortgage and What are Specific Requirements and Responsibilities of Borrowers. visit:  http://beingarealtor.com  for more details. Age qualification: All borrowers listed on title must be 62 years old. If one spouse is under 62, it might be possible to get a reverse mortgage.  Additional information: However, the loan officer will need to collect additional information upfront to determine eligibility. Primary lien: A reverse mortgage must be the primary lien on the home. Any existing mortgage must be paid off using the proceeds from the reverse mortgage.  Occupancy requirements: The property used as collateral for the reverse mortgage must be the primary residence. Vacation homes and investor properties do not qualify. Taxes and Insurance: Borrowers must remain current on real estate taxes, homeowners insurance, and other mandatory obligations, including condominium fees. Property Condition: Borrowers are responsible for comp...

Many of the senior citizen in United States tend to go for reverse mortgage, according to the latest reports on reverse mortgage, it is concluded that reverse mortgage has become popular among people. About 90 percent of people aged below 60 years and above 55 years tend to get more information regarding this topic of reverse mortgage, and some similar situation is among the seniors aged over 62 years. It has been said in the reports that more and more people are going for reverse mortgage, and this aspect has taken a great boost in last seven years with majority has taken this initiative. This shows that people want to get more and more in order to fulfill their desires after their retirements. Reasons behind this behavior: - Seniors want to secure their future as much. They want to relish their remainder life with cash. They want to cash their houses. They believe in FHA. Seniors go for this to fulfill their medical requirements. Securing future:-...