Robert Jackme Blog

A reverse mortgage works like a home equity loan, but the homeowner doesn’t need to pay off the mortgage in monthly bases.  It allows house owners to remain stay in their home however taking the equity out of their house without making any payment to the lender.  Most of the time, they can both take out a lump sum or the lender will make payments to them every month.  As long as the homeowner continues to apply their home as their main residence and they meet all requirements of a reverse mortgage , they don't need to pay the lender returned. How does a reverse loan work for the house owner?  Read the given example. Mike is a 75 years old male. He's the only owner and resident of a house that was recently appraised for $300,000 in Vienna, Virginia. He owns the house outright; because of this he does no longer currently have a mortgage or line of credit of any kind.  According to this information, Mike can get a lump sum price of $172,674 con...

The booming senior population – and some advertising spots by actor Tom Selleck – are part of the reason reverse mortgages are popular again. When Selleck talks, people listen. Lately, the star of “Blue Bloods” and “Magnum P.I.” has been talking about reverse mortgages. Don’t worry, he says in a commercial. Reverse mortgages can be an answer to your financial prayers. “It’s not another way for banks to get your house,” Selleck says. “And it’s also not too good to be true.” That’s easy to say when you have an estimated worth of $45 million like Selleck, but thousands of Americans who aren’t TV stars have different ideas. The industry is steeped in promises, controversy and cautionary tales. If you’re considering getting a reverse mortgage, the best way to ensure a happy story is to educate yourself. Business is booming at places like American Advisor Group, or AAG. The company that Selleck endorses has seen its revenue triple from $63 million in 2012 to $216 milli...

A reverse mortgage is a type of home loan that lets you convert a portion of the equity in your house into cash. With regular mortgages, borrowers make monthly payments to pay down the debt. With reverse mortgages, lenders pay borrowers and the debt increases over time. The loan isn’t settled until the borrower sells their home, moves out or dies. The loan is then repaid or the home is sold to pay off the debt. Owners must pay the property taxes and insurance costs and keep the house in good condition when they agree to a reverse mortgage. If they don’t – and many have fallen into that trap – the lender can foreclose. Most reverse mortgages are insured by the Federal Housing Administration under a program known as the Home Equity Conversion Mortgage, or HECM. The first reverse mortgage was written 1961 when Deering Savings & Loan in Portland, Maine, designed one to help a widow stay in her home after her husband’s death. The program really took off in 1988 when Congres...

What is Reverse Mortgage? As the word ‘reverse’ shows it is totally reverse to the regular mortgage. Under  Reverse mortgage loan , initially the borrower retains a high share in his property and receives a regular income. Over the time, when loan amount increases, owner’s share in the property decreases. To learn more about Reverse Mortgage, you have to look know some positive impacts and some negative impacts. Reverse Mortgage is not beneficial in some cases. Positive Impacts of Reverse Mortgage: Reverse mortgage loan as retirement tool: As many people said reverse mortgage has many disadvantages but I am not totally agreed with them. Everything is not for everyone. What I want to said is Benefits of reverse mortgage is varies from person to person, circumstances to circumstances. I recommend those retiree who are 62 or above with house owner to go with reverse mortgage, only if they don’t have any guardian who can support them financially. Because in t...

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:-...