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 FBI and the U.S. Department of Housing and Urban Development Office of Inspector General (HUD-OIG) urge clients, in particular senior citizens, to be vigilant when seeking reverse mortgage products. Reverse mortgages, additionally called home equity conversion mortgages (HECM), have expanded more than 1,300% among 1999 and 2008, creating huge possibilities for fraud perpetrators. Reverse mortgage scams are engineered by using unscrupulous specialists in a mess of real estate, financial services, and related agencies to steal the equity from the property of unsuspecting senior citizens or to apply these seniors to unwittingly aid the fraudsters in stealing equity from a flipped property. In some of the mentioned scams, victim seniors are provided free homes, investment opportunities, and foreclosure or refinance help. They're extensively utilized as straw shoppers in property flipping scams. Seniors are often centered via local churches and investment seminars, in addition ...