Robert Jackme Blog

Who is a good candidate for a reverse mortgage? If you have your own home and don’t have enough savings for your daily based expenses or expenses for your life style, a reverse mortgage has a few advantages. 1/3 of U.S.  http://www.beingarealtor.com Families don't have enough savings for retirement and the average amount saved among the remaining 2/3 was $73,200.  That would get you through some years of retirement; however it’s not enough to last through a long retirement. A reverse mortgage can ease the pressure on you of your monthly expenses. Most senior citizens live on fixed earnings; it can supplement Social Security and help handle with the inevitable mounting medical prices. Who isn't a good candidate for a Reverse Mortgage? A reverse mortgage is a questionable proposition if you have sufficient income to pay your bills or are willing to sell your home to tap into the equity.  If that’s the case, it may make greater feel to simply sell it and d...

For some people, yes. They have asked pertinent questions like: Do I want to maximize what I can leave to my heirs? Am I going to live in my home deep into my retirement? How much extra income will I need to meet my needs? Can I pay the taxes, insurance and meet all the obligations that come with a reverse mortgage? Unlike all those people who’ve been foreclosed on, do I really know what I’m getting into? If the answers to those questions are sketchy, you should consider a safer financial route like a traditional home equity loan or line of credit. Whatever the decision, seek personalized advice from a financial counselor or debt-management agency. Tom Selleck might say reverse mortgages are not too good to be true. But Magnum P.I. showed that it always pays to investigate

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...