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New Release - updated 2006!
Reeves Hary - Reverse Mortgage resources
Articles and Resources for Reverse Mortgages
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Reverse Mortgage Blog
1)
Reverse Mortgages:
Get the Facts Before Cashing In On Your Home’s Equity
Whether seeking money to finance a home improvement, pay off a current
mortgage, supplement their retirement income, or pay for healthcare
expenses, many older Americans are turning to “reverse” mortgages. They
allow older homeowners to convert part of the equity in their homes into
cash without having to sell their homes or take on additional monthly
bills.
In a “regular” mortgage, you make monthly payments to the lender. But in
a “reverse” mortgage, you receive money from the lender and generally
don’t have to pay it back for as long as you live in your home . . .
Click here for a link to an excellent book on the subject of reverse mortgages.
2)
Reverse Mortgages - Key Decisions from AARP
3) MYTHS AND MISCONCEPTIONS about Reverse Mortgages
- The lender will own my home if I take out a Reverse Mortgage. - Not true. The homeowner retains title to their home throughout the life of the Reverse Mortgage.
- My heirs will be responsible for repayment of the Reverse Mortgage. - False. The Reverse Mortgage is a non-recourse loan. The lender can only look for repayment. . .
4)
Reverse mortgage puts home equity to work
By Terry Savage - Sun-Times
Are you living beyond the income your retirement plan provides? If you're like many seniors, your home is your largest asset, and although you shudder at the thought of borrowing on it, your house may be the only way to increase your income . . .
5)
Reverse Mortgage
By Nkiru Asika Oluwasanmi
DELORES UNDERWOOD WAS running out of options. The 76-year-old Los Angeles resident was too sick to get long-term-care insurance and had just $20,000 in savings — yet her round-the-clock home-nursing care. . .
6) Is a reverse mortgage right for you?
Money from a reverse mortgage can provide seniors with the financial security they need to enjoy their retirement years
By Alan S. Kopit
Many seniors today are “house rich and cash poor.” You may have built up equity in your home or paid off your mortgage entirely, yet you may not have money for daily living expenses, home repairs, medical bills, or simply to take a vacation. Well, if you are 62 or older, there is something called a “reverse mortgage. . .
"My many years of experience with Reeves/Hary has been very enjoyable. They have made us feel that they are a part of our team. Reeves/Hary has made our Reverse Mortgage clients comfortable and have done training for their signing agents to accommodate our specialized type of business."
Carin Bucklin
Alliance Title Branch Manager
West Coast Reverse Mortgage Division
Roseville, California
7) What is a reverse mortgage?
A reverse mortgage is a complex home loan for senior homeowners who have built up substantial equity in their property. In a reverse mortgage the lender loans you money based on the value of your home, the amount of equity you have in the home, and your age at the time of the loan application. The lender pays you the money either in a lump sum, in monthly installments. . .
8) Reverse Mortgages: Are They Right for You?
Statistics Today
Many older Americans find themselves in a situation where they do not have enough funds to exist after retirement. According to statistics found on the Administration on Aging website for all persons 65 and over reporting income in 2001, 31.8 percent reported having an income less than $10,000 a year. . .
In order for to qualify for a HUD Reverse Mortgage, borrowers must see a counselor on the HUD approve agency list.
HUD Reverse Mortgages - Housing Counselors Lists
Welcome to the listing of HUD-approved agencies that provide Home Equity Conversion Mortgage (HECM) Counseling! HUD funds housing counseling agencies throughout the country who can give you advice on reverse mortgages. Just contact the agency nearest to you from the list below, or call (800) 569-4287. . .
"I have to tell you...You are awesome!!! Thanks for your help. . .and sorry about the last minute, no notice signoffs. Thanks!!!!"
Donna Ziakas
Financial Title Company
Milpitas, CA
9) Requesting HECM Counseling
Calling an Reverse Mortgage Education Project Network Counselor
Homeowners aged 62 and over can get counseling for Home Equity Conversion Mortgages (HECMs) by calling a member of the Reverse Mortgage Education Project (RMEP) counseling network. The RMEP is administered by the AARP Foundation and funded by the U. S. Department of Housing and Urban Development. . .
10) Consumer Alert: Reverse Mortgage Scams
by Michael Licamele
Reverse mortgages are HUD's new innovation for older home owners. Although the program has been in existence for many years, it is only recently that revisions to the program have made it possible for numerous lenders nationwide to begin offering the program. As with many new government programs, the potential for fraud is always present. The Almanac investigates reverse mortgage scams.
WASHINGTON, DC-The Department of Housing and Urban Development (HUD) issued a directive March 17 to prevent senior citizens from being charged thousands of dollars each for information about HUD's re-verse mortgage program
11) Steps to Getting a Reverse Mortgage from the National Reverse Mortgage Lenders Association
12) Reverse Mortgage Calculator
This calculator provides approximate estimates for two nationally
available reverse mortgage programs. These estimates do not reflect
local cost variables, are not an offer to make you a loan, do not
qualify you to obtain a loan, and are not an official loan disclosure.
AARP does not endorse any specific reverse mortgage product or lender
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