Jumbo Reverse Mortgages are also known as Proprietary Reverse Mortgages which are designed and offered by financial institutions for senior homeowners having high value homes. They offer higher amounts than is offered from HECM reverse mortgages.
Administered by private companies and financial institutions, Jumbo reverse mortgage loans have more flexibility in terms to what they offer to the borrowers. Unlike HECM and Home Keeper reverse mortgage loans, Jumbo reverse mortgage loans have no limit on the maximum amount that can be borrowed from the lender. Therefore, it is best suited for those who live in homes valued at or over $600,000.
If you want to benefit from professional assistance before proceeding with this type of loan, then you can contact Reverse Mortgage Group. They have experienced professionals and counselors that provide information that you must know before you apply for this type of loan. Along with that, they have developed a very informative website (http://www.reversemortgageloansplus.com) wherein you can seek information about not only one loan product but about all reverse mortgage loan products with latest information.
Get in touch with them to know how you can get the maximum amount from the lender against your home equity!
Monday, March 21, 2011
Tuesday, March 15, 2011
Advice of Reverse Mortgage Counselors
Reverse Mortgage Loans are appropriate for seniors who do not want to be under the burden of making monthly payments to their lender. The borrower doesn’t have to repay back to the lender while he or she is alive or living in the same home.
To qualify for this type of loan, a borrower has to be at least 62 years of age and must own a house in his or her name. With this type of loan, borrowers can get cash against their home equity without making monthly payments.
There are three types of reverse mortgage products that are available for senior citizens. These are:
1. FHA reverse mortgage loan,
2. Home Keeper reverse mortgage loan, and
3. Jumbo reverse mortgage loan
Every loan has its own set of qualification criteria, benefits, and limitations that must be known in advance to avoid problems in the future. Before you select any of the three loan products, you must contact a reverse mortgage counselor about the best product to suit your needs. Every individual has its own requirements and therefore personal counseling is essential to help you get started.
You can get in touch with Reverse Mortgage Group where experienced counselors work hard to help seniors understand the products available to them. Get in touch with them at the earliest available moment and free yourself from your financial burdens.
To qualify for this type of loan, a borrower has to be at least 62 years of age and must own a house in his or her name. With this type of loan, borrowers can get cash against their home equity without making monthly payments.
There are three types of reverse mortgage products that are available for senior citizens. These are:
1. FHA reverse mortgage loan,
2. Home Keeper reverse mortgage loan, and
3. Jumbo reverse mortgage loan
Every loan has its own set of qualification criteria, benefits, and limitations that must be known in advance to avoid problems in the future. Before you select any of the three loan products, you must contact a reverse mortgage counselor about the best product to suit your needs. Every individual has its own requirements and therefore personal counseling is essential to help you get started.
You can get in touch with Reverse Mortgage Group where experienced counselors work hard to help seniors understand the products available to them. Get in touch with them at the earliest available moment and free yourself from your financial burdens.
Thursday, March 10, 2011
The Popularity of FHA Reverse Mortgage Loans
The FHA reverse mortgage product is federally insured which means that the US government guarantees that the borrower will receive all of the money that is allocated to him or her no matter how the market progresses. The government guarantees to pay the money if:
1. The lender goes out of the business
2. The house prices fall and can’t cover the loan
3. The payment received from the lender exceeds the equity of the home
Under any and all of these circumstances, the borrower does not have to worry about the amount that is owed to them by the lender. This is why popularity among senior borrowers is growing; they are assured that they will receive the money against their home equity as per current interest rates.
Before you apply for a FHA reverse mortgage loan, you should seek help from professional counselors who will help you to evaluate the value of home equity as per your age and existing HECM interest rate to help you get the best deal.
Reverse Mortgage Group is one such name in this industry that has been fulfilling the demands of its clients efficiently. They not only help in understanding the various reverse mortgage products but also help in connecting with reliable lenders to get you the best deal.
If you are planning applying for any reverse mortgage loans, now is the time to seek help from the Reverse Mortgage Group and acquire financial freedom.
1. The lender goes out of the business
2. The house prices fall and can’t cover the loan
3. The payment received from the lender exceeds the equity of the home
Under any and all of these circumstances, the borrower does not have to worry about the amount that is owed to them by the lender. This is why popularity among senior borrowers is growing; they are assured that they will receive the money against their home equity as per current interest rates.
Before you apply for a FHA reverse mortgage loan, you should seek help from professional counselors who will help you to evaluate the value of home equity as per your age and existing HECM interest rate to help you get the best deal.
Reverse Mortgage Group is one such name in this industry that has been fulfilling the demands of its clients efficiently. They not only help in understanding the various reverse mortgage products but also help in connecting with reliable lenders to get you the best deal.
If you are planning applying for any reverse mortgage loans, now is the time to seek help from the Reverse Mortgage Group and acquire financial freedom.
Wednesday, March 2, 2011
Reverse Mortgage Loans- Evaluating Home Equity’s Valueand Amount Owned
A number of factors are considered to qualify for a reverse mortgage loan. It includes borrowers’ age, the value and location of the home, and debt secured by the home. What happens when your age meets the eligibility criteria of a reverse mortgage but your home equity does not qualify?
The amount received from a reverse mortgage loan is based on the value of home equity. If you own a home but value of the home equity is less than what is owed, it is not possible to apply reverse mortgage as an option to meet your financial needs. The lender does not qualify your home if it fails to exceed the amount owed.
While the amount received from reverse mortgage varies based on the different reverse mortgage products, it is still not higher than 50% of the home equity. To evaluate your home and debts, you must consult from a professional counselor who will help you to understand the situation clearly. Reverse Mortgage Group is one such organization that helps evaluate the whole financial situation before you apply for this type of loan.
If there is a possibility to pay the difference in the amount to be received from the lender and the debt from other sources, you still can consider reverse mortgage loan as an option. A senior homeowner, however, smart and intelligenthe or she may be,can always benefit from expert help.
Apply for a loan with an in-depth understanding of the various loan products. Visit the site (https://www.reversemortgageloansplus.com) to contact them at your earliest available moment; it could bring you closer to financial freedom.
The amount received from a reverse mortgage loan is based on the value of home equity. If you own a home but value of the home equity is less than what is owed, it is not possible to apply reverse mortgage as an option to meet your financial needs. The lender does not qualify your home if it fails to exceed the amount owed.
While the amount received from reverse mortgage varies based on the different reverse mortgage products, it is still not higher than 50% of the home equity. To evaluate your home and debts, you must consult from a professional counselor who will help you to understand the situation clearly. Reverse Mortgage Group is one such organization that helps evaluate the whole financial situation before you apply for this type of loan.
If there is a possibility to pay the difference in the amount to be received from the lender and the debt from other sources, you still can consider reverse mortgage loan as an option. A senior homeowner, however, smart and intelligenthe or she may be,can always benefit from expert help.
Apply for a loan with an in-depth understanding of the various loan products. Visit the site (https://www.reversemortgageloansplus.com) to contact them at your earliest available moment; it could bring you closer to financial freedom.
Sunday, February 27, 2011
Prepayment of Reverse Mortgage Loans
Unlike other mortgage loans, reverse mortgage loans are considered the best option for seniors, as they do not have to make any monthly payments to the lender. In fact, the lender pays monthly payments to the borrower while he continues to live in his own home, without any financial burdens.
While a borrower is not due to make payments back to the lender while he is alive or is staying in the home, he can still make pre-payments to the reverse mortgage lender. He will not be liable to pay any prepayment penalties too.
So, unless you have plans to sell the home to move out to a different home, it doesn’t make much sense to make prepayments. On the other hand, reverse mortgage loans are non recourse loans. So, even if you plan to sell the home before you die, you will never be liable to pay more than the value of your home. If you die and your heirs desire to keep the home, they can payback the loan to the lender to retain the home in their name.
Such information is essential to know before you begin with the procedure to take reverse mortgage loans. If you want to know more, you need experienced consultants to provide you with the right guidance. Reverse Mortgage Group is one such consultancy that not only provides you information related to reverse mortgage loans but also helps you to connect with reliable reverse mortgage lenders.
Get in touch with them and secure your future financially!
While a borrower is not due to make payments back to the lender while he is alive or is staying in the home, he can still make pre-payments to the reverse mortgage lender. He will not be liable to pay any prepayment penalties too.
So, unless you have plans to sell the home to move out to a different home, it doesn’t make much sense to make prepayments. On the other hand, reverse mortgage loans are non recourse loans. So, even if you plan to sell the home before you die, you will never be liable to pay more than the value of your home. If you die and your heirs desire to keep the home, they can payback the loan to the lender to retain the home in their name.
Such information is essential to know before you begin with the procedure to take reverse mortgage loans. If you want to know more, you need experienced consultants to provide you with the right guidance. Reverse Mortgage Group is one such consultancy that not only provides you information related to reverse mortgage loans but also helps you to connect with reliable reverse mortgage lenders.
Get in touch with them and secure your future financially!
Wednesday, February 23, 2011
Cash Received from Reverse Mortgage Loans Are Tax-Free
Theageing process also comes with financial burdens that sometimes become hard to manage on your own. With the passage of time, your monthly income stops and you begin to experience financial burdens like home maintenance, medical bills, etc.
To surpass such financial burdens, reverse mortgage loans are now available for seniors of 62 years of age or more. They simply must have title of the home on their name and must meet age requirements to qualify for this loan.
However, if you are thinking that you may become liable to pay tax after acquiring lump sump amount from the lender against your home, then good news is that HECM reverse mortgage loans are tax-free. It is because the cash received from this type of loan is not earned income but it is the principal balance of a loan that has to be repaid with interest.
This may prove to be an exciting option for seniors as they don’t have to repay till they are alive and are not liable to pay any taxes on the amount received. So, while you are applying for a reverse mortgage loan, you need to consider all the factors that may hinder your peace in the future.
Consulting with a professional dealing in reverse mortgage loans might be of your help as they can guide on the right path for your assets and income. Reverse Mortgage Group is one of the well-known service providers that help to connect with reliable lenders for secure reverse mortgage options and procedure.
To surpass such financial burdens, reverse mortgage loans are now available for seniors of 62 years of age or more. They simply must have title of the home on their name and must meet age requirements to qualify for this loan.
However, if you are thinking that you may become liable to pay tax after acquiring lump sump amount from the lender against your home, then good news is that HECM reverse mortgage loans are tax-free. It is because the cash received from this type of loan is not earned income but it is the principal balance of a loan that has to be repaid with interest.
This may prove to be an exciting option for seniors as they don’t have to repay till they are alive and are not liable to pay any taxes on the amount received. So, while you are applying for a reverse mortgage loan, you need to consider all the factors that may hinder your peace in the future.
Consulting with a professional dealing in reverse mortgage loans might be of your help as they can guide on the right path for your assets and income. Reverse Mortgage Group is one of the well-known service providers that help to connect with reliable lenders for secure reverse mortgage options and procedure.
Sunday, February 20, 2011
Choosing Between Fixed and Adjustable Rate HECM Loans
Borrowers who are planning to apply for a reverse mortgage loans are often confused between a fixed rate and adjustable rate Home Equity Conversion Mortgage Loan (HECM).
To clear up any confusion, below is a short description of both types of loan rates:
With fixed rate HECM loans, the interest rate is locked for the entire duration of the loan. The only benefit you can receive from this type of loan is that you will always be aware of the interest rate accrual of the reverse mortgage.
On the other hand, the adjustable rate HECM loans have greater flexibility as you can choose between a line of credit, a lump sum,or a combination of monthly payments. This type of loan is also insured by the government and may be offered at lower interest rates. Moreover, this is for an extended period of time as your interest rate can change, but it won’t affect your monthly lifestyle.
The Reverse Mortgage Group will help you with advice, guidance, and information to consider while choosing between both loan types.
To clear up any confusion, below is a short description of both types of loan rates:
With fixed rate HECM loans, the interest rate is locked for the entire duration of the loan. The only benefit you can receive from this type of loan is that you will always be aware of the interest rate accrual of the reverse mortgage.
On the other hand, the adjustable rate HECM loans have greater flexibility as you can choose between a line of credit, a lump sum,or a combination of monthly payments. This type of loan is also insured by the government and may be offered at lower interest rates. Moreover, this is for an extended period of time as your interest rate can change, but it won’t affect your monthly lifestyle.
The Reverse Mortgage Group will help you with advice, guidance, and information to consider while choosing between both loan types.
