Senior Reverse Mortgage Services is your one stop source for information on the Reverse Mortgage product and related services. We are proud to announce that Pat Summerall is now the official spoksperson for Senior Reverse Mortgage Services. Click below to hear his testimonial.
What is a Reverse Mortgage? A Reverse Mortgage is a special type of loan that enables you to tap into the equity in your home and receive cash. This is tax free money. There are no income qualifications. No Credit Approvals. There are no monthly payments to make. The loan is not repaid until you decide to sell or permanently leave your home. Reverse Mortgages are backed by the US Government and major Financial Institutions. Contact Senior Reverse Mortgage Services today at 817-686-4900 to learn more.
Is a Reverse Mortgage Right for You?
Most of us love our home. We have put a lot of ourselves into it. Perhaps we've raised our families there, worked hard to keep it in good repair, lived, loved, laughed and cried there.
Your home is one of the biggest assets you have. It represents one of your largest and most often overlooked sources of Extra Income.
The ability to remain in our home while taking care of ourselves financially is important. A Reverse Mortgage is the answer and Senior Reverse Mortgage Services can make this a reality for you. If you own your home, and if you could benefit from extra cash to supplement your income, reduce credit card debt, cover medical expenses, help a loved one or just enjoy life more. A Reverse Mortgage may be right for you. Contact Senior Reverse Mortgage Services to find out how our services can put more money in your pocket, while you stay in your home.
Facts About Reverse Mortgages Why would a person consider doing a reverse mortgage? What is a Reverse Mortgage?
These come in two basic varieties. In the first, the lender loans a lump sum of money to a borrower. In the second, the borrower has
Read more... Taking Out a Reverse Mortgage For senior citizen entrepreneurs that own a home, a reverse mortgage could provide the financing you need during difficult times.
In difficult economic times, home-owning entrepreneurs of all ages may be able to place first or second mortgages on their homes, refinance existing mortgages to take advantage of equity, or establish lines of credit secured by their residences.
Read more...
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For senior citizen entrepreneurs that own a home, a reverse mortgage could provide the financing you need during difficult times.
In difficult economic times, home-owning entrepreneurs of all ages may be able to place first or second mortgages on their homes, refinance existing mortgages to take advantage of equity, or establish lines of credit secured by their residences.
The availability of these options to individual borrowers depends on many factors, such as credit history, equity, interest rates and lending standards, which are now tightening. One consequence of using these financing vehicles to access capital is that you'll be taking on additional debt with a new or larger monthly payment.
However, qualifying senior citizen entrepreneurs that own a home have an alternative loan option: the reverse mortgage, which is the opposite of a standard or conventional mortgage. Generally, the purpose of a reverse mortgage is to help homeowners over the age of 62 continue living in their homes while supplementing their monthly incomes. The best candidates for reverse mortgages are homeowners who have large equities in their homes, but who are cash-poor.
Reverse mortgages, like conventional mortgages, are loans secured by the borrowers' residential real property. The loan proceeds may be taken out as a line of credit to be drawn down as needed, a fixed sum to be paid monthly to the borrower or a combination of these plans. However, with the reverse mortgage, no payments are due while the borrower remains in the home. Generally, the reverse mortgage becomes due when the homeowner dies or sells the home.
Reverse mortgages can be complicated and aren't appropriate for everyone eligible to obtain one. Since the loan is repaid from equity, your heirs' inheritance will have less value. Application fees, points and closing costs can be substantially higher than with conventional loans. Interest rates are usually higher and are charged on a compound basis. More is charged because the lender won't be repaid until the loan pays off in the future. Another important difference is that the interest on a reverse mortgage is not tax deductible until the loan is repaid.
Some lenders will not only want repayment of interest and costs at the end of the loan, but also a participation in the equity over and above these items. Equity participation is not universal and should be avoided. Given the current downturn in the real estate market, before taking out the loan, consider what happens if the value of the home doesn't equal the amount owned on the reverse mortgage when you die or move. One solution is extending the life of the loan to allow for appreciation in value to occur.
Because of the substantial differences and potential advantages and disadvantages of reverse mortgages compared to standard loans, keep these final two points in mind. First, be sure to seek the advice of a financial advisor, real estate attorney or knowledgeable accountant when considering a reverse mortgage so that loan and borrower will be a good fit. Second, deal only with a reputable, well-established and highly recommended mortgage broker or lender. As with any business decision, do your homework, get good advice and read the fine print.
http://www.seniorreversemortgageservices.com/site/index.php/Taking-Out-a-Reverse-Mortgage.html
Senior Reverse Mortgage Services
312 Harwood Rd., #101
Bedford, TX 76021
Phone: (817) 686-4900
TOLL FREE: (877) 528-4429
Fax: (817) 686-4902
http://www.seniorreversemortgageservices.com/site/index.php/philaform/Contact-Us.html
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