Posted by Elizabeth Dennis on December 30, 2009 | No Comments
A concise, yet instrumental guide to reverse mortgages. Learn what a reverse mortgage is, how to qualify for a reverse mortgage, restrictions, and the popular mortgages available.
From the resource: “The proceeds can be used for normal living expenses, home repairs or improvements, long-term health care or the purchase of a long-term care insurance policy, retirement and estate planning, medical bills and precription drugs, travel, or any other needs you may have.”
Source: ElderCare Matters
Learn more about Reverse Mortgages at Newbuyer.com.
Posted by NewBuyer on November 30, 2009 | No Comments
A comprehensive guide to FHA’s reverse mortgage program, The Home Equity Conversion Mortgage (HECM). Some of the questions the guide answers are: “What is a reverse mortgage?; What types of homes are eligible? and What is the difference between a reverse mortgage and a bank equity loan?”
Source: HUD
Read More About reverse mortgages at Newbuyer.com
Posted by Elizabeth Dennis on November 28, 2009 | 5 Comments
Are you considering a reverse mortgage? The internet has much of the information you need to help you through the reverse mortgage process. Here we will highlight five comprehensive websites for you to gather the facts and put your reverse mortgage plan into action.
AARP
The America Association for Retired Persons provides a wealth of information and resources for people over the age of 50. AARP’s website contains an entire section devoted to reverse mortgages. The site also provides a downloadable booklet covering the basics of reverse mortgages and the different mortgage types available. The booklet is written simple language with supporting graphics and charts. AARP also provides links to reverse mortgage counselors, originators, lawyers, financing planners and other reverse mortgage professionals.  AARP Website.
Fannie Mae
Fannie Mae, although originally established as a government agency, is a shareholder-owned company which provides affordable housing to Americans in accordance with a congressional charter focusing on providing financial services to low and middle income home buyers. Fannie Mae itself does not lend money but insures reverse mortgages and works closely with lenders to provide reverse mortgage loans. Fannie Mae provides two types of reverse mortgages: the Home Keeper Loan and the Home Keeper for Purchase Loan. Fannie Mae Website.
Financial Freedom
Financial Freedom is a private agency specializing in reverse mortgages. Unlike government-backed programs, Financial Freedom offers loans for those who have high-value homes. The company participated in the development of the reverse mortgage concept during the 1980’s and is still one of the most trusted companies for a reverse mortgage Financial Freedom Website.
HUD
The U.S. Department of Housing and Urban Development offers the popular reverse mortgage called HEC (Home Equity Conversion Mortgage). The HUD website provides lists of government agencies that assist seniors with housing, a mortgage calculator and links to HUD-approved counselors and lenders. HUD Website.
NRMLA
The National Reverse Mortgage Lending Association is a group of reverse mortgage lenders and related professionals, who together provide educational resources, take on the roll of policy advocates and act as a public affairs center. NRMLA was established in 1997 to enhance the professionalism of the reverse mortgage business. Their website provides downloadable consumer guides; a reverse mortgage calculator; links to reverse mortgage news items and developments; and more. NRMLA Website.
