mortgage refinancing information

reverse mortgage can be a great solution for seniors who wish to in their homeland, but have difficulties in their monthly payments and meeting other financial obligations. If you are over age 62 and own your own home, the bank actually paid you money, so you can relax in your home, rather than the other way around. It is important to so many reverse mortgage information as possible before deciding whether to finalize the loan.

Who is eligible for a reverse mortgage loan, even if they have no income. Your home is a single family residence in a one to four unit dwelling, a condominium or any type of manufactured home. Cooperatives and most mobile homes are not eligible. The house must be at least a year old, and you must first contact an authorized consultant.

You can use the loan as a lump sum payment, a fixed monthly amount or a credit line that you use when you need it. The money may cover only a particular purpose. This can include the payment of property taxes or medical bills, home repairs and improvements, paying off credit cards or just daily life. The amount of money you receive depends on your age, the amount of equity in the home, its estimated value and current interest rates. The reverse mortgage loan is not repaid until you sell the house, permanently move or pass away. Your loan could also be due when the property to deteriorate, you do not pay taxes or hazard insurance, or when the last surviving borrower does not occupy the home for 12 months in a row due to illness.

There are some who charge with a reverse mortgage loan, similar to those you would with a normal mortgage. These include connection fees, the lenders operating expenses and are currently limited to the greater of $ 2,000 or 2% of the maximum FHA loan limit. In addition, you will be asked to mortgage insurance, and pay a fee, the valuation is between $ 300 - $ 400 Other closing costs include facilities fees for a credit report (usually under $ 20), flood certification, closing and title search, document preparation, recording, courier, pest inspection and a land survey. In addition, a monthly set-aside in the amount of $ 30-35 per month.

If your adviser, you should be able to handle all the reverse mortgage information you need before making your final decision. It's nice to have the opportunity in their own home, if that is what you want.

For further information, please visit our website for the Elderly
About the pros and cons of a Reverse Mortgage. Read more
on our Reverse Mortgage Information Website.
http://www.reversemortgagezone.com/