But not all financial planners are familiar with the reverse mortgage of today and may have questions. A seasoned reverse mortgage planner should be pleased (and likely even excited!) to talk to your financial advisor about the features of a reverse mortgage, the projected benefit to the borrower and answer any questions.
A reverse mortgage loan is available to seniors (usually age 62 and older) who own all or almost all of the equity in their home. This loan allows you to exchange equity in your home for cash.
What should I think about before applying for a reverse mortgage loan and what should I ask a reverse mortgage counselor? If you are considering a reverse mortgage loan, start by understanding how one works and how it will affect you now and in the future.
Mike Branson, CEO of All Reverse Mortgage, said he thinks occupancy issues are alarmingly common. All Reverse has been publishing a blog of a number of years answering public questions about reverse.
A reverse mortgage is a loan that allows you to access a portion of your home equity without having to make monthly mortgage payments. 1 With this type of loan, you maintain the title to your home. The loan typically becomes due when the last borrower(s) permanently leave the home or the borrower(s) fail to meet the loan obligations 1 .
These are the key questions you want to ask when considering a reverse mortgage. If you have other questions about the program contact one of our licensed experts today and they can answer any questions you may have.
So my suggestion for anyone thinking about a reverse mortgage is to first get the counseling. Ask your questions, understand it, and then you can be more informed and make the right decision. I hope.
All that, and your mom would still have to qualify for the loan. We recommend anyone considering a reverse mortgage speak to an independent financial advisor who can help determine if the loan is.
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Questions About Reverse Mortgages How Might Expected Life Span Affect the Way in Which a HECM Reverse Mortgage is Used Most Effectively? In What Ways Do Foreclosures of Reverse Mortgages Differ From Foreclosures of Standard Mortgages?
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