| ||
| ||
|
Mortgage & Refinancing Information | |
|
|
Mortgage: For Those Twilight Years
Tracing back, the concept of reverse mortgages began when one good soul, Nelson Haynes of Deering Savings and Loans wanted to help out the widow of his high school football coach. Today that small act has developed into a popular financing option for the senior citizens. With about 6,000 people turning 62 every day, the market is on an upswing. 2004 witnessed a growing number of applications for reverse mortgage. Compared to 2003 which witnessed a rise of 112% in applicants, 2004 had only 109%, yet Home Equity Conversion Mortgage (HECM) grabbed the lion's share with 90% of the pie. This is attributed to the growing awareness especially from the government initiative to educate the senior citizens about the benefits of reverse mortgage. In its early years, Americans were apprehensive about this backward process. They felt that this income getting mortgage has something fishy associated. Some lenders too helped spread rumors because the products did not involve much security to them, especially with the FHA insured HECM. The concern for seniors has taken the driver's seat on the federal agenda. There have been large scale awareness campaigns, including seminars and workshops .This year the much talked about high loan limits for Fannie Mae's Home Keeper Loan has been raised from $333,700 to $359,650 with a 50% high for Alaska, Hawaii and US Virgin Islands. While HECM have increased its high loan limit to $312,896 from $290,319, subject to geographical area specifications. The lower limit has also been raised amidst much criticism to $172,632 .The purpose of roping in the lower equity home owners into this benefit stands defeated. The prime reason being, the risk involved. The reverse mortgage is primarily for the retired citizens above 62. Who have no source of income and who more often than not spend the rest of their lives amidst mounting medical bills. This is one loan which does not check your credit and your salary stubs. You only need to own a house which has no lien attached and you can borrow against its current equity. The best part of the scheme is you don't have to make those monthly payments, rather you get an income. This frees up money for all kinds of uses and is tax free. Reverse mortgages will become more popular as more and more products are peering in and the rates are making only gradual improvements. This has found a place on every American's long term plans. Last year saw reverse mortgages occupying 3% of the mortgage market that is set to triple in 2005 according to the National Reverse Mortgage Lenders' Association. Our last years will also be a no-compromise deal. Thanks to Reverse Mortgage. For an in-depth knowledge of mortgage and related issues you can log onto:http://www.mortgagefit.comForreverse mortgage: http://www.mortgagefit.com/reverse.htmleligibility: http://www.mortgagefit.com/reverse-eligible.htmlsafety in reverse mortgage: http://www.mortgagefit.com/reverse-safe.htmlpayback methods: http://www.mortgagefit.com/reverse-payback.htmlways to use: http://www.mortgagefit.com/reverse-use.htmlHECM:http://www.mortgagefit.com/hecm.html
MORE RESOURCES:
Mortgage-Refinance - Google News |
|
|
|
RELATED ARTICLES
Before You Buy Before you start looking for a home, figure out what you can realistically afford to pay per month. Check out the market in the area you want to buy. Should You Refinance Your Mortgage if Interest Rates Drop? Mortgage refinancing is when you take a mortgage of a certain interest rate and term length, and change it for a different interest rate and term. If you are looking to refinance your home loan it is usually done when rates have dropped considerably therefore making it advantageous to do so. High Risk Home Mortgage Lenders Online Online high risk home mortgage lenders specialize in offering loans to people with adverse credit due to bankruptcy or other financial problems. By analyzing online quotes, you can find a reasonable mortgage loan even with poor credit. Stop Foreclosure - 7 Tips to Save Your Home Faced with the threat of a foreclosure on their home, with all the weight of the mortgage industry and its army of attorneys against them, the average homeowner might feel like David facing Goliath.But David defeated Goliath !David had a sling and some pebbles. Tips for First Time Home Buyers When looking at tips for first time home buyers, you've come to the right place. Many people are looking all over the Internet for reliable information. Mortgage Free In 15 Years! Imagine paying your mortgage off in 15 years! Think of all the great things you could do with that extra money. What would you do? Retire early? Buy an R. New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process Imagine this: you've found the perfect house, and feel lucky because the interest rates happen to be at an all time low. So you submit your mortgage loan application, and then?wait. Online Mortgage Brokers - What You Might Not Know About Home Loans & The Internet You may think that applying online for a mortgage is the same as applying with a broker in the 'real world', only more convenient.While applying for a mortgage online is much more convenient, and sure to help you get a lower rate because of the amount of competition online, there is another benefit to using the internet when applying for a loan. Obtaining a Home Equity Loan Online Private lenders, banks, and mortgage companies are all setting up shop on the internet, and all make it possible to obtain a home equity loan online. Competition between lenders is stiff, so be sure to check a few companies that offer applications about their rates, products, and customer service. Top 5 Methods to Manage Your Home Equity As your home appreciates in value, you gain equity. You can look at this equity, as a portion of the value of your home, which becomes an asset that is not burdened by debt. Reverse Mortgages Learn The Facts First! Reverse Mortgages, Most Common Features:Many offer special appeal to older adults because the loan advances, which are not taxable, generally do not affect Social Security or Medicare benefits.Depending on the plan, reverse mortgages generally allow homeowners to retain title to their homes until they permanently move, sell their home, die, or reach the end of a pre-selected loan term. Refinancing Your Home - Is the Time Right? Refinancing your home is a major decision not to be takenlightly, even in this era of low interest rates and easymoney. While every mortgage company in town is touting thestrategy of getting a new loan before rates rise again,there are several things you'll want to be mindful of beforeyou go about refinancing your home. Mortgage and Credit Card Companies Under the Spotlight on Consumer Charging For the first time since May 1996 reports have indicated that wage increases have risen faster than house price inflation. According to Nationwide, "The overall picture remains one of a gently softening market". Consolidate Debt With A Home Equity Loan If you are a home owner who is having to borrow from Peter to pay Paul due to a mounting debt load, a debt consolidation home equity loan may be the answer. A debt consolidation loan will allow you to consolidate your high interest credit card and consumer loans into one low rate, affordable monthly payment. Home Equity Loans Home equity loans are a popular way for homeowners to borrow money using the equity in their home as collateral. With this type of loan you can use the equity in your home to finance a multitude of things, from home improvements to large purchases and more. How to Shop Around for the Cheapest Mortgage Deal Online Before you start shopping around for a mortgage, you need to establish exactly what you want so that you do not waste your time looking at deals that will not save you money. You should also learn how to compare mortgages or choose what features of the finance package are important to you. Renters Have Much to Gain by Pursuing Home Ownership Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. What is an Offset Mortgage? An offset mortgage is very similar to a current account mortgage - but instead of having everything all in one account, all accounts are held separately.The offset mortgage concept treats your money as one giant pot, with each element (mortgage, savings, current account etc) separate to the rest. How to Compare Fixed Rate Mortgages and Adjustable Rate Mortgages There are many types of mortgages, and the more you know about them before you start, the better. To compare one Adjustable Rate Mortgage with another or with a fixed-rate mortgage, you need to know about indexes, margins, discounts, caps, negative amortization, and convertibility. Who Could Benefit From A Reverse Mortgage? What is a "Reverse Mortgage?"Also known as a Home Equity Conversion Mortgage (HECM)a reverse mortgage,is a popular way older homeowners (62+) can convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payments.Before explaining a reverse mortgage, let's review the features of a Standard Mortgage:With a standard loan or mortgage, your income stream is used to 'qualify' for the mortgage or loan.
|
| home | site map |
| © 2006 |