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pitfalls of a reverse mortgage

We discuss the complexities of the nonborrowing spouse rules, the financial status of the HECM program, and misunderstandings about the line of credit option.

Financial Fitness . This three-hour course covers the importance of managing money and understanding credit so that you will be a wiser consumer and avoid financial pitfalls.

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Reverse mortgage disadvantages Reverse mortgages have many potential disadvantages. But these won’t be a problem for all borrowers, especially those who educate themselves so they can accurately evaluate whether this type of loan is right for them.

A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.

Reverse Mortgage Pitfalls. Reverse mortgages are a way for older homeowners to draw an income (either in installments or a lump sum) against the equity that they’ve built up in their homes. For many seniors in need of funds to live on, it is nothing short of a blessing, but there are some pitfalls to the process that anyone considering it should.

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Reverse Mortgage Pitfalls You can use a reverse mortgage to cash out some of your home equity. Housing, Mortgage, Foreclosure or Real Estate concept image by Kathy Burns-Millyard from Fotolia.com

We discuss the complexities of the nonborrowing spouse rules, the financial status of the HECM program, and misunderstandings about the line of credit option.

Earlier this year, Ginnie Mae moved to make it more difficult for financial institutions to issue HECM reverse mortgage-backed securities (HMBS).

Finance Your New home prospecting letters. These persuasive letters have been created to effectively discuss the benefits that a mortgage can bring-including the incredible savings your client can accrue-as well as illustrating the wide range of financing options available.

Types of reverse mortgages vary, but generally, a reverse mortgage allows homeowners age 62 or older to borrow against their home’s equity. They can opt for a lump sum, line of credit or regular.

In a word, a reverse mortgage is a loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds.

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If you’ve seen the recent ads with Robert Wagner promoting them, you may be wondering what reverse mortgages are all about. In simplest terms, they’re a type of home equity loan available to.

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