Sure....it is a special mortgage where you are not required to pay back the loan. It draws on the equity in your home and as long as you live in the house you will never have to make a payment. Check out this link
****Must Reach Senior Investor status before posting URL's***
Great info dantecreighton,
Would you be able to email me the link since it wont allow you to post it? Im very interested in this as well. My e-mail address is **Please See My Profile**
A reverse mortgage still requires fees and accrues interest. Also, most companies have a backwards age requirement and it has to be Owner Occupied...gotta be a senior citizen.
Many realotors are best in there own arena meaning the understand end users (homeowners) more than investors, unless they are aware of investing.
Investors buy without emotion that can be harder than an emotional sale.
Most "Investor" call R.A. get are from people that never buy anything . My good brokers came to me from my FSBO marketing on existing property. They knew I had at least bought that one.
In FL agents are set up for people relocating from up north. I did a condo in Jupiter FL I like CT better. Plenty of deals here
Draftee Investor is correct, reverse mortgages have fees and are still a mortgage (in reverse).
Although you can never be removed from your home, the actuarial tables and available equity used to qualify usually cover the risk to where they will not be in a situation where the equity has been used and the owner is still resident. someone with a 90% LTV loan on their home would not qualify for a reverse mortgage.
Also, as soon as that person leaves their home - death or moving into assisted living, the mortgage is closed. No transfer or letting the kids stay there. The remaining equity that was not used will be returned to the senior.
This really is a great incentive for a senior who is cash flow poor but real estate rich - like many of today's seniors. They can still remain in their own home in their golden years without having to sacrifice on essentials or care. Look to see many more of these in the coming years.
Sure....it is a special mortgage where you are not required to pay back the loan. It draws on the equity in your home and as long as you live in the house you will never have to make a payment. Check out this link
****Must Reach Senior Investor status before posting URL's***
Great info dantecreighton,
Would you be able to email me the link since it wont allow you to post it? Im very interested in this as well. My e-mail address is **Please See My Profile**
Thanks
TVArookieinvestor
Try this link
http://www.hud.gov/buying/reverse.cfm
What a world,
Keep the house you can't pay for at the expense of other peoples insurance premiums once there is no more equity.
ps thanks for the info
Careful all!
A reverse mortgage still requires fees and accrues interest. Also, most companies have a backwards age requirement and it has to be Owner Occupied...gotta be a senior citizen.
hope this helps,
clear2close
[addsig]
Many realotors are best in there own arena meaning the understand end users (homeowners) more than investors, unless they are aware of investing.
Investors buy without emotion that can be harder than an emotional sale.
Most "Investor" call R.A. get are from people that never buy anything . My good brokers came to me from my FSBO marketing on existing property. They knew I had at least bought that one.
In FL agents are set up for people relocating from up north. I did a condo in Jupiter FL I like CT better. Plenty of deals here
Draftee Investor is correct, reverse mortgages have fees and are still a mortgage (in reverse).
Although you can never be removed from your home, the actuarial tables and available equity used to qualify usually cover the risk to where they will not be in a situation where the equity has been used and the owner is still resident. someone with a 90% LTV loan on their home would not qualify for a reverse mortgage.
Also, as soon as that person leaves their home - death or moving into assisted living, the mortgage is closed. No transfer or letting the kids stay there. The remaining equity that was not used will be returned to the senior.
This really is a great incentive for a senior who is cash flow poor but real estate rich - like many of today's seniors. They can still remain in their own home in their golden years without having to sacrifice on essentials or care. Look to see many more of these in the coming years.