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What is a Reverse Mortgage?
from: Stuart Simpson has a neat mortgage calculator FREE to use. Try it out at:Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in their home into a tax-free income without having to sell the home, give up the title, or take on a new monthly mortgage payment. More and more homeowners are using this to supplement their retirement income, pay for health care, modify their home, or just get some cash for emergencies. Since this is a new product, some people have misconceptions of what a reverse mortgage is. The bank doesn't give you money and take your house. Let's look at some of the most common questions.
Are reverse mortgages for desperate people? No. It is an excellent financial planning tool used from people of all walks of life.
How do I qualify? You must be 62 or if both parties are on the mortgage, then you both must be at least 62. And, you must have equity in your home.
What if I still owe on my home? You may still qualify even if you have a balance on your first mortgage. The proceeds must be used to pay off the mortgage, first.
How much can I get? This depends on several factors such as, the age of your home, the value, your age at the time of closing, and interest rates.
Is it just monthly payments? No. You can get a lump sum, line of credit, monthly payments or a combination of monthly income and a line of credit.
But, won't I have to pay taxes on these monthly payments to the government? No. The funds are tax-free. Its your money, not additional income.
Should I seek a lawyer or receive some counseling before I get a reverse mortgage. Yes. You must be counseled before receiving a reverse mortgage. You don't have to talk to a lawyer or accountant, but it would be advised.
Who owns the title to my house? You still own the title.
What happens when I die? Once your home is passed on to your heirs, the mortgage becomes due. Your heirs may pay the mortgage and keep the home or sell the home and pay off the home. They may keep any excess sales proceeds.
What if I owe more than the house is worth? You can't. Your repayment amount will never exceed the value of the home at the time the loan comes due. Also, there are no prepayment penalties.
What if I move? If you move, then the mortgage becomes due and must be repaid.
Where can I learn more? The National Reverse Mortgage Lenders Association at http://www.reversemortgage.org
About the Author
Stuart Simpson has a neat mortgage calculator FREE to use. Try it out at:
http://www.mortgage-refinance-review.com/calculator.php
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San Diego Mortgage Rates Specific links
San Diego Mortgage Rates News
Refinancing: Time to Act? - Wall Street Journal
 Wall Street Journal | Refinancing: Time to Act? Wall Street Journal Citigroup, meanwhile, is offering a 3.875% rate on 30-year fixed mortgages and 3.250% on a 15-year fixed-rate loans. EverBank Financial of Jacksonville, Fla., is offering San Diego residents a 3.88% rate for a 30-year fixed mortgage. |
Fannie Fees Fail to Offset Record Low Lending Rates: Mortgages - BusinessWeek
Fannie Fees Fail to Offset Record Low Lending Rates: Mortgages BusinessWeek “Rates are so low right now, that additional cost is marginal, said Mark Goldman, a mortgage broker at C2 Financial Corp. in San Diego. ''The only impact it will have is on people who have a visceral reaction to being singled out to fund the extension ... |
Revestor Launches Mortgage Rate Table - MarketWatch (press release)
Revestor Launches Mortgage Rate Table MarketWatch (press release) SAN FRANCISCO, CA, Jan 26, 2012 (MARKETWIRE via COMTEX) -- Revestor, a real estate search engine for home buyers and real estate investors to find homes for sale by the highest potential returns, announced the release of mortgage rates. |
SAN DIEGANS 8 MONTHS BEHIND AT DEFAULT IN '11 - U-T San Diego
SAN DIEGANS 8 MONTHS BEHIND AT DEFAULT IN '11 U-T San Diego The median amount of time that San Diego homeowners were behind on their primary mortgages when their lenders filed default notices was eight months, based on a report from local real estate tracker DataQuick, which captured the last quarter of 2011. |
Wells Fargo to Help San Diego, Inland Empire, Los Angeles Area Customers ... - MarketWatch (press release)
Wells Fargo to Help San Diego, Inland Empire, Los Angeles Area Customers ... MarketWatch (press release) SAN DIEGO, Jan 19, 2012 (BUSINESS WIRE) -- Wells Fargo & Company /quotes/zigman/239557/quotes/nls/wfc WFC -0.30% is hosting the first of three free workshops across Southern California in San Diego for Wells Fargo Home Mortgage, Wells Fargo Financial, ... |