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Reverse Mortgage - Reverse your Monthly Mortgage payment!
from: Troy ShellhammerOne of the most frequent questions that we receive when
assisting with Reverse Mortgages is, "If I already have a
mortgage, can I still do a Reverse Mortgage?" The consensus
seems to be that most people believe the answer to this
questions is no. In reality, however, the Reverse Mortgage is a
system that allows the borrower to reverse their mortgage
payment. Instead of paying from out of their pockets every
month, the borrower uses a Reverse Mortgage to end their
mortgage payments forever.
Now because the Reverse Mortgage is a Federally guaranteed and
regulated program, there are some limits that should be talk
about with the Reverse Mortgage. One is the fact the Reverse
Mortgage is designed to utilize the equity in the home, there
are limits to the amount of money that a Reverse Mortgage can
produce, and of course, how much mortgage can be paid off. A
good way to know if a Reverse Mortgage will perform efficiently
for you is first judge whether or not your current mortgage is
under 70% of your home's appraised value. This is the maximum
lending ceiling for most cases. A Reverse Mortgage
Lender will provide the exact figures.
Next, the money that you will receive from a Reverse Mortgage
MUST go towards paying off your mortgage. Any money that is left
over will be available to you with no restrictions, but only
after your current mortgage is paid off in full. This should be
a goal for Reverse Mortgage applicants who have a large first
mortgage or home-equity loan. An obvious benefit of using the
Reverse Mortgage to remove the current mortgage is the added
income you will receive from removing your monthly mortgage
payments. Reverse Mortgages never require you to make a monthly
payment for the rest of your life, while you are a resident of
the home.
The Reverse Mortgage is a product that is useful to remove
monthly payments on credit card debts, medicine, and medical
bills. The idea behind the Reverse Mortgage originated in
Europe, and has been the most popular senior financial vehicle
in England, Germany, France, and the Scandinavian nations for
the last 35 years. Although the United States has only perfected
the safety and administration of the Reverse Mortgage in the
last 15 years, its popularity has exploded in the last decade.
It is at a point now that we are experiencing a 200% growth from
each year to the next in the number of seniors around the
country joining the Reverse Mortgage program.
With social security and Medicare benefits not providing the
amount of income that seniors expected to last them through
their retirement, Reverse Mortgage are a tax-free, safe, and
minimal out-of-pocket-cost strategy that does not affect any
government benefits or income, protects the home from default
and foreclosure, and relives the senior of the stress of monthly
mortgage payments. Most people who do a Reverse Mortgage are
ready to enjoy their retirement, travel, and "Do Stuff!" This is
the reason the Reverse Mortgage is now becoming the one of the
most popular senior financial vehicles, not in Europe, but in
the United States.
About the author:
Troy Shellhammer is a Reverse Mortgage specialist with Next
Generation Financial Services, a division of 1st Mariner Bank.
He advises seniors on the Reverse Mortgage process and produces
Reverse Mortgage loans nationwide. Please visit his website at
http://www.reversemortgagenation.com/troyshellhammer or call
1-888-9 REVERSE for any questions, information, or an estimate
on what you or your friends and relatives may receive with a
Reverse Mortgage.
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