HUD Reverse Mortgage. Tax-free Income. 62 and Older

Reverse mortgages provide more seniors with a safety net

http://www.latimes.com/classified/realestate/news/la-re-reverse24feb24,0,1068452.story?track=rss

Your posted article is very good and as been seen by many.  Many of the Reverse Mortgage Specialists that have been in this business for a long time have been trained and certified in the reverse mortgage industry extensively.

A few words of advice when looking for Reverse Mortgage Companys:

Choose a company with a long-standing reputation in the business, such as:

Bank of America

Bank of NY

Financial Freedom Senior Funding

Seattle Mortgage

They are major players. 

When using a company that is a Correspondent, ask them who many years the Rep has been in the business.  This is a good indication of whether or not they know the HUD regulations well. Check on how long the company (or broker) has been in business.

Ask your Rep what kinds of Certifications they hold (i.e. Cerfitifed Senior Advisor, Natl Assoc of Financial Planners, Estate Planning w/ knowledge of Reverse Mortgage, etc.)

Make sure they go over every page w/ you while you are signing.  Have someone in your family or a friend w/ you.  Two brains are better than one.

LASTLY,

It is "not" recommended that you take your awarded funds in the credit line and use it to purchase any kind of an annuity or insurance.  It is against HUD regulations to suggest that to any borrower.

"The remaining $100,000 was used to purchase, at the saleswoman’s urging, two deferred annuities — complex contracts that offer monthly income in exchange for a large lump-sum payment..."

We recommend that "if you do not need the money right away ... don't take it out!  Let it grow for you."  Every year, additional money is added to the credit line in December.  Sometimes, that's enough to pay your taxes and have a nice Christmas and you are not touching the principal.

Not every RMS is out to SCAM you!  The best are trained to Counsel, Counsel, Counsel.  If someone is trying to "sell" you a reverse mortgage ... back off of them!!

I hail from Financial Freedom Senior Funding Corporation where I was trained extensively ... and I do mean "extensively".  I love working w/ senior citizens, orgainzed and became President of the Business Network League (a senior organization to help the elderly w/ their issues) and worked on the Bethany Presbyterian Church Community Team working to provide better Housing Counseling for the Community.

My Advice:   Get Counseld on the program. Learn all about it from a qualified RMS and then make your decision. Also, don't wait until it's too late.  Approximately 30% of all reverse mortgages do not qualify for different reasons and are turned down.

Jacquelyn E. Nixon, RMS, CSA

(866) 638-3307

CALL: (866) 638-3307

DIRECT: (951) 530-1558

ASK FOR: JACQUELYN NIXON,RMS,CSA

FREE ANALYSIS; NO OBLIGATION

What Is A Reverse Mortgage?
_____________________________

The reverse mortgage is a safe and easy way for seniors to turn their home’s equity into an additional source of income to meet any financial need. It is a loan that is available to senior homeowners who are "at least 62" years of age.

Unlike traditional home equity loans, this product does not require repayment of any kind until the home is sold, or the borrower permanently leaves their primary residence.

How Do You Qualify For A Reverse Mortgage?

________________________________

Qualifying for a reverse mortgage is simple. Borrowers need to be at least 62 years of age, own their home, have a minimal mortgage, if any, and live in their primary residence. In addition, there are no income or credit qualifications necessary to be eligible for this loan.

How Are The Proceeds Paid From The Reverse Mortgage?
_________________________________

Proceeds are paid in any combination of the following:

• Lump Sum

• Monthly (Tenure) Payments – for Life of Loan

• Term Payments – for specific period of time

• Line of Credit – with growth

• Modified Tenure – Combination of Monthly Payment and Line of Credit

Are There Any Limitations On How The Proceeds Can Be Used?
_________________________________

Reverse mortgage borrowers may use the proceeds for whatever they wish:

• Pay off debt, including taxes, mortgage and other loans

• Make needed home repairs

• Pay for Health Care, Medical Supplies, Prescriptions

• For Day-to-Day Living expenses

• Make additional Retirement Investments

• Anything you want.

Why Should You Consider The Reverse Mortgage? ____________________________________

• No repayment until borrower decides to sell the home or borrower permanently leaves residence

• Unlocks the equity built into home

• No income or credit qualifications

• Proceeds received as tax-free income

• Interest is paid at time loan is repaid – not during loan

• FHA Insured or Fannie Mae Guaranteed

• Flexible payment options

• Growth on credit line option

• No debt passes to heirs

• Credit line does not affect Social Security or Medicare benefits

How Much Money Can A Senior Homeowner Expect To Receive?
________________________________

How much a borrower acquires from the reverse mortgage depends upon their age, current interest rates and the value of their home. The older the borrower and the higher the home value, the more money they are eligible to receive.

Free, no obligation reverse mortgage illustrations are available anytime from a Reverse Mortgage Specialist.

Exactly How “Safe” Is The Reverse Mortgage?
________________________________

• Reverse mortgages are a very safe income option for Senior homeowners.

• Borrower(s) name remains on the title

• Debt owed on loan does not pass to heirs

• Borrower will never owe more than the loan balance or value of property, whichever is less

• Strictly regulated by government and industry associates like

AARP and NRMLA (National Reverse Mortgage Lenders Association)

Common Misperceptions About The Reverse Mortgage
____________________________________ 

• “The lender takes the home” – this is incorrect because the homeowner retains full ownership and the reverse mortgage is a lien.

• “I can be thrown out of my home” – this is untrue because the homeowner can stay in their home for as long as they wish.

• “I can owe more than my home is worth” – the homeowner can “never” owe more than the value of their home.

What Type Of Reverse Mortgage Programs Are Available?

The three types of reverse mortgage programs available from The Reverse Mortgage Company are:

• FHA Home Equity Conversion Mortgage or “HECM”

• Fannie Mae “Home Keeper” Mortgage

• The Cash Account

What Are The Responsibilities Of A Reverse Mortgage Borrower?
__________________________________

• Attend free, but required counseling session by FHA or Fannie Mae approved counselor

• Maintain property

• Continue to pay taxes and insurance on property

Why You should call and get a free analysis? _____________________________________

• Can provide comparisons for:

BANK OF NEW YORK

BANK OF AMERICA

FINANCIAL FREEDOM SENIOR FUNDING

SEATTLE MORTGAGE

COUNTRYWIDE

That way you can make a quality decision!

• Nation’s most reliable lenders of FHA and FannieMae Reverse Mortgages

• Helped homeowners to translate their home equity into disposable income

• Member of the National Reverse Mortgage Lenders Associate (NRMLA)

CALL: (866) 638-3307

DIRECT: (951) 530-1558

ASK FOR: JACQUELYN NIXON,RMS,CSA
FREE ANALYSIS; NO OBLIGATION

Jacquelyn has over 5 yrs of experience in the Reverse Mortgage industry and has participated in key efforts to educate and work through supportive efforts for senior citizens.

2007:

A member of the Certified Senior Advisors. Attained CSA  certification in 2006. 

Organized the Business Network League, a Senior Resource Alliance. President(www.businessnetworkleague.com)

Participated in: Commerce Committee, PA House or Rep.- Mortgage Foreclosures and Predatory Lending Hearing.

Worked with the PCRG Anti-Preditory Lending Initiative

Participated in: National Aging In Place Month, PA, SCSEP Program-Career Links – Senior Aide Program, PA

Participated in: American Dream, Homeownership Seminar

Speaker at Voices of Independence, Homeownership Seminar. Home transitioning for the disabled PA

HUD Reverse Mortgage.

Tax-free Income. 62 and Older Reverse

Mortgage Posted by Reverse Mortgage on March 05, 2008

If you are a homeowner 62 or older, you may qualify for the HUD-subsidized program that will yield tax-free income. You must call and talk to a qualified specialist who will explain the process to you and determine if you are eligible.

A reverse mortgage is a unique loan that enables senior citizens to convert part of the equity in their homes into tax-free income without selling the home, giving up title, or taking on a new monthly mortgage payment. It does not affect your social security or medicare benefits. There is no income or credit qualifications.

Based on certain criteria, the program will pay off your existing mortgage and back taxes. You must call to qualify.

For more information, call Toll Free (866) 638-3307 IT IS NOT MANDATORY THAT YOU SELL YOUR HOME! IT DEPENDS ON WHAT YOU WANT TO DO!

Think about yourself, your parents or grandparents. If they are struggling ... help them!

Jacquelyn E. Nixon, RMS, CSA

Reverse Mortgage Specialist

Certified Senior Advisor

Toll Free (866) 638-3307

Direct: (951) 530-1558 Over 5 yrs experience

www.hud.gov www.nrmla.org Listed with: www.society-csa.com

Read this article in The New York Times about reverse mortgages. Here is some of it:

"A reverse mortgage, the saleswoman explained, would give Ms. Baker instant access to hundreds of thousands of dollars tied up in the value of her home. Such a loan, typically available only to homeowners in their 60s and older, would not have to be repaid until Ms. Baker moved out, the saleswoman said.

And if she never moved, the loan would be settled by selling her house after she died. “Your Home Pays You Cash!” read a brochure the saleswoman left behind.

Ms. Baker, who lives just outside San Diego, jumped at the offer, borrowing a little more than $200,000 through a company called Senior American Funding.

Then the problems began..."

Read the full article...