Goldenyearsmortagage's Blog

Reverse Mortgage Income After Retirement

goldenyearsmortgage — Sat, 12 Jun 2010 09:28:46 +0000

As you approach retirement age you may want to think about getting a reverse mortgage loan to supplement your retirement income. After going through a long and tiring life filled with hard work, you may look forward to retiring with a stable and steady stream of income and being able to live off it comfortably. For many Americans, this means income derived from retirement plans, Social Security and any investments they may have made during their working lives.

One of the other most popular and widespread ways of supplementing retirement income is to take out a reverse mortgage on your property. There are many banks and reverse mortgage lenders in the market today that provide reverse mortgages, and the market has become very competitive which makes the programs more beneficial for the customer.

We know we should begin planning for retirement early. To ensure you survive retirement comfortably it is best to plan as early as possible. For many, the best way to enhance your retirement plan is through a Reverse Mortgage. A reverse mortgage is quite simply a way to access the equity in your home to provide you tax free income with no monthly payments. Most importantly senior home owners age 62 or above are federally eligible to apply and qualify for reverse mortgage loans after going through a mandatory counseling process. There are several options for receiving payout from a reverse mortgage. You can receive fixed, monthly payments for a period of time; get a lump-sum payment; open a line of credit that you can draw against; or you can receive some combination of these options. You don’t have to stick with a payment option forever. You may be able to change your payment option in the future. The money doesn’t have to be paid back to the lender during the lifetime of the borrower. The principal and interest become payable only when the home owner passes away or moves out of the reverse mortgaged property.

The additional or extra line of income derived from a reverse mortgage can help put seniors at financial ease and enable them to gain confidence about their social position and spending ability in retirement. The money can be used any way they see fit – be it for travel, vacation, medical expenses, education expenses of grand children, home remodeling, anything!

The additional level of available money from a reverse mortgage offers senior home-owners peace of mind and stability so they can live their pre-retirement lifestyles without any fear of cash deficiency.

Reverse mortgage income is not taxable either; for the government considers it inappropriate to tax you on property you already own .Taken in perspective, reverse mortgages are good as an additional line of income for the senior home-owners looking to improve upon their lifestyles with a more money in their pockets. The homeowner doesn’t pay a mortgage; instead he receives payment from the lender in exchange for a stake in the value of the home. Check how much you can get from your Reverse Mortgage? We’ve helped thousand of senior homeowners solve their financial questions, it’s time we help you.

For FREE reverse mortgage counseling, Give us a call. We will be more than happy to answer any questions that you may have. Or if you’d like to find out how money you qualify for and if you’re eligible, feel free to give us a call at (800)630-0650.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

Reverse Mortgages Can Ease Your Worries

goldenyearsmortgage — Sat, 05 Jun 2010 01:53:38 +0000

There is good news for everyone who wants to improve their cash flow by accessing some of the equity that has built up in their home. With real estate prices rebounding, those wishing to downsize and move into that cute, little condo across town can start thinking about listing their house and packing their belongings. But, those of us who are 60 plus and homeowners and wish to stay in their home may consider another option – a reverse mortgage.

Unlike traditional loans, a reverse mortgage doesn’t require homeowners to service the interest or repay the principal (no payments!) for as long as they own and live in their home. And with interest rates on reverse mortgages now comparable to those of other home equity borrowing options, there has never been a better time for seniors to access their home equity.

A reverse mortgage allows seniors aged 61 and over to make their existing investments last longer by using their home equity to avoid the sale of their other investments. They can also choose a reverse mortgage to discharge existing debts and thereby increase monthly cash flow.

A Reverse Mortgage is a loan that allows seniors to boost their income by converting a portion of the equity they have built in their home into cash. This cash is not taxable and typically it doesn’t interfere with eligibility for Social Security or Medicare benefits. The loan remains in effect until the last titleholder (owner) dies or permanently leaves or sells the home. The borrower cannot be forced to move or sell the property. The loan can be paid off at any time. One of the benefits of a Reverse Mortgage over traditional loans is reverses have no monthly payment requirement. A Reverse Mortgage can free a senior of monthly mortgage payments and ease some of the money worries day to day living causes. The FHA insures and guarantees most Reverse Mortgages today so they are subject to FHA lending limits. Proprietary products have been developed to help homeowners in excess of these lending limits.

When obtaining a Reverse Mortgage all existing mortgages or liens need to be paid, usually with the reverse mortgage. If the current insurance or property taxes are due they must be paid using the Reverse Mortgage money. After the mortgages and past-due property taxes are paid, here are no restrictions on how the monies can be used. You can use it to pay off debts, often credit cards and other loans, remodeling projects or other home improvements, general living expenses, vacations, health care costs or long term care.assistence. It can also used for college tuition or paying your taxes.

The reverse mortgage money is in proportion to the age of the borrower, the value of the property, interest rates and FHA lending limits. Older means more money. The money could be received in lump sum or other modes such as a monthly payment or line of credit.

No more worries, Reverse mortgages have helped hundreds of thousands of homeowners like you; improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If you’d like to find out how much money you qualify for and if you’re eligible, give us a call at (800)630-0650.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Home = Instant CASH

goldenyearsmortgage — Sun, 23 May 2010 02:23:50 +0000

If you need cash, own a home, and you’re 62 or older, there are a few ways to get money out of your property. If can get approved, you could re-mortgage the home or take a home equity loan and take on a new, monthly payment. You could sell your home and down-size or rent. But if you are a senior homeowner who wants financial security AND a way to remain in your house, you might consider a reverse mortgage.

A reverse mortgage is a loan that can give you the equity in your home to use without having to sell or make a monthly payment. It is specially designed for seniors, what makes this loan so attractive is that you never have to pay back a dime on the loan unless you move, sell your home, or die. Even if you live there for another 50 years, there are no payments.

You can take the money in several ways, too – in a lump sum, in monthly payments, or in varying amounts when you decide you need it, much like a home equity loan. The payoff, usually from the proceeds of a sale, covers all interest and other charges. And because the cash received from a reverse mortgage is not considered income, it comes to you tax free and will not affect your Social Security or Medicare benefits.

One of the more popular benefits of a reverse mortgage is that it allows you to retain title to your home so you can live there as long as you want — and make no payments for life until you leave the home permanently.

To make it simple: you get cash money against the value of your home equity. What is different compared to the usual mortgage is, that the reverse mortgage loans work in that way, that you do not have to pay anything to the lender monthly. Instead, the lender pays you monthly!

In the real world, the reverse mortgage loans include more features. It is wise to get information and to prepare well for counseling. Now let’s assess how much cash can you be paid? The amount you can borrow depends on a number of factors that includes your age, the current reverse mortgage interest rates, the value of your property and In the case of the FHA insured HECM program (Home Equity Conversion Mortgage),the FHA loan limit will be taken into consideration. This will come into play on homes that exceed this limit. The FHA lending limit nationally as of February 24, 2009 is 150% X the Freddie Mac lending limit which equals the FHA lending limit of $625,500. This limit may only be good for a short period of time.

For FREE reverse mortgage information, Give us a call. We will be more than happy to answer any questions that you may have. Or if you’d like to find out how money you qualify for and if you’re eligible, feel free to give us a call at (800)630-0650.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Reverse Mortgage Calculator

goldenyearsmortgage — Sun, 23 May 2010 02:21:23 +0000

The Reverse Mortgage Calculator is a system designed by the Federal Housing Administration that determines a senior homeowner’s eligibility for a reverse mortgage loan. The proceeds available to you are based on the youngest borrower and your home’s property value.

The reverse mortgage calculator shows the effect of decisions you make about how much you borrow and the type of reverse you choose, whether you take an initial lump sum, or arrange regular income payments or a combination of both, how long you borrow for and interest rates and various fees.

It also shows how your home equity may be affected by future changes in the value of your home.

Age is factored into the equation through life expectancy tables. Meaning the older the borrower is, the more money they are going to qualify for starting from the youngest age eligible of 62 going all the way up to a 100 year cap for the table. In the case where a borrower is over the age of 100, they would qualify for the same amount as a 100 year old because that is where the tables stop. Next the interest rate is taken into consideration. There are two interest rates disclosed for the adjustable-rate, reverse mortgage loans. The interest rate that is factored into the equation is known as the “expected rate”. This rate consists of the 10 year index (which is variable) plus the borrower’s margin. The fixed-rate, reverse mortgage rates are disclosed exactly like traditional mortgages.

The higher the rates are at the time the calculator is run, the lower the overall total amount to a borrower will be. There is however a floor rate. Any interest rate below this floor rate will no longer increase the amount of proceeds available through the reverse mortgage. Lastly, the borrower’s home value or government lending limit is factored into the equation. Based on a borrower’s age and the interest rate available they will be eligible to receive a percentage of this final value. This percentage available can range from somewhere around 50% to sometimes as high as 80%.

One other function is to calculate the Mortgage Insurance Premium, loan origination and miscellaneous third party closing costs that are financed through the Reverse Mortgage Transaction. The calculator is able to figure these numbers very easily because the Reverse Mortgage program is government insured and regulated and there are set fees on these loans.

These simple examples stress the need for you to get solid, independent advice from a trusted source who can take into account your needs and circumstances. If you’re considering a reverse mortgage, shop around. Compare your options and the terms various lenders offer. Learn as much as you can about reverse mortgages before you talk to a counselor or lender. That can help shape the questions you ask that could lead to a better deal.

A reverse mortgage can provide money when you need it. Make the most of your retirement with a reverse mortgage, Feel free to call us at 800-630-0650 and we will have an experienced Senior Advisor to help you spend a secure and comfortable retirement in the home you’ve grown to love. We’ve helped thousand of senior homeowners secure their financial futures , it’s time we help you.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

The FHA HECM Reverse Mortgage

goldenyearsmortgage — Fri, 14 May 2010 16:03:56 +0000

The FHA HECM reverse mortgage program is a loan that can help seniors create a regular source of income for themselves without having to work. This loan works differently than any other type of mortgage loan on the market.

FHA HECM reverse mortgage, otherwise known as the FHA HECM loan is the most popular reverse mortgage program. The government designed it to help keep seniors secure and in their homes as they enjoy the rest of their lives. A HECM loan is a special type of home loan that enables home owners to convert a portion of their equity into cash. The equity built up over years of home mortgage payments and appreciation can be used by you, without you having to sell the home. Unlike a traditional home equity loan or second mortgage, no repayment is required as long as you’re living in your home. The U.S. Department of Housing and Urban Development reverse mortgage provides these benefits, and the Federal Housing Authority’s HECM loan is federally insured.

A Reverse Mortgage HECM Loan or FHA Home Equity Conversion Mortgage is working for more and more senior home owners each and every day.

The money received through a reverse mortgage can be used for whatever you want! You are not restricted in how to use the funds. Here are the basics of the FHA HECM reverse mortgage and how it works.

A HECM Plan is easy to obtain, provided that: A homeowner (and/or their spouse) is at least 62 years of age or older, they occupy the home as their primary residence, and they have some equity in their home (proceeds of the reverse mortgage can be used to pay off existing liens or mortgages.)

The amount of money you receive from a HECM Plan is determined by the home value, the number and age of the homeowner(s) and the current interest rate. A representative from Golden Years will assist in evaluating their options and calculating the maximum amount of money that will be available to them.

Just like a typical mortgage loan, reverse mortgage costs include appraisal, credit report, title insurance, legal fees, loan origination, and recording fees. These normal loan costs can be included in your loan balance.

The existing loan must be paid off as part of the settlement of the reverse mortgage. Often the reverse mortgage is used to refinance an existing loan. Interest is charged in a way you can live with. The interest rates on a reverse mortgage can be adjustable or fixed. You are not charged any interest on money that have been approved but not yet withdrawn.

A FHA HECM reverse mortgage can provide money when you need it. Make the most of your retirement with a reverse mortgage, Feel free to call us at 800-630-0650 and we have the experienced and the expert Senior Advisors to help you spend a secure and comfortable retirement in the home you’ve grown to love. We’ve helped thousand of senior homeowners solve their financial, it’s time we help you.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Reverse Mortgage Rates

goldenyearsmortgage — Fri, 14 May 2010 16:02:16 +0000

All Reverse Mortgages is dedicated to helping retirees and seniors live in financial comfort. The goal is to educate about reverse mortgages and assist in the next step of speaking to a reverse mortgage approval. Please feel free to browse our site to look into the reverse mortgage process to see if it might be right for you.

If you’re 62 or older – and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses – you may be considering a reverse mortgage. It’s a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.

The Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to understand how reverse mortgages work, the types of reverse mortgages available, and how to get the best deal.

In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. The proceeds of a reverse mortgage generally are tax-free, and reverse mortgages have no income or credit restrictions.

The cost of getting a reverse mortgage have, in the past exceeded the costs of other types of mortgages or equity conversion loans. Recently these “closing costs” have been going down. Exact costs depend on the particular reverse mortgage program the borrower acquires. For the most popular type of reverse mortgage in the U.S., the FHA-insured Home Equity Conversion Mortgage (HECM), there will be the following types of costs:

1. FHA mortgage Insurance: 2% (of the appraised value)
2. Origination Fee: The cap is 2% of the first $200,000 and 1% thereafter, with an overall cap of $6000.
3. Title Insurance
4. Title, Attorney, and County Recording Fees
5. Real Estate Appraisal $300–$500
6. Survey (may be required) $300–$500

In addition, some programs have a monthly service charge (between $25 and $35) is usually added monthly to the balance of the loan. In all of these cases, the costs of a reverse mortgage can be financed with the proceeds of the loan itself.

Interest rates on reverse mortgages are determined on a program-by-program basis, because the loans are secured by the home itself, and backed by HUD, the interest rate should always be below any other available interest rate in the standard mortgage marketplace for an FHA reverse mortgage. Prior to 2007, all major reverse mortgage programs had adjustable interest rates. Such adjustable rate reverse mortgages are still being offered which are adjusted on a monthly, semi-annual, or annual rate up to a maximum rate. Now many reverse mortgages have rates that are fixed for the entire time you have the reverse.

Several FHA HECM reverse mortgages offer fixed interest rates. Some of these mortgages have interest rates that are similar to the current FHA/VA rate plus the mandatory mortgage insurance premium. Some fixed rate reverse mortgages offer different cash proceeds than that offered by adjustable rate reverse mortgages. The borrower(s) may be required to take out the entire amount offered at closing.

Some state and local governments have offered low-cost reverse mortgages to seniors. These “public sector” loans generally must be used for specific purposes, such as paying for home repairs or property taxes, but most of them often have more favorable interest rates and fewer or no fees associated with them. These programs are typically very restrictive in terms of qualification and location, and many regions, states, and areas do not have such programs at all.

Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence.

A reverse mortgage can provide money when you need it. Make the most of your retirement with a reverse mortgage, Feel free to call us at 800-630-0650 and we have the experienced and the expert Senior Advisor to help you spend a secure and comfortable retirement in the home you’ve grown to love. We’ve helped thousand of senior homeowners solve their financial limitations, it’s time we help you.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Can Reverse Mortgage Affect My Government Benefits?

goldenyearsmortgage — Fri, 14 May 2010 15:59:58 +0000

A reverse mortgage enables older homeowners to convert part of the equity in their homes into tax-free cash without having to sell the home, give up title, or take on a new, monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.

For anyone over the age of 62 and who has equity in their primary home, there is a possibility to release that equity and make yourself more financially comfortable without having to take on new monthly payments or move house. The amount available is normally calculated as a lump sum of money you can borrow against your home but you do not have to take the loan as a lump sum, there are other options.

You will still own your home and you can, if you choose to, live in it until you die or sell at any time if you decide your home is too big or is too much work or unkeep for you to cope with. This option is called a ‘Reverse Mortgage’, How a reverse mortgage works is that you take out a loan against your home but you do not make any repayment, instead any interest accrued is added to the loan amount year on year and is paid off either when you die, you sell the house or you leave the house and it is no longer your primary residence.

Thankfully, there seems to be very little confusion now that a reverse mortgage – while insured indirectly by the government – is itself NOT a government benefit. Many borrowers, however, don’t understand how obtaining a reverse mortgage will affect their actual government benefits.

Fortunately, there seems to be very little impact on one’s primary entitlement benefits ( like Social Security, disability and Medicare) when obtaining a reverse mortgage. With Social Security, the amount that you receive is generally proportional to the amount that you paid into the fund while you were working, so any additional income you receive after you’ve retired won’t affect your entitlement. The same is generally true for Medicare; once you qualify, it doesn’t really matter what your financial position is, from the standpoint of the government.

On the other hand, obtaining a reverse mortgage can definitely impact your eligibility for need-based programs, such as Medicaid, Food Stamps, etc. When computing these benefits, the government will take all of your income into account, including funds received from a reverse mortgage. However, if these funds are relatively modest, and if you typically spend your disbursement in the same month that you receive it, you may able to claim them as cost-of-living funds (as opposed to disposable income). In this case, you should still be eligible to receive those types of government funds.

For all of these benefits, you should consider that the government will probably have to make some tough decisions in the next couple decades in order to make sure that they remain functioning. That probably means that they will become more aggressive in determining who actually needs these funds, irrespective of who is entitled to them. Fortunately, this kind of scrutiny is still many years away, and for now, you can rest assured that obtaining a reverse mortgage probably won’t affect your access to government benefits.

Now let’s assess how much cash can you be paid? For FREE reverse mortgage information, give us a call. We will be more than happy to answer any questions that you may have. Or if you’d like to find out how money you qualify for and if you’re eligible, feel free to give us a call at (800)630-0650.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

What Is Refinancing?

goldenyearsmortgage — Sat, 17 Apr 2010 02:55:17 +0000

Refinancing is a process in which you pay off one or more existing debts with a new home loan. If you have perfect credit, lots of obvious income, and plenty of equity, refinancing is sometimes a good way to obtain a lower interest rate or to convert a variable rate loan to a fixed rate.

It is also a way to save money and take advantage of the low interest rates. Specifically it is the process of taking out a new mortgage, and using the money to close out or pay off a current mortgage. If you refinance into a lower interest rate, you’ll reduce your monthly mortgage payment even if your new mortgage is for the same amount as your current mortgage. Obtaining a new mortgage involves costs of its own. In deciding whether or not to refinance you need to compare the savings of a lower monthly payment against the costs of refinancing.

Refinancing gives you the chance to replace your current mortgage with a new loan with a favorable rate and terms that you can afford to manage. The new loan is offered against the same property as the collateral and may or may not exceed the current loan balance. The new loan funds are used to pay down the current mortgage while any remaining cash can be used to your best advantage.

Refinancing lenders often require a payment of a certain percentage of the total loan amount as part of the process of refinancing debt. Typically, this amount is expressed in “points” (also sometimes called “premiums”), with each “point” being equivalent to 1% of the total loan amount. Therefore, if the refinance option selected involves paying three points, then the borrower will need to pay 3% of the total loan amount through the process. Most refinancing lenders offer a variety of combinations of points and interest rates. Paying more points typically allows one to get a lower interest rate than one you would be capable of getting if one paid fewer or no points. Alternately, some lenders will offer to finance parts of the loan themselves, thus generating so-called negative points which also called “discounts“.

The decision of whether or not to pay points, and how many points to pay, should take into consideration the fact that with points, one tends to trade a higher upfront cost in exchange for a lower monthly premium later on. Points can be paid out of the cash saved by refinancing the loan in the first place.

As a general rule, refinancing truly works if the interest rates are low and if it saves lots of money. In addition, by refinancing one is able to get better credit because he will be able to make your payments quicker.

Check how refinancing can ease your worries? Feel free to call us at 800-630-0650 and one of our Professional Senior Advisor will be more than happy to answer all of your questions. We’ve helped thousand of senior homeowners solve their financial problem, it’s time we help you.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Reverse Mortgage Facts

goldenyearsmortgage — Sat, 17 Apr 2010 02:52:57 +0000

A reverse mortgage is an attractive and appealing program for seniors aged 62 years and above. It allows them to acquire a loan based on the equity of their home, without having to sell the place. However, you need to be careful when taking these loans because a bad reverse mortgage lender can land you in grave trouble.

The process of finding a good reverse mortgage lender is similar to that of finding a good mortgage lender. When you approach a lender, you should try and ask as many questions and queries as you can in regards to the mortgage. A good idea is to do a bit of research regarding reverse mortgage before approaching the lender so that you know the right questions to ask. If the answers you get are obscure, then the lender is either trying to mislead you or he/she is not good at his/her job. Therefore, it is better to approach another lender.

The “best” reverse mortgage lender can vary widely according to your personal circumstances. What is right for you may not be right for someone else.

It may be that a HUD endorsed HECM Reverse Mortgage may be right for you. Typically, these tend to involve a longer and more complicated process to take one out but when you get there you have the security of knowing it is Government backed. These may seem best to some people but, others may prefer the simplicity of a non-HUD endorsed reverse mortgage from a private commercial lender.

These simple examples stress the need for you to get solid, independent advice from a trusted source who can take into account your desires and circumstances. If you’re considering a reverse mortgage, shop around. Compare your options and the terms various lenders offer. Learn as much as you can about reverse mortgages before you talk to a counselor or lender. That can help form the questions you ask that could lead to a better deal.

A reverse mortgage can provide money when you need it. Make the most of your retirement with a reverse mortgage, Feel free to call us at 800-630-0650 and we have the experienced and the expert Senior Advisors to help you spend a secure and comfortable retirement in the home you’ve grown to love. We’ve helped thousand of senior homeowners solve their financial problems, it’s time we help you.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Say NO To Foreclosure

goldenyearsmortgage — Sat, 17 Apr 2010 02:51:00 +0000

The flood of foreclosures is continuing across the U.S. Last year 2.8 million properties received foreclosure notices. This is affecting all age groups, you may be one of the million people facing the threat of foreclosure and looking for any number of possible solutions. Whether you’re in foreclosure now or worried about it in the future, we have information that can help you.

If a homeowner does fall behind in their existing mortgage payments for any reason, the best course of action is to contact their lender before foreclosure is imminent to see if a repayment schedule can be worked out. If a senior homeowner is over the age of 62 and has a mortgage that is relatively low in relation to the appraised value of the property which means If you have a significant amount of equity to tap into, it may be feasible to investigate the use of a reverse mortgage to avoid foreclosure, particularly if no other resources are available. Unlike a home equity loan, there are no monthly payment obligations with a reverse mortgage.

There have been many cases where a reverse mortgage has literally saved the day, rescuing a senior’s home from foreclosure. Since the terms of a reverse mortgage require that any preexisting mortgages be paid off before the proceeds of the reverse mortgage become available, the lender that is threatening foreclosure is paid first. Any subsequent liens or debts can also be settled from the proceeds of the reverse mortgage, with no stipulations on the use of the remaining cash. Even if there is a minimal amount of cash left after paying off the primary lender, foreclosure is avoided, no monthly payments are required, and as long as the senior borrower continues to live in the property, the loan can never be called. No financial or credit qualifications to meet, no monthly payments obligations, and no restrictions on the use of the cash. Reverse mortgages are rapidly becoming a new and vital source of cash for today’s seniors.

Consulting with family members, a trusted financial advisor or elder law attorney, and a competent reverse mortgage consultant are a must for senior homeowners to educate themselves about the various options available and to determine if a reverse mortgage would be a suitable solution for their particular needs and circumstance.

Many seniors are suffering silently and losing their homes to foreclosure because they do not realize that they can use the funds from a reverse mortgage to save the home from foreclosure. Don’t be one of them, Pick up the phone and dial 800-630-0650. Check how you can avoid foreclosure. We have a Professional Senior Advisor that will be more than happy to answer all of your questions. We’ve helped thousand of senior homeowners solve their financial problems, it’s time we help you.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com