Massachusetts Discount Mortgage - Consumer Direct

What Happens With Your House?

Jay McGrath — Sat, 27 Sep 2008 18:04:21 +0000

Many consumers do not necessarily know that their house does not have to be taken by the lender after they pass away. With reverse mortgages, the homeowner truly has the power to decide the future of their residence.

When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. None of your other assets will be affected by HUD’s reverse mortgage loan. This debt will never be passed along to the estate or heirs.

What is the Difference?

Jay McGrath — Sun, 07 Sep 2008 13:06:36 +0000

Most consumers may not know the true difference between a reverse mortgage and a regular mortgage, but in reality there are three major differences between the two.

The three ways are as follows:

To qualify for a regular mortgage, the lender checks your income to see how much you can afford to pay back each month. With a reverse mortgage, however, you don’t have to make monthly repayments. Therefore, your income is not a requirement for a Reverse Mortgage.

With a regular mortgage, you can lose your home if you don’t make your monthly repayments, however, with a reverse mortgage you can’t lose your home by failing to make monthly loan payments because you don’t have any payment to make.

When you qualified for your original purchase, the lender checked you credit to make sure you paid your bills on time, used a credit score, & calculated your percent of debt to your income. However, with a reverse mortgage, we don’t look at your credit score or debt ratios.

A reverse mortgage is worth your consideration if it fits your particular circumstance. A reverse mortgage will allow you to cost-effectively tap into your home’s equity and enhance your retirement income. If you have some bills to pay, want to buy some new carpeting, furniture, need to paint your home, or simply feel like eating out and traveling more, a reverse mortgage may be the perfect solution.

Age Guidelines for a Reverse Mortgage

Jay McGrath — Sun, 07 Sep 2008 13:04:33 +0000

There are some restrictions with concern to age and other ownership details in order to receive a reverse mortgage loan.

We know that reverse mortgages are not for everyone, because not everyone qualifies to take out a reverse mortgage. Check out below if you are eligible:

You must own your home. All of the owners must be at least 62 years old or older.

Your home must be your principal residence - which means that you must live in it more than half the year.

For the federally insured Home Equity Conversion Mortgage(HECM), your home must be a single-family property, a 2- to 4-unit building, or a federally approved condominium or planned unit development (PUD). For a Fannie Mae Home Keeper mortgage, you must have a single-family home or condominium.

The value of your home must qualify to satisfy any existing liens.

If you have any debt or lien against your home, it can be paid off at the reverse mortgage settlement.

A reverse home mortgage is a great idea if you do qualify.

What Happens After My Mortgage Runs Out?

Jay McGrath — Fri, 22 Aug 2008 02:03:16 +0000

When your mortgage runs out your house is not taken away from you, nor is the loan due. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your home’s value once the mortage is done. For more on monetary stipulations for reverse mortgages the best place to look for information is right on the internet.

Just What is A Reverse Mortgage?

Jay McGrath — Fri, 22 Aug 2008 01:57:41 +0000

A reverse mortgage is a loan that enables homeowners age 62 and over to tap the equity in their home without having to make a mortgage payments, move, or sell the home. It truly is a “mortgage in reverse”. A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until you no longer use the home as their principal residence. HUD’s reverse mortgage provides these benefits, and it is federally-insured as well. Searching for reverse home mortgages can be difficult, but they are out there and are great ways to gain some extra income.

Age for Reverse Mortgage

Jay McGrath — Fri, 22 Aug 2008 01:53:59 +0000

To be eligible for a HUD reverse mortgage, HUD’s Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home. You are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can contact the Housing Counseling Clearinghouse on 1-800-569-4287 to obtain the name and telephone number of a HUD-approved counseling agency and a list of FHA approved lenders within your area. See how to get your reverse mortgage here.

Discount Mortgages

Jay McGrath — Tue, 19 Aug 2008 15:55:51 +0000

As a consumer you should always seek out objective Information and Education when looking for a mortgage solution.

One option is a Reverse Mortgage, but you should fully understands the implications of a Reverse Mortgage as well as all of their options.

Our goal is to give our customers the information and education they need to make the right financing decision, so whether you visit our website, read our brochures and free guides, or meet with one of our loan consultants in person, you know you are getting the honest answers you need to navigate your financing decision.
We Cut Out the Middleman
One Reverse Mortgage is a direct Reverse Mortgage lender. What does that mean? It means that we cut out the back and forth to make your borrowing process go faster and more smoothly. At One Reverse Mortgage there is no broker and no middleman. We make the final decision on your loan by underwriting the loan in-house.
We Save You Money
The One Reverse Mortgage Low Cost/Rate guarantee means you will never pay too much for your Reverse Mortgage.
Greater Choice in Loan Programs
With more loan programs than any other lender, One Reverse Mortgage is more likely to find a Reverse Mortgage that suits your individual needs. Not only do we offer the HECM variable rate products, but also the fixed rate HECM Reverse Mortgage as well as nearly a half a dozen proprietary Reverse Mortgage programs.
A Company You Can Trust
One Reverse Mortgage is a division on One Mortgage Network, LLC and is licensed to lend in over 30 states across the U.S. We are licensed by the U.S. governments Federal Housing Administration (FHA) and the Administration of housing and Urban development (HUD). We are a proud member of NRMLA, the National Reverse Mortgage Lenders Association and strictly adhere to its code of conduct.