Reverse Mortgage Situations and Applications

Reverse Mortgages, which are becoming more and more prevalent in today's society, definitely have their fair share of both advocates and critics.  Because of this, many people are often misinformed about how exactly a reverse mortgage could be of benefit to them.   As is usually the case in life, it is better to be educated about something before you decide for or against it. This week, we once again meet with our resident Reverse Mortgage expert Bruce Parris, who shows us a few situations where these types of mortgages may be of benefit to senior citizens. Bruce Parris Mortgage Advisor 817-527-3165 office 1-866-205-2305 toll free 214-783-2235 cell Hello folks, today let’s talk about a couple of situations I have found some of my clients in where a Reverse Mortgage helped them out substantially. A spouse passes away.   The home has a $250,000 value and an $80,000 mortgage with a $625 monthly payment.  You want to stay in the home but your monthly income comes up short.  You could sell the house but you ...

Reverse Mortgages – JUST THE FACTS

This week we are joined again by our reverse mortgage specialist, Bruce Parris, who answers some of the most basic and controversial questions about Reverse Mortgages.  Enjoy! Bruce Parris 817-527-3165 1-866-205-2305 toll free What is a reverse mortgage? Reverse mortgages are FHA-Insured loans on the equity in your home, but you never pay it back as long as you live in your home, so no monthly payments. Who qualifies? Anyone 62 years of age who owns a home may qualify. Does the home have to be paid off already? No.  Many people use a reverse mortgage to pay off an existing mortgage. How much money will I receive? An appraiser will come to your home to determine the market value of your home.  Most clients will receive 40% to 75% of the appraised value of their home or the lending limit, (currently $625,500) set by the FHA, whichever is less. Is there a tax advantage? Yes.  When you take out a reverse mortgage the proceeds are non taxable income.  No income tax is due.  If you take money out of your retirement funds that money is taxable.  So a reverse mortgage ...

Safety Tips and Useful Technology for Seniors

This week we are joined by our Reverse Mortgage Specialist Bruce Parris, who offers some useful safety tips and technology for Senior Citizens.  Enjoy! USEFUL TECHNOLOGY FOR SENIORS I just wanted to share some good information I found about some fantastic new products for senior citizens.  As seniors are living longer and longer these days, it makes sense that there are new technologies being created to help enhance and support independence. PRESTO - Presto is a service that does not require a computer to use, but allows you to print email messages or photos to your own special printer.  If you want to learn about what's going on in your childrens, grandchildrens, or friends' lives, then Presto is great.  Just ask your son or daughter about it, or you can always visit www.presto.com for more details! Skype - Skype is a free phone service with video capabilities that makes calls through use of your computer.  This means that free calls can be with anyone in the world as long as you both have the free program loaded on your computer.  My daugher recently lived in London and on our computer screen we were able to see our five ...

All About Reverse Mortgages

If you are over the age of 62 and you own a house, you have more than likely heard about a Reverse Mortgage.  This is an interesting issue due to the fact that Reverse Mortgages are becoming extremely popular in America these days. Unfortunately, though, many people are afraid of this type of mortgage, which can be attributed to a lack of knowledge on the issue, or just because they may have been misinformed. The truth is, a reverse mortgage can offer extremely beneficial assistance (monetarily) to a senior who may be out of options or who is just strapped for cash. But what exactly is a Reverse Mortgage?  How do they work?  What are the requirements for obtaining one?  All of these questions will be answered in the following guide. In the most basic sense, a reverse mortgage is a special type of loan that lets you convert a portion of the equity in your home into cash. What this means is, the money you have built up over the years by making home mortgage payments can essentially ...