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Beware Of Reverse Mortgage Misstatements – The Fact Is Reverse Mortgage Lenders Do NOT Own The Home!
There are many myths and misconceptions of reverse mortgages! Probably the most flagrant is the misconception that reverse mortgage lenders own the home. I get very frustrated when I constantly see or hear the statements: “You lose ownership of your home.” “The lender will own the home.” and “Good for the lender, bad for the borrower.” The fact is a reverse mortgage is a mortgage... [Read more]
Food For Thought to fulfill key messages of Social Work Month 2010
During March we recognize and honor Social Workers for the value they bring to our seniors. In a variety of roles, with their knowledge and experience in providing resources social workers assist our seniors. The National Association of Social Workers provides a list of Key Messages for Social Work Month 2010. These include inspiring to improve lives and assisting with problem solving as well as resolving... [Read more]
Which Is Best… A Fixed Rate or Adjustable Rate Reverse Mortgage?
Adjustable rates mortgages have gotten a bad rap but with the reverse mortgage they should be considered. While considered the most desirable, a fixed rate is not necessarily the best option. Let’s discuss the advantages and disadvantages of each. First you need to know how the loan amount is determined. With the reverse mortgage the Principal Limit or maximum loan amount at the time of origination... [Read more]
You Need To Know Reverse Mortgage Borrowers Are Highly Protected!
Legislators, media, some senior advocate groups, and even the general public miss the point that reverse mortgage borrowers are already more highly protected. With more protections than with any other loan or financial decision they make they still feel more protections are needed. Currently the only reverse mortgage is the Home Equity Conversion Mortgage (HECM) which is insured by HUD. HUD... [Read more]
The Misconceptions of Reverse Mortgages Abound… What Do You Know?
MN Reverse Mortgage Borrowers Learned The Facts As those of us who specialize in reverse mortgages know, there are more misconceptions about reverse mortgages than knowledge of the facts. Let me clarify the facts for you. First, a reverse mortgage is a mortgage just like any other mortgage but has special terms for seniors 62 and older. Like any other mortgage the borrower owns the home, keeps... [Read more]
