I talked with 3 other companies before I talked to Angella- she was by far the most professional, thorough, responsive.
I now do a "Happy Dance" the 1st of the month instead of writing a check for my mortgage - No Worries!
Carita M.
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May 2011
May 18, 2011
May 04, 2011
How to Get the Facts in Researching Reverse Mortgages
You have seen them on TV, you have received dozens of pieces of junk mail regarding them, but where do you get the facts and how do you decide if a reverse mortgage is right for you?
The best resource for reverse mortgage facts is professional or non-profit organizations. Many reverse mortgage lenders will provide you with DVDs/videos to watch. These generally will give you an idea of how reverse mortgage works, However, “the devil is in the details”. There are several consumer-based reverse mortgage guides that will provide you with what you need and with the questions that you should ask yourself in the process of researching reverse mortgages.
REFERRENCE GUIDES FOR YOUR RESEARCH:
- AARP Reverse Mortgage Guide “Homemade Money” click here
- National Council on Aging Reverse Mortgage Guide click here
- National Reverse Mortgage Lender’s Guide “Just the FAQs” click here
It is advisable to talk to at least a couple of different lenders. Look for consistency in the information. Do not tolerate being sold to. Be sure to check out the company and the originator online. Ask for references. When you speak to lenders, if they simply talk about the features and benefits to the program, be a little cautious. A seasoned originator will ask questions to help you discover if you should even consider a reverse mortgage. Examples:
- How long do you plan to live in your home?
- Do you live in an age friendly home?
- Have you done a budget? Do you know that you can support yourself comfortably in your home?
- Is this a home you can comfortably maintain as you age?
The person/company you choose to work with needs to be:
- Knowledgeable
- Informative
- Credible
- Act in a fiduciary manor
If you have a reverse mortgage question, Call Angella Conrard, Certified Reverse Mortgage Professional. 866-949-7030.
10 Tips to Know Before Hiring A Contractor
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Hire only state-licensed contractors.
- Check a contractor's license number online.
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Get three references from each bidder and review their work in person if possible.
- Get at least three bids.
- Make sure all project expectations are in writing and only sign the contract if you completely understand the terms.
- Confirm the contractor has workers compensation insurance.
- Never pay more than 10% down or thousand dollars whichever is less. Do not pay cash.
- Do not let payments get ahead of the work.
- Keep a job file of all papers relating to your project, including all payments.
- Don't make the final payment until you're satisfied with the job.
May 03, 2011
Disclaimer
The opinions expressed in this Blog and those providing comments are theirs alone, and do not reflect the opinions of iReverse Home Loans or any employee thereof. iReverse Home Loans is not responsible for the accuracy of any of the information supplied by the Blog. Please click your browser's back button if you do not wish to continue.
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Senior/Elder Health Links
- reverse mortgages help seniors strapped for cash
More seniors are turning to a reverse mortgage loans these days. A reverse mortgage is a loan that allows seniors to tap into their home equity and use the money to pay for things such as medical bills, groceries and even home repair. - More than 25 percent of Older Americans Using Social Media says AARP
This is great information for anyone working with older Americans; we have an expansive society! Wonderful!
Have faith, the US market will stabilize.- FHA is overwelmed with condo projects to be approved
HUD, did away with condo projects ability to be approved with "Spot Condo" proceedures to get a better hold of the data of how many FHA loans exist in what projects. Approvals are adding another month in the process of attaining a reverse mortgage for condo owners. - Older American Home Values are flattening
Golden Gateway Financial released new usage data from its online reverse mortgage calculator showing that average home values for older Americans have halted their slide after remaining flat or declining for seven consecutive quarters.
A new survey from the Center for Retirement Research at Boston College found that 40 percent of individuals 45-59 expect to retire later than they had before the downturn, with most of the respondents intending to work an additional four or more years before retirement.- Financial Planning Exchange Forum
This is an excellent forum, set up by my friend Bryan Wisda who has a passion in helping seniors and people with finances in general - Obama to Promote Annuities and Other Forms of Guaranteed Life Income
The Department of Labor and the Department of the Treasury (the “Agencies”) are soliciting comments whether the agencies could or should enhance the use of lifetime income or other arrangements designed to provide a stream of income after retirement. One of the questions is related to reverse mortgages: What are the advantages and disadvantages of approaches that combine annuities with other products (reverse mortgages, long term care insurance), and how prevalent are these combined products in the marketplace? Why the sudden interest in how the government can enhance the use of lifetime income arrangements? The New York times recently reported that the Obama Administration is promoting annuities as a tool to give Americans a better shot at a more secure retirement. - Is Reverse Mortgage Interest Deductable?
Reverse Mortgage interest deduction rules are the same for traditional loans and for reverse mortgages: Reverse mortgages are meant for the elderly who will most likely be paying their mortgage and the accrued interest only after they die so the interest deduction is usually just an afterthought. Upon death and on their personal tax returns mortgage interest may be deductible for the original acquisition debt interest, home improvement debt interest and possibly up to $100k of debt on the home for any other use but not deductible for AMT (but it probably won't make that much of a dent in their personal taxes) Qualified Residence Interest Expense. - Congressional Justification Docs Detail Possible Changes to FHA Reverse Mortgage Program
The US Department of Housing and Urban Development published the 2011 Congressional Justifications for the FY 2011 Budget which provides more information regarding the OMB’s $250 million credit subsidy request for the Federal Housing Administration’s reverse mortgage program.
