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McArtogo
Guest
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 Posted: Sat May 19, 2007 2:34 pm Post subject: REVERSE MORTGAGES |
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Re: Reverse Mortages... 
I imagine most are young home buyers on there, but I'm 62
and trying to find a forum or blog with others who are wanting
more info on the pros/cons of obtaining one of these....
All the pitfalls to look out for, etc...I've already read AARP's info
Got Robt Wagner's CD, etc....but need to speak to those who've
already gone thru the procedures with actual experience, who can
tell me what to look out for in lenders, the fine print and the whole
bit. As they say...if it looks too good to be true...Well it may be
true...but, what's the catch/es now, or down the road...?
Thanks for any help, everyone.
SAMcClellan in Oregon
"artogo4u@yahoo.com"
[Email address deactivated as per forum rules. Thanks. Caron] |
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 Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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| Posted: Sun May 20, 2007 11:01 pm Post subject: RE: what questions to ask reverse mortgage lenders |
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Well SAMcClellan, I do not have the experience of dealing with a reverse mortgage lender but I can give you an overview of what you should check out for with lenders offering such loans. I came to know about it from my granny as she had once taken out a reverse mortgage and there was indeed a good lender that serviced her well.
Questions she asked the lender were:
- If she could qualify for loan cost loans as she was taking reverse mortgage for home improvement.
- Any HUD rules associated with the reverse mortgage.
- The loan costs including the interest rate, origination fee, servicing fee, and other closing costs which vary among lenders.
- Any special benefits that she could get through the program or any discount in the loan costs.
- Conditions that could make the loan due and payable.
- The total annual loan cost (TALC) rates.
When you shop with lenders, prepare a list of the above questions and more, if any, and clarify all you wish to know about reverse mortgage programs. Also, you can refer to our section on Reverse Mortgages in case you want to find any related information.
I hope that I could help you. In case you have any more query, please feel free to come up with it.
Good luck  |
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rankin
Guest
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| Posted: Mon May 21, 2007 6:16 pm Post subject: |
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| are there many types of reverse mortgage? one loan guy mentioned different types what they are? |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.65 Dollars($)
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| Posted: Mon May 21, 2007 6:29 pm Post subject: |
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Hi Rankin,
Welcome to Mortgagefit forum.
There are 3 forms of reverse mortgage;
a. FHA-Insured reverse mortgage, HECM (Home Equity Conversion Mortgage) is FHA insured reverse mortgage available to people aged 62 years or more,
b. Lender-insured reverse mortgage, often provides higher loan limits as compared to FHA insured loans and
c. Un-insured reverse mortgage, is suitable when a person needs short term but substantial amount of cash.
You can read all other details about these 3 different forms of reverse mortgages from this page: http://www.mortgagefit.com/reverse-types.html
Colin |
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