With the change in recent legislation, reverse mortgages are no longer an obscure way to finance a retirement lifestyle, but instead they are becoming a very popular tool for many seniors looking to supplement or finance their retirement. Talking about reverse mortgages over coffee with your friends just like you would chat about the football game is common. Respected organizations like the AARP often discuss the advantages and disadvantages of reverse mortgages in their magazines and e-mail newsletters.
However, there are still many misconceptions about this type of mortgage, in part because of a proliferation of outdated articles that contain poor quality reverse mortgage information. Armed with accurate reverse mortgage information, you will be able to make better decisions about using this type of mortgage to finance your retirement lifestyle.
Important Reverse Mortgage Information
We have assembled the detailed reverse mortgage information and resources below to help you to make a decision about whether or not this financial product is right for you and your family. If you would like to talk to a specialist about what reverse mortgage solutions can do for you, contact Sandy McKee at Sunstreet Mortgage today.
This reverse mortgage information pamphlet from the National Council on the Aging provides in-depth reverse mortgage information about assessing your suitability for this kind of financing, understanding the risks, and where to get more impartial reverse mortgage information. In particular, it explains some of the advantages and risks of using a reverse mortgage to finance long-term medical care for a chronic condition.
This reverse mortgage information article also explains more about how reverse mortgages have changed with the regulatory improvements of the last few years, which have made it easier for responsible retirees to reverse mortgages as tools to respond to fluctuating needs for cash throughout their retirement.
The same website also offers a more detailed reverse mortgage information article on eligibility for a reverse mortgage. In particular, it corrects a common misconception that borrowers under the age of 62 can qualify for a reverse mortgage if they are disabled or are taking other sorts of payments from the Social Security Administration earlier than the typical retirement age. All borrowers, including those that are disabled, must be at least 62 to qualify for a reverse mortgage.
The National Reverse Mortgage Lenders Association (NRMLA) published this brochure explaining the best and most responsible uses for a reverse mortgage along with additional details about qualifications, fees, and how a reverse mortgage can impact supplemental income government benefits like Medicaid, SSI, and other payments from the Social Security Administration.
The NRMLA supervises reverse mortgage lending to ensure high ethical standards in the profession, ensure that borrower interests are being looked after, and that lending standards remain high.
This reverse mortgage information page provided by the Department of Housing and Urban Development (HUD) is a detailed FAQ page containing a wealth of both reverse mortgage information and an overview of the Home Equity Conversion Mortgage (HECM) program. It also contains more details about how you can take your HECM payments as monthly payments throughout the period of time the borrower remains living in the primary residence, as equal monthly payments throughout the term of the HECM, as a line of credit, or as some combination of the previous forms. It is also possible to take a HECM payment as a single lump sum immediately.
The HUD site also contains contact information for locating a HECM counselor in your area.
Contact Sandy for more Reverse Mortgage Information
If you have any questions on the information presented here, or you just prefer to speak with an expert about the reverse mortgage solutions available to you, contact Sandy McKee in Tuscon, AZ today to learn more!