Auto Reverse
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To state simply, Reverse Mortgage is a loan available to the seniors. Seniors in the US means people having age more than 62 years. It is also known as Lifetime Mortgage in the UK. Reverse Mortgage is basically used to release the home equity in the property as one lump sum or in the form of manifold payments. The house owner’s responsibility to pay the loan is delayed until the owner dies, the home is sold or the owner goes to places like old age homes etc. Thus, in short, reverse mortgages allow the senior citizens to sell off some part of their equity so that they can have some extra cash in hand. And they do not even need to sell their home or opt for a home equity loan. Thus, in reverse mortgage, it is the lender who sends you monthly payments till the time you live in the house.
Basically, there are three types of reverse mortgages- single purpose, federally-insured and private. Single Purpose reverse mortgage is the one which can be utilized for one purpose which is specified by the federal government or a non-profit lender. Some common purposes are home repairs, property taxes etc. This type of reverse mortgage is available at a very low cost and is usually taken up by people earning low or moderate incomes.
Reverse mortgages that are federally insured are commonly known as Home Equity Conversion Mortgages (HECM’s). These mortgages have the support of US Department of Housing and Urban Development (HUD). Because of the high costs involved with the application of these mortgages, they are suited for people who are expected to stay in their homes for a long time. To qualify for the HECM’s, the first and foremost thing that needs to be done is contacting a federally-approved housing counseling agency. It is this agency which will explain to you the costs, the financial implications and the alternatives to reverse mortgaging. There are many factors which determine the amount of money you can expect to receive from a HECM. Some of these factors are your age, the type of reverse mortgage chosen, value of your home, current interest rates etc.Generally, as the amount of equity in your home rises, the amount of money you receive also rises proportionately. Also the older you are, the more amount you are likely to receive. After qualifying for a HECM, you get to choose from a wide array of options the mode in which you would like your payments. Fixed monthly payments over a specific period of time or setting up of a line of credit are just two options from the whole lot available to you.
Private reverse mortgages are comparable to HECM. Only, in private mortgages, the money is scrounged from a private lender and the cost involved is higher than in HECM.
Reverse Mortgages have some important features which need to taken care of. Firstly, the payments from these mortgages do not come under taxable income. Secondly, you, as the borrower, are the one who is responsible for the repairs of the house, paying of property taxes etc. Thirdly, reverse mortgages involve closing costs.
One very important disadvantage of reverse mortgage is that at the end of its term, you are left with little or no equity in your house. Hence, you are not left with anything that you can pass on to your heirs.
About the Author:
Jon Elton owns and operates a Car Home Life Insurance Quotes website to help while making decision about insurance. He also operates a Cheap Car Auto Insurance site to help taking decision about auto Insurance.
Article Source: ArticlesBase.com – Reverse Mortgage
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