Warren Mortgage | Long Island Reverse Mortgages
Published August 16, 2010 | 
Long Island Reverse Mortgages
Finding a reverse mortgage on Long Island can be a daunting task. Long Island Reverse Mortgage brokers are available, but finding the right broker or firm can be difficult. Understanding the Long Island Reverse mortgage market can help you make an education decision to move forward. A Long Island Reverse Mortgage (or lifetime mortgage as known in other states) is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments.
If a property on Long Island increased in value after a reverse mortgage is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home. But in certain countries (including the United States), a reverse mortgage must be the only mortgage on the property. Long Island Reverse Mortgages are very similar to other reverse mortgage programs offered in different states.
To qualify for a reverse mortgage in the United States (including Long Island) the borrower must be at least 62 years of age. The cost of getting a Long Island Reverse Mortgage from a private sector lender may exceed the costs of other types of mortgage or equity conversion loans. Exact costs depend on the particular reverse mortgage program the borrower acquires.
In all of these cases, the costs of a Long Island Reverse Mortgage can typically be financed with the proceeds of the loan itself, with the costs and fees being rolled directly into the principal balance of the loan, rather than paid by the borrower in cash. Because there are no payments made during the course of the loan, the compound interest accrued on the principal plus fees are added to the principal of the loan.
Interest rates on Long Island Reverse Mortgages are determined on a program-by-program basis, because the loans are secured by the home itself, and backed by HUD, the interest rate should always be below any other available interest rate in the standard mortgage marketplace for an FHA reverse mortgage.
How should I find a reverse mortgage on Long Island?
Some state and local governments offer low-cost reverse mortgages to seniors. You should speak with your Real Estate Attorney or CPA to see if they know any programs that apply to Long Island reverse mortgages. These “public sector” loans generally must be used for specific purposes, such as paying for home repairs or property taxes, but most of them often have more favorable interest rates and fewer or no fees associated with them. These programs are typically very restrictive in terms of qualification and location, and many regions, states, and areas do not have such programs at all.
Click here to learn more about Long Island Reverse Mortgages.
Greg Iorio writes articles regarding residential mortgages. He has over 20 years experience as a Senior Lending Consultant for a top-tier US Mortgage Bank.
Reverse Mortgage – Avoid Foreclosure by Refinancing
Published June 12, 2010 | One fault, which some seniors do, is that they think that by postponing the decision the time will help. Unfortunately that does not work. This article goes through the points how the reverse mortgage loan can give benefits, as one possible solution, which can pull a senior out of the bad situation.
1. Why To Act Quickly?
If your mortgage payments are behind 3 months or more, it is the time to act very quickly. You see there is not a single lender, who wants that you are in the trouble with the payments. If you honestly want to clear the situation, you can start to talk about the possibility to use the reverse mortgage loan by which you can refinance your mortgage loan.
Because the question is about the disposable cash monthly money, the solution must offer ways, how to either decrease the monthly expenses or to add the amount of the disposable money, or both. Actually the reverse mortgage can give both benefits.
2. The Meaning Of The Good Credit Score.
A good credit score is like the image of the brand. When it is okay, you cannot even notice it, but when you will lose it, you will feel the pain. The credit score will make your borrowing costly or impossible. If you will meet the home foreclosure, your credit score will drop by 250 or 300 points for ten years and additionally you can lose your home.
3. How The Reverse Mortgage Can Help?
The reverse mortgage is always taken against the equity of the home, no other assets will be used to pay that. First a senior pays away the remaining usual mortgage with the reverse loan and then the lender starts to pay to him. Note, that nothing will be paid back on the monthly payments, but the loan capital and all expenses are paid back, when the loan will be closed.
4. How Much Can A Senior Borrow?
The starting point is the value of the home, where a senior lives permanently. We can say, that the older the borrower is, the higher the appraised value of the home and the lower the interest rate, the more he can get, the maximum amount is $ 625.000. When he will pay away the usual mortgage, it will give him more disposable money every month.
5. Who Can Guide You?
The U.S.Government has organized the guidance in that way, that the federal counselors give a free guidance to the seniors either via phone, email or in the personal meetings. The counselors are very helpful and can give tips also about other solutions than the reverse mortgage loans.
Juhani Tontti, B.Sc., Marketing. The reverse mortgages can bring help if you are facing the home foreclosure. The idea is to act quickly and to decide to take the reverse loan. Visit: reverse mortgage
Article Source:
http://EzineArticles.com/?expert=Juhani_Tontti
More here: Reverse Mortgage – Avoid Foreclosure by Refinancing
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Leave a commentWarren Mortgage | Long Island Reverse Mortgages
Published March 3, 2010 | Long Island Reverse Mortgages
Finding a reverse mortgage on Long Island can be a daunting task. Long Island Reverse Mortgage brokers are available, but finding the right broker or firm can be difficult. Understanding the Long Island Reverse mortgage market can help you make an education decision to move forward. A Long Island Reverse Mortgage (or lifetime mortgage as known in other states) is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments.
If a property on Long Island increased in value after a reverse mortgage is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home. But in certain countries (including the United States), a reverse mortgage must be the only mortgage on the property. Long Island Reverse Mortgages are very similar to other reverse mortgage programs offered in different states.
To qualify for a reverse mortgage in the United States (including Long Island) the borrower must be at least 62 years of age. The cost of getting a Long Island Reverse Mortgage from a private sector lender may exceed the costs of other types of mortgage or equity conversion loans. Exact costs depend on the particular reverse mortgage program the borrower acquires.
In all of these cases, the costs of a Long Island Reverse Mortgage can typically be financed with the proceeds of the loan itself, with the costs and fees being rolled directly into the principal balance of the loan, rather than paid by the borrower in cash. Because there are no payments made during the course of the loan, the compound interest accrued on the principal plus fees are added to the principal of the loan.
Interest rates on Long Island Reverse Mortgages are determined on a program-by-program basis, because the loans are secured by the home itself, and backed by HUD, the interest rate should always be below any other available interest rate in the standard mortgage marketplace for an FHA reverse mortgage.
How should I find a reverse mortgage on Long Island?
Some state and local governments offer low-cost reverse mortgages to seniors. You should speak with your Real Estate Attorney or CPA to see if they know any programs that apply to Long Island reverse mortgages. These “public sector” loans generally must be used for specific purposes, such as paying for home repairs or property taxes, but most of them often have more favorable interest rates and fewer or no fees associated with them. These programs are typically very restrictive in terms of qualification and location, and many regions, states, and areas do not have such programs at all.
Click here to learn more about Long Island Reverse Mortgages.
Greg Iorio writes articles regarding residential mortgages. He has over 20 years experience as a Senior Lending Consultant for a top-tier US Mortgage Bank.
Harvard Law Professor Elizabeth Warren speaks with Michael Moore about mortgage fraud & Financial Consumer Protection. From huffingtonpost.com
