Differences

This shows you the differences between two versions of the page.

reverse_mortgage [2019/05/20 16:15]
admin
reverse_mortgage [2019/11/09 16:15] (current)
admin
Line 11: Line 11:
=====Reverse Mortgage Explained===== =====Reverse Mortgage Explained=====
 +
 +**Update/News November 2019**
 +
 +Are you tempted to go for a Reverse Mortgage in order to get some nice cash out of your home, but don’t know whom you can trust? There are lots and lots of banks and other lenders sending out mail trying to get new customers for this type of loan, and it can be confusing.  Reverse Mortgages are really and they can be very attractive, but you need to be able to trust a professional to figure out if it’s good — or dangerous — for you and your situation. We recently came across a list of the ten most trust-worthy providers of reverse mortgages. It was put together by ConsumersAdvocate. We don’t have personal experience with this organization but they get high ratings from those who have reviewed their services. So be cautious but do check out the lenders they rated as their top two: Ranked number 1 was AAG (the American Advisors Group). #2 was Longbridge Financial.
 +
'**Important Update May 2019** '**Important Update May 2019**
A new wrinkle in the Reverse Mortgage world has recently been highlighted in the Wall Street Journal. While most existing reverse mortgages are HECM’s, or financial products that are federally insured and have safeguards as well as limitations. A new variation is a HELO, or Home Equity Loan Optimizer. It’s a proprietary product(currently offered by Quicken Loans) that has a much higher limit ($4 million) than the HECM’s. Now seniors in high home value areas as can take considerable funds out of their homes and use them for whatever they wish without tapping other resources. An additional appealing aspect is the the HELO funds are considered loan advances and are not taxable as income according to reports we have read. Always consult with a trusted financial advisor before getting into a traditional HECM or the new HELO. A new wrinkle in the Reverse Mortgage world has recently been highlighted in the Wall Street Journal. While most existing reverse mortgages are HECM’s, or financial products that are federally insured and have safeguards as well as limitations. A new variation is a HELO, or Home Equity Loan Optimizer. It’s a proprietary product(currently offered by Quicken Loans) that has a much higher limit ($4 million) than the HECM’s. Now seniors in high home value areas as can take considerable funds out of their homes and use them for whatever they wish without tapping other resources. An additional appealing aspect is the the HELO funds are considered loan advances and are not taxable as income according to reports we have read. Always consult with a trusted financial advisor before getting into a traditional HECM or the new HELO.
Recent Updates

Healthcare.gov - Healthcare.gov used to be one of our favorite government help sites. It was full of information about finding medical care. It was so useful for those with lower (or no!) incomes. It was easy to find government subsidized medical servi...

Grants for Women - You probably see lots of ads and articles about school and education. Some include the tantalizing number $5730. That particular number refers to is the maximum federal Pell Grant for school, available to all who are eligible. Tha...

Grants For First Time Home Buyers - To our User Community and Facebook fans, we hear you! You may be struggling with your finances but you’re really trying to make a better life for yourself and your family. Buying a home feels like a distant dream. ...

reverse_mortgage.txt · Last modified: 2019/11/09 16:15 by admin