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reverse_mortgage [2019/05/20 16:15]
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reverse_mortgage [2019/11/09 16:15] (current)
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=====Reverse Mortgage Explained===== =====Reverse Mortgage Explained=====
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 +**Update/News November 2019**
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 +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.
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'**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.
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reverse_mortgage.txt · Last modified: 2019/11/09 16:15 by admin