To receive free information and counseling, call HUD toll-free at 800-569-4287. You can find a reverse mortgage calculator, which will give you an idea of how much you can receive, at rmaarp.com/estimates.htm.
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Reverse Mortgage Signing
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- For Long-Term Income, Opt for an Insured Reverse Mortgage
- POLL: How much do you know about your parents' finances?
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FROM THE COMMUNITY
Stephanie, Here in NC, many of our HUD offices have started charging for the HUD Counseling. Apparently, FHA was funding these for HUD, but many have run out of money. The charge here is $125. This is an issue all across the Country.
Reverse Mortgages have limitations that often keep Seniors from getting the financial relief that they need. I predict that we will see a number of interesting products coming to market being marketed as "alternative solutions". One such program currently being offered by New York and California Mortgage Brokers has the same benefits of a Reverse Mortgage but instead of eating into the equity this program shares in the future value of the house. Unlike a traditional reverse, this program will allow the property to be Non-owner occupied (rental) as well as commercial and mixed use properties. The Senior must be 65 or older and in good overall health. When it comes to choices, more is always better. For more information on this Reverse Mortgage Alternative check out www.LoanChatLive.com where you can get Fast, Free, Accurate Loan information from a Mortgage Professional in your area and you can remain completely anonymous. Kim Curtis Mortgage Banker, Life Agent www.LoanChatLive.com