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There are a lot of types of mortgages out there, and one of them that is most appreciated by old individuals are senior reverse mortgages. As the name implies, this works the other way around. Most mortgages work by giving you the payment, but for a senior reverse mortgage, you get paid. For every loan, there are interest rates included. Before applying for a loan, you have to understand how it […]

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A senior reverse mortgage is basically an avenue for seniors within the community to improve their retirement security. Its popularity has been on the increase in the recent past with well over 1 million customers benefitting. If you are planning to get a reverse mortgage, then it is important to shop around. This will help in educating you about the product. The product is complex and there is need to […]

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One of the most popular questions from homeowners planning to take a senior reverse mortgage is, how much will I receive? Well, the answer to this question depends on various factors, and there is no standard amount. These factors that determine the amount of money you receive from a reverse mortgage include the following: 1. Age Just to qualify, you need to be at least 62 years of age. The […]

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Before qualifying for a senior reverse mortgage, your house has to meet the requirements of the Department of Housing and Urban Development (HUD) Minimum Property Standards and Guidelines. These are based on a report compiled by an appraisal that is centered on the health and safety requirements as stated in the HUD’s guidelines. The appraisal, upon visiting your home checks and determines the value of your home. This usually determines […]

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There is a flip side to mortgages, and they are called “Reverse Mortgages”, these financial arrangements have been questioned and analyzed as to whether or not they reduce loans and higher fees and interests. Do they save the day? A mortgage is a loan that involves the use of property, most commonly houses as collateral. The borrower who receives the cash pays it back in periodical payments, over a time […]

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Settling for the best reverse mortgage can be quite an uphill task. However, with adequate knowledge on a senior reverse mortgage, the decision-making process can be not only easy but also successful. There are some factors that have to be considered before deciding. Before delving into these factors, you ought to have a basic understanding of what senior reverse mortgage is and its intended aim. A reverse mortgage is a […]

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A senior reverse mortgage is a home loan that provides cash payments to a person based on the equity of the home. This loan does not need to be paid until the owners sell the house, move or die. This money is not income, so it is not taxable and has no effect on other income you have. Of the different types of senior reverse mortgages, the vast majority of […]

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A senior reverse mortgage is a great way for seniors of age 62 and above to enjoy their retirement life. Unfortunately, many seniors have stayed away from taking a reverse mortgage due to the false and misguided stories about it. It is important to cross check information about a senior reversed mortgage to separate the myth and misconceptions from the truth. The following are some of the common misconceptions about […]

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The procedure for the senior reverse mortgage application should generally take about thirty to forty-five days from the beginning to the end and comprises of 5 main steps. The time-consuming part of this process, however, is the part for decision-making which directs someone to the application. The applicant for the reverse mortgage starts by considering the reverse mortgage six months before completion of the application. The mortgage owner typically researchers […]

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A senior reverse mortgage is a specific type of home loan where beneficiary use the home equity as security instead of income. Providers of loan are in duty to lend money but with legal responsibility to assess the client stability. The reverse mortgage Interest rates naturally exists but beneficiary doesn’t have to repay them while live in his home. Loan is repaid when individual die, sell home or move into […]

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