6 Benefits of A Reverse Mortgage

Reverse Mortgages are often misunderstood so this article is meant to clear up some of the misconceptions.  In order to qualify for a reverse mortgage applicants must be 62 years of age or older and have some equity in their home.

If you wish to watch a reverse mortgage informational video instead please visit this site http://reversemortgageconsultants.org

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6 Reverse Mortgage Benefits:

1) No repayments required for the rest of your life as long as you or your spouse live in your home. Only pay property taxes and insurance.

2) Tax-Free Funds for as long as you live in the home. The funds you receive are non-taxable.

3) Often there is no specific income or credit score requirement.  However there is talk that this may change.

4) Very low risk of default: As long as you meet the terms of your loan. Your heirs will never owe more than the value of the home: If your home goes down in value the federal government steps in and covers the difference. If your home goes up in value your heirs get any additional equity after the loan is repaid.  A reverse mortgage is a non recourse loan which means lenders cannot file a deficiency judgement against the heirs.  The heirs are not personally liable for the note.

5) Eliminate Expenses: Retire without having to worry about mortgage payments or other expenses. Your funds can be used anyway you see fit.

6) You get to keep your home and can enjoy your retirement! If you haven’t saved enough for retirement a reverse mortgage can provide you with peace of mind and the additional funds you may need.

To compare top reverse mortgage lenders, rates, and qualifying amounts please visit: www.ReverseMortgageConsultants.ORG

2016 Reverse Mortgage Pros & Cons

fb_2_RMCReverse Mortgages are often misunderstood so this article is meant to clear up some of the misconceptions.  In order to qualify for a reverse mortgage applicants must be 62 years of age or older and have some equity in their home.  A reverse mortgage is a federally insured loan that seniors can you use to retire without having to make mortgage payments while still keeping there home, and having the ability to pass it on to their heirs.  The loan can be used to eliminate expenses and to increase monthly cash flow.  Below are the pros and cons of a reverse mortgage.

If you wish to watch a reverse mortgage informational video instead please visit this site http://reversemortgageconsultants.org

Reverse Mortgage Pro’s:

1) No repayments required for the rest of your life as long as you or your spouse live in your home. Only pay property taxes and insurance.

2) Tax-Free Funds for as long as you live in the home. The funds you receive are non-taxable.

3) Often there is no specific income or credit score requirement.  However there is talk that this may change.

4) Very low risk of default: As long as you meet the terms of your loan. Your heirs will never owe more than the value of the home: If your home goes down in value the federal government steps in and covers the difference. If your home goes up in value your heirs get any additional equity after the loan is repaid.  A reverse mortgage is a non recourse loan which means lenders cannot file a deficiency judgement against the heirs.  The heirs are not personally liable for the note.

5) Eliminate Expenses: Retire without having to worry about mortgage payments or other expenses. Your funds can be used anyway you see fit.

6) You get to keep your home and can enjoy your retirement! If you haven’t saved enough for retirement a reverse mortgage can provide you with peace of mind and the additional funds you may need.

Reverse Mortgage Con’s

1) You may outlive your equity funds so you will need to spend the funds wisely.

2) Fees can be more expensive than conventional loans. Reverse mortgage lenders often charge an origination fee and closing costs, which can by higher than a conventional loan. This can add up to several percentage points.  However, at the same time with a reverse mortgage no repayments are required, and with a typical mortgage you have to make payments. 

3) Value of estate inheritance may decrease over time as proceeds are spent.  This is especially the case if the value of the home goes down.

4) Needs based government programs such as Medicaid may be affected.  However, a reverse mortgage loan generally does not affect eligibility for Social Security or Medicare.

To compare top reverse mortgage lenders, rates, and qualifying amounts please visit: www.ReverseMortgageConsultants.ORG

Home Value & Appreciation Reports (More Accurate than Zillow)

Home buyers and sellers looking to get estimates values on homes usually look is Zillow or Trulia first.  However these sites, although good, do not always provide the most update or accurate information.  In addition there may be local area developments that are not taken into consideration that can increase or decrease the value of the home.

Pricing Your Home to Sell

Pricing Your Home to SellFinding the right price for your home can be a complicated process, made only more challenging if you are looking to sell quickly.  When considering a price, there are a number of factors that you should keep in mind.  The most important factors to consider are the area around your home, the average home price for a similar home, and the current state of your home.  From here you can get a price that will then be modified downward by your need to sell quickly.  Let’s take a moment to review the steps you can take to correctly price your home to sell.  With any luck, you will leave this article with a better understanding of your next step through this complex process.

How to Increase Your Home’s Value When Selling

increase_home_valueWhen selling your home, you may not be able to predict or control real estate market trends in your area and the state of the economy, but there are some things you can do to increase your home’s value. Indoor and outdoor remodeling, basic home maintenance, and eco-friendly upgrades can make your home much more desirable for buyers. A few hundred dollars of modifications can increase your home’s value by thousands of dollars, so it is worthwhile to take the time and effort to prepare your home for its new owners.

What Real Estate Trends to Expect in 2015

market_trendsWhether you are looking to sell your home or if you are interested in buying a house, it is important to be aware of the current trends in real estate.  As with every year, the market either flops or becomes a huge success and in 2015, it is expected to recover nearly to its fullest potential.  According to RealtyTrac, the housing market in the United States has reached its highest price point since 2008.  With that being said, throughout 2015, the market is said to balance out.

How to Stage Your Home to Sell

Beautiful-Living-Room_2Home staging is no simple task. When it comes to selling your home, staging can be the difference in having a buyer and your home falling flat. Here, we want to share a few staging tips with you that you can do on a budget. We will also talk about the importance of investing in your home to make sure you can sell it quickly. For other tips like this, feel free to ask your current agent for advice. They are more than willing to give their clients hints and tips for the perfect staging.

Home Buyer Horror Stories

horror_homeWork in the home buying industry long enough, and you will come across some truly interesting home buyer horror stories.  From years spent in the field, below are a couple home buyer horror stories that make me grateful regarding the quality of my new house.  If nothing else, these stories may help teach us a lesson or two the next time we are on the market for a new home.

Best Time to Purchase a Home

home-for-sale_2Oddly enough there is a better time to purchase a home than others. Even if you put aside the buyers market/sellers market information (by the way you do want to buy a home when it is a buyers market) there are times of the month and year when you can make out better financially if you buy a home.

Buying a home during the holidays like Christmas is a great opportunity to buy. The prices are typically lower during the holidays although closings can take longer because so many people are out for the holidays so it can be a slower process but a better financial deal for you.

What To Do When Your Home Does Not Sell

home-for-sale_2If your house has been on the real estate market for quite a few months without any real offers, it might be time to take a new approach. If you are having trouble selling your home, it is easy to start feeling overwhelmed. However, there are a few things that you can do to try and sell your home once and for all.

Why is Your Home Not Selling?

There are a variety of reasons why your home may not have sold in a timely manner. You might have your home priced too high or it might just not be a house that shows well. No matter what the reason is behind the problem, you can do a few things to try and spark interest and get your home sold fast.