Free e book about reverse mortgages. 11 pages explaining this new way for seniors to increase their retirement income
United States of America (Press Release) May 8, 2008 --
Reverse mortgages are typically insured by the FHA which guarantees your monthly income stream. Even if the lender defaults you will get your monthly payments on time.
To be eligible for this income generator you need to be homeowner with equity and at least 62 years of age. The other important guideline is that you must undergo counseling from a HUD-approved counseling agency and family members are also encouraged to join in these sessions.
There is a limit on the amount you can borrow based on this formula:
•Age of the youngest borrower
•Interest rate of the day
•Value of the house(The appraised value or the FHA lending limit)
You may have to pay $300 upfront for an appraisal. The other costs can be
put into the loan balance.
The amount you receive can be dispersed in many ways, here are the 4 most popular:
•Lump sum- all at one time
•Term- monthly cash advance fixed for a period of time
•Tenure- monthly cash advance as long as you occupy the house
•Line of credit- you can draw any amount and whenever required from
this account(within the home equity limits)
An FHA insured reverse mortgage comes in many different ways but the key component is the lender. First Reverse is
So, this is one way of opting for a reverse mortgage.
For the basics of reverse mortgages and to receive your 11 page book explaining them you can log onto:
http://wisconsinreversemortgages.net or
http://dangersofreversemortgages.com
To be eligible for this income generator you need to be homeowner with equity and at least 62 years of age. The other important guideline is that you must undergo counseling from a HUD-approved counseling agency and family members are also encouraged to join in these sessions.
There is a limit on the amount you can borrow based on this formula:
•Age of the youngest borrower
•Interest rate of the day
•Value of the house(The appraised value or the FHA lending limit)
You may have to pay $300 upfront for an appraisal. The other costs can be
put into the loan balance.
The amount you receive can be dispersed in many ways, here are the 4 most popular:
•Lump sum- all at one time
•Term- monthly cash advance fixed for a period of time
•Tenure- monthly cash advance as long as you occupy the house
•Line of credit- you can draw any amount and whenever required from
this account(within the home equity limits)
An FHA insured reverse mortgage comes in many different ways but the key component is the lender. First Reverse is
So, this is one way of opting for a reverse mortgage.
For the basics of reverse mortgages and to receive your 11 page book explaining them you can log onto:
http://wisconsinreversemortgages.net or
http://dangersofreversemortgages.com
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