Reverse Mortgages Learn The Facts First!

Reverse Mortgages, Most Common Features:

Many offer special appeal to older adults because the loan advances, which are not taxable, generally do not affect Social Security or Medicare benefits.

Depending on the plan, reverse mortgages generally allow homeowners to retain title to their homes until they permanently move, sell their home, die, or reach the end of a pre-selected loan term.

Generally, a move is considered permanent when the homeowner has not lived in the home for 12 consecutive months. So, for example, a person could live in a nursing home or other medical facility for up to 12 months before the reverse mortgage would be due.

However, be aware that:

Reverse mortgages tend to be more costly than traditional loans because they are rising-debt loans.

The interest is added to the principal loan balance each month. So, the total amount of interest owed increases significantly with time as the interest compounds.

Reverse mortgages use up all or some of the equity in a home. That leaves fewer assets for the homeowner and his or her heirs.

Lenders generally charge origination fees and closing costs; some charge servicing fees. How much is up to the lender.

Interest on reverse mortgages is not deductible on income tax returns until the loan is paid off in part or whole.

Because homeowners retain title to their home, they remain responsible for taxes, insurance, fuel, maintenance, and other housing expenses.

Getting a Good Deal.

If you decide to consider a reverse mortgage, shop around and compare terms.

Look at the:

Annual percentage rate (APR), which is the yearly cost of credit. type of interest rate. Some plans provide for fixed rate interest; others involve adjustable rates that change over the loan term based on market conditions, number of points (fees paid to the lender for the loan) and other closing costs.

Some lenders may charge steep costs, which your lender may offer to finance. However, if you agree to this, you'll take out fewer proceeds from the loan or you'll borrow an extra amount, which will be added to your loan balance and you'll owe more interest at the end of the loan. Total Amount Loan Cost (TALC) rates.

The TALC rate is the projected annual average cost of a reverse mortgage, including all itemized costs.

It shows what the single all-inclusive interest rate would be if the lender could charge only interest and no fees or other costs. payment terms, including acceleration clauses.

They state when the lender can declare the entire loan due immediately. Under the federal Truth in Lending Act, lenders must disclose these terms and other information before you sign the loan.

On plans with adjustable rates, they must provide specific information about the variable rate feature.

On plans with credit lines, they must inform the applicant about appraisal or credit report charges, attorney's fees, or other costs associated with opening and using the account.

Be sure you understand these terms and costs.

For More Infomation On Reverse Mortgages Visit: http://www.debt-elimination-pro gram-reviews.com They review and then list some of the best debt elimination, programs, software and books available online in 2005, Including Free Articles, Special Reports and More!

In The News:

---

Washington Times
How can I avoid a mortgage refinancing rip-off?
IndiaPost.com, CA - 59 minutes ago
For mortgage refinancing, that means knowing the terms of your existing mortgage and the latest mortgage rates, as well as reviewing your credit report and ...
Lenders Backlogged By Refinancing Rush Washington Post
The Truth About Mortgage Refinancing Revealed By Connecticut ... SBWire (press release)
Refinancing suddenly booms Honolulu Advertiser
MSNBC - Forbesall 26 news articles

Money High Street
Average Mortgage Rate Hits 5%, Lowest in Decades
New York Times, United States - 11 hours ago
Of course, buying a home is a more lengthy process than simply calling up a mortgage broker to refinance, and activity typically slows during the holiday ...
Long-Term Mortgage Rate Falls Again Wall Street Journal
Banks' mortgage rates fall below 5% Boston Globe
Homeowners with good credit scores are poised to capitalize on ... Baltimore Sun
Scripps News - AHNall 100 news articles

Washington Times
US Banks Offer Mortgages Below 5% After Fed Action
Bloomberg - 21 hours ago
The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped to 1143.8 for the week ending Jan. ...
Mortgage rates fall to record low again Forbes
Freddie Mac: Benchmark mortgage rate continues to new low MarketWatch
Bold government action can solve housing crisis North Texas e-News
American Banker - Connecticut Postall 605 news articles

Cardoza proposal could aid housing crisis
Stockton Record, CA - 4 hours ago
Under the Cardoza plan, the payment on that mortgage refinanced to 4 percent fixed rate would drop to $1194 a month. Contact reporter Bruce Spence at (209) ...

REFILE-UPDATE 1-US mortgage demand dipped before Fed move-MBA
Reuters - Jan 7, 2009
The jump in applications during December may have been driven by homeowners already "on the fence" and prepared to refinance on a drop in mortgage rates, ...
Mortgage applications down in latest survey Forbes
Week-to-week mortgage applications down 8.2% MarketWatch
Fewer apply for home loans; credit line delinquencies increase Los Angeles Times
KVOA.com - Kansas City Starall 63 news articles

Boston Globe
Fed’s Rosengren Calls for ‘Concerted’ Fiscal, Monetary Policies
Bloomberg - 7 hours ago
... to purchase or refinance homes,� Rosengren said. The average rate on a 30-year fixed-rate mortgage dropped for a 10th week to 5.01 percent yesterday, ...
Rosengren sees path to recovery Boston Globe
Fed's Rosengren says recession more severe than thought Reuters
all 54 news articles

stv.tv
Congressional Press Release on Mortgage Deal
Wall Street Journal - 11 hours ago
"Despite efforts by Congress to address this issue, not enough lenders have come to the table to help borrowers with bad mortgages refinance into new, ...
Video: Business Update:Foreclosure aid? ReutersVideo
Citigroup reaches agreement with key senators on mortgage ... Minneapolis Star Tribune
Citigroup agrees to allow judges to help modify some mortgages IdahoStatesman.com
all 567 news articles

TopNews
Question & Answer on mortgage refinancing
Boston Herald, United States - Jan 1, 2009
If I refinance the mortgage on my current house, will I hurt my chances for getting a loan for a new place later on? A: No. Refinancing a loan shouldn’t ...
MORTGAGES: 30-year Mortgage Rate Falls For Ninth Straight Week To ... CNNMoney.com
Mortgage Rates Hit 37-Year Low Poynter.org
Mortgage Rates Down Again After Rising Above 5.00 Percent Last Week PR-CANADA.net (press release)
Wall Street Journal - Ventura County Starall 457 news articles

Refinancing shoots through the roof
Plano Star Courier, TX - 17 hours ago
“Quite a few people have remortgaged,� said Craig Jarrell, loan officer with Pulaski Mortgage. “Most people who refinance are new homeowners as recent as ...

Mortgage refinancing skyrockets
Cincinnati.com, OH - Jan 3, 2009
... 2009 With US mortgage rates the lowest in 30 years, local lenders say they've seen a strong surge in loan applications as homeowners seek to refinance ...
Waco banks seeing a boom in mortgage refinance applications Waco Tribune Herald
Borrowers seeking to refinance may face challenges WTOP
As mortgage rates slide, refinancing applications take off Dallas Morning News
all 15 news articles

mortgage refinance - Google News

Home Equity Loan Risks

Home equity loans give individuals a tool to extend their existing credit line by securing debt on the equity value of their existing homes. This access to... Read More

How to Find the Best Home Improvement Loan

If you're looking for the best home improvement loan for your money it can sometimes seem like an uphill climb. You may not know whether the offer... Read More

Applying for a Home Mortgage Loan Online - The Pros and Cons

If you have considered applying for a home loan mortgage online, there are a few pros and cons to think about with getting a home mortgage loan... Read More

Secured Loans ? Making the Most of Your Home as Collateral

My visit to the lender was interrupted with my wife demanding a reason for my preference for secured loans. Though I hushed up the matter then, it... Read More

Mortgage Clarksville - Find the Best Deal

Searching for a mortgage can sometimes be a hassle. Where to apply, who to apply with, what deal to take. These are all questions you may be... Read More

Homebuyers Loan Guide

If you are a homebuyer, there are a few points on a homebuyer's loan that you should keep in mind. These pointers simply ensure that you don't... Read More

Understanding a UK Commercial Mortgage

In many ways a commercial mortgage is just like a residential mortgage in that you pledge real property as collateral against a loan to either buy or... Read More

The Mortgage Loan Application Online - Save Time & Money By Applying On The Internet

"You can save time and money by applying for a mortgage loan online." This often touted tagline seems like a gimmick, but it's true. Here's why:You Do... Read More

6 Things to Consider Before Refinancing

Perhaps you're a homeowner in need of some quick cash.Maybe you want to consolidate your debts so you have better control of your money.Perhaps a lender is... Read More

Home Buyers Face Decisions that Affect Their Long-Term Financial Picture

Taking the step for prospective home buyers.into home ownership is one of the most important financial decisions a person will make in their lifetime. There are many... Read More

Refinancing After Bankruptcy

Refinancing after a bankruptcy can seem like an especially difficult challenge, but it doesn't have to be. Six months after your bankruptcy has been finalized, you can... Read More

No Money Down Mortgage Loans - Ways To Get Approved For a Home Loan Online With Zero Down

No money down mortgage loans enabled more people to own their own home. The following ways will help you get approved for a home loan online with... Read More

Non-conforming Home Loans vs Conforming Loans

The simple definition of a "non-conforming home loan" is: You have a job and can make the payments. Your credit is used only to determine your interest... Read More

Decision Time: Home Equity Loan or Home Equity Line of Credit?

Home equity loans and home equity lines of credit continue to grow in popularity. According to the Consumer Bankers Association, during 2003 combined home equity line and... Read More

Home Loans and Mortgages ? Time to Consolidate Loans?

Home equity loans and lines of credit are useful tools for homeowners. They allow the homeowner to borrow against the value of his or her home for... Read More

Refinance Your Mortgage to Rebuild Credit

Refinancing your mortgage is one way to rebuild your credit, particularly if you have recently declared bankruptcy. With a poor credit history, you can find refinancing through... Read More

Sorting through mortgage elimination programs

Mortgage elimination programs are all the rage these days. In the event that you don't know what they are, it's a really basic concept. You apply more... Read More

Mortgage and Credit Card Companies Under the Spotlight on Consumer Charging

For the first time since May 1996 reports have indicated that wage increases have risen faster than house price inflation. According to Nationwide, "The overall picture remains... Read More

Fixed-To-Adjustable-Rate-Mortgage

What is a Fixed-To-Adjustable Rate Mortgage?This type of mortgage offers fixed payments for an initial loan period of up to10 years then followed by an adjustable interest... Read More

Looking for a Bad Credit Home Improvement Loan

To make needed repairs to your home without the advantage of a good credit history often requires a bad credit home improvement loan.This loan, designed for people... Read More

Mortgage Research Good News for House Buyers

Figures from the Council of Mortgage Lenders show that in July gross lending in totalled £25.2 billion, with fixed rate deal mortgages are at their most popular... Read More

Buying a House? How Much Home Can You Afford?

Maybe you've heard the expert advice that your debt to income ratio shouldn't be more than 36 percent of your total income. But do you truly know... Read More

Mortgage Brokers or Banks: Which is Right For You?

When you're looking for a home loan, you might work with an officer at a bank or other lending institution, or you might choose to work with... Read More

A Guide to UK Buy to Let Mortgages

Essentially there is little difference between the process that one follows for a buy to let mortgage in the UK than there is for any other type... Read More

Bad Credit? Qualify Yourself For A Zero Down Mortgage Loan

I decided to write this article today after closing a home purchase loan for a couple that had some major credit issues. They got into the house... Read More

Option One Mortgage Loans ? Getting an Option ARM or Option One Mortgage Loan

Have you heard about or been interested in finding out more about option one mortgage loans? They are becoming very popular, but its important to understand how... Read More