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The National Council on Aging (NCOA), one of the five national counseling intermediaries for seniors interested in a reverse mortgage, has begun offering free reverse mortgage counseling for home owning American senior citizens via its RMCS (Reverse Mortgage Counseling Services) network.

The Department of Housing & Urban Development (HUD) has funded NCOA with $2.53 million to counsel seniors on the benefits and risks of reverse mortgages through its National Reverse Mortgage Counseling Services Network.

The usual $125 counseling fee is temporarily waived by counselors affiliated with the RMCS. Reverse mortgages benefit seniors who have home equity, but need money. The free counseling is intended to help educate more senior home owners on how reverse mortgage loans can help them remain in their homes, help with financial difficulties & improve their general quality of life.

Barbara R. Stucki, Ph.D., vice president of the Home Equity division for NCOA saysthat the NCOA is offering free counseling so that older seniors can learn how to use homeequity to draw cash when other assets such as stocks and bonds may have depleted as asource of income. This is because an increasing number of senior citizens are seen to bestruggling with day-to-day expenses yet they own homes which have considerable value in them.

Counselors must follow protocol to explain how HECM works, costs, and provide a calculation of principal limit. They also explain the financial implications of HECM and provide alternatives. Counselors must have received HECM training/education within the past two years and have passed the standardized HECM exam.

Seniors can schedule a counseling session by calling the toll-free number for the NCOA counseling network at 800-510-0301.

Retirement can be much more enjoyable with some extra spending cash. Luckily, homeowners over 62 years of age can turn their home equity into cash with a reverse mortgage. A reverse mortgage can be an excellent supplement to social security and withdrawals from savings.

There are three types of reverse mortgages: HECM Traditional, HECM Saver and Proprietary reverse mortgages.  They may have different expenses, requirements & purposes.

HECM Standard reverse mortgages provide you the most cash available, unless you have a high value home (over $500,000 appraised value). HECM Saver offers the lowest closing costs, but also offers you the least amount of cash.  Proprietary reverse mortgages are generally used for higher value homes, homes appraised between $500,000 and $5,000,000.

Federally-insured reverse mortgages are also known as Home Equity Conversion Mortgages (HECM’s). They can be more expensive than traditional home equity loans. This should be considered if you don’t want to borrow much money or if you will not be staying in your home for long. HECM loans do not have income or credit requirements and can be used for any purpose.  With a reverse mortgage, you do not need to have a job. There are no debt to income requirements and your credit history is not a factor.  Neither your credit rating nor your credit history has any bearing on whether or not you are approved or your interest rate.

Proprietary reverse mortgages are private loans that are that are backed by the companies that develop them. With proprietary reverse mortgages, depending on your age, you generally receive more money than the HECM reverse mortgage programs.

Before applying for any reverse mortgage, you must have HUD reverse mortgage counseling.  This can be done either in person or over the phone.

If you are thinking of a reverse mortgage, now is the time to proceed.  With interest rates rising, you will receive more money now with a 5.300% rate than with the 5.560% rate, which is expected to replace the 5.300% rate in the next few days or weeks.

This higher interest rate may cost you up to several thousands of dollars.  The more expensive your home is, the more these higher rates affect you.  As interest rates rise, the amount of your equity you will receive goes down.

Unlike forward mortgages, you cannot ‘lock’ your interest rate at the time of your reverse mortgage application.

Two weeks ago, reverse mortgages were closing with a 4.99% rate, last week they were closing at 5.06%.  Now, few lenders even offer anything less than 5.30% and many are at 5.560%.

Think of interest rates and the amount you can receive from your reverse mortgage as a see-saw.  One end of the see-saw is your equity … the other end is the interest rate.  As the rates go higher, the less equity you can access.

If you have a $300,000 home, this change in interest rates can result in $12,000 less than you would have received with a 4.99% rate.

WE CAN HELP!
Your past or current credit does not affect our loans!!

With senior’s investments eroded since 9/11, the stock market corrections, rising medication costs and skyrocketing property taxes, more and more seniors are facing foreclosure. If you have about 50% or more equity in your home, we would like to help you stop the foreclosure and keep your home. Depending on your current equity, we will pay off your mortgage or home equity loan and you may even receive tax free cash back at closing, to use any way you like.

If you are behind on your mortgage payments, CALL ME NOW.

We can simplify your life and remove the stress of foreclosure by paying off your current mortgage or home improvement loan. Your current mortgage or loan payments will cease and you may have cash returned to you at closing. You may use this cash for anything you choose. Remember, neither your past nor your current credit have any bearing on our reverse mortgage loans. Your credit does not affect your interest rate, as the rates are the same for everyone, and are capped by FHA/HUD.

Even if you have been threatened with foreclosure, we can help you. We will communicate immediately and directly with your loan holder, explain that we will pay them off completely by a specific date and ‘fast track’ your application to a quick close.

A foreclosure is an avoidable, permanent end to a temporary financial problem. If you allow your home to be foreclosed, you will forever sacrifice all your hard-earned equity you have built up on your home. We will help you get as much equity out of your home as possible.

It’s time your home paid you back!
Line of Credit Now Available!

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Reverse Mortgage of Texas
1700 Redbud Blvd. Suite 310
McKinney, Texas 75069
info@reversemortgageoftexas.com

Contact Sunny Hoppe for a free consultation, or to schedule an appointment.

Phone: (972) 784-8400 or 1-866-784-7300
Email

Mailing Address:
1700 Redbud Blvd. Suite 310
McKinney, Texas 75069

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Monday through Friday from 9AM to 5PM (Central Time)

Or, complete the form below and tell us how we can help you meet your goals. [contact-form-7]

1) Can I do a Reverse Mortgage if I already have a mortgage on my home?

Yes. As long as your current mortgage doesn’t exceed approximately 50% – 60% of the value of the home. If you already have a mortgage or any loan on your home, our reverse mortgage will pay off your existing mortgage or loan, so you will not have any monthly payments.

2) How is the U.S. Government involved with reverse mortgages?

In 1989, the U.S. Government established the reverse mortgage program though HUD. It’s purpose was to provide a means for seniors to stay in their homes and obtain cash or a lifetime income from the equity they built up in their home over the many years of making their monthly mortgage payments. As most seniors age, their earning capacity diminishes, yet, due to rising medical costs as we age, expenses often go up. Reverse mortgages sponsored by HUD is the U.S. Government’s response to the plight many seniors faced with being “home rich” but “cash poor”. It should be noted that the absolute last thing the government wants is a seniors program that takes advantage of seniors. For that reason, the U.S. Government has put in two very important safeguards.

a) A cap on fees and expenses – the interest rate and all fees associated with reverse mortgages are capped as a safeguard for seniors.

b) Required counseling for suitability – HUD requires everyone getting a reverse mortgage make sure it’s right for them by receiving “counseling” from a non-profit, HUD approved counseling agency. This counseling can be done either in person or over the phone.

3) Why is a reverse mortgage better than simply refinancing my current mortgage?

Three reasons a reverse mortgage is better.

First: With a reverse mortgage you will not have to make monthly mortgage payments to repay your loan, unlike with a traditional mortgage where your monthly payments continue.

Second: There is no “income qualifying” with a reverse mortgage.  For a traditional mortgage, you will have to qualify income wise, to make sure you will be able to repay the mortgage.

Third: Your credit history does not matter with a reverse mortgage.

4) Could you give me an example of how a reverse mortgage works?

Financial Freedom will loan you approximately 50%-80% of the market value of your home at a low interest rate. This loan is not repaid until you pass away or vacate your home for more than 12 consecutive months. And, the U.S. Government guarantees your loan to FinancialFreedom. A reverse mortgage is a non-recourse loan.

Here’s an example: Let’s say you are 65 and own your home with a value of $180,000 with an existing mortgage of $23,000. That existing mortgage has payments of $600 a month. If you get a reverse mortgage, you would receive the following:

$60,000 TAX FREE cash that you can receive as a line of credit, a lump sum or monthly income payments for your lifetime.

$600 a month additional income because your $23,000 mortgage has been paid off.

This is accomplished by you receiving 50% of the value of your home ($90,000) via a reverse mortgage from ReverseMortgageOfTexas.com. With the $90,000, you would then pay off the existing $23,000 mortgage on your home, with the balance (after closing costs) going to you in tax free cash. If you are concerned about the repayment of the reverse mortgage, remember, no repayment is required during your life time as long as you continue to live in your home. When you pass away, your children or heirs can sell your home and repay the reverse mortgage with the proceeds of the sale. After they pay off the reverse mortgage, they will keep the profits !! TAX FREE !! And remember, your reverse mortgage is a non-recourse loan and the balance due on your loan can never exceed the value of your home.

5) Are fixed rate loans available?

No, however we do offer a 60 day rate lock as long as you close your loan within 60 days of application signing. The adjustable rate mortgage (ARM) features annual or monthly rate adjustments. The rate is tied to the one year T-Bill or LIBOR.  Interest is paid to the lender only when your home is sold or the mortgage is paid off.

6) Will I have to pay any fees out of pocket to obtain a reverse mortgage?

No. We never ask you for any up-front money. However, there are fees to get a reverse mortgage and they will be added to your loan balance so that you do not have to pay any money out of pocket. These expenses include a loan origination fee of 2% of your home’s FHA appraised value or the FHA maximum loan limit in your county (whichever is lower), an appraisal fee and other ordinary closing costs, and the FHA mortgage insurance premium of 2%. A monthly servicing fee will also be charged and will be financed into the loan balance so you will not have to pay it in cash. There are no out-of-pocket costs; all fees are similar to a traditional home mortgage loan. There are no unusual fees because it’s a reverse mortgage.

7) Are the Closing Costs and Fees in a reverse mortgage high?

No, because they are paid with “future dollars” in typically 15-20 years, not with today’s dollars. There are no out of pocket, up front fees paid by the borrower.

8 ) How safe and secure are reverse mortgages?

Reverse mortgages are sponsored by the U.S. Government through HUD.  The fees and expenses that can be charged on a reverse mortgage are tightly regulated by HUD in order to protect you, the senior.

9) How will a reverse mortgage affect my heirs or children?  I want to leave my home to them.

Most children want their parents to enjoy their ‘golden years’ and are happy that a reverse mortgage gives you the extra money to make your life fuller.  With a reverse mortgage in place, at your passing, your children may sell your home, pay off the loan amount and keep the profits tax free. If your children want to keep your home after you pass away, they simply refinance the reverse mortgage with a traditional mortgage.

10) How long does the reverse mortgage process take? When will I receive my money?

Generally, 30 to 45 days. However, we have closed loans within 16 days. The time it takes is determined by how fast you get us the required documents.

It’s time your home paid you back!

Line of Credit Now Available!