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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