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Reverse Mortgages are becoming a popular financial weapon and option for seniors across the United States. A reverse mortgage offers the freedom of eliminating your mortgage payment. In a tough mortgage market like we are experiencing now, a reverse mortgage can be a better solution than a cash-out refinance or a home equity line.A reverse mortgage provides seniors the ability to transform part of the equity in their primary residences into tax-free income without requiring to sell the house, transfer title, or take on a new monthly mortgage payment or credit line payment. The reverse mortgage got its name because the payment method is reversed. Instead of making monthly mortgage payments to a lender, as with a conventional mortgage, a lender disburses payments to you.Reverse mortgages, similar to a conventional mortgage require closing costs and expenses. However, the great thing about a Reverse Mortgage is that these requirements and fees can be added or included into the mortgage. These concepts allow basically no out of pocket costs for the transaction. It is important to understand how the costs are determined and what the fees cover. A Reverse Mortgage Lender or loan consultant can assist you with a breakdown of all the fees and costs. The small out of pocket expense is another way a reverse mortgage can bring you freedom from your current mortgage payments without the high fees of a conventional refinance.Additional security of a government sponsored program can give the senior the freedom and stability that they are secure. The FHA Home Equity Conversion Mortgage (HECM) is currently the most used reverse mortgage product. Other products include Fannie Mae Home Keeper, HECM 100, HECM 150, and the Cash Advantage Jumbo. The final security feature constructed into a Reverse Mortgage is the necessity of HUD Counseling. Counseling is one of the most important consumer security feature added into the program. It requires an independent third-party to guarantee you understand the program, and review alternative choices, before you complete your reverse mortgage application. Senior citizens can attend counseling from a local HUD-approved counseling agency, or a national counseling firm, such as AARP. The above article shows that a Reverse Mortgage can give you the freedom of eliminating your current mortgage loan, tap your equity, and access your money tax free. With zero to little out of pocket expenses and structured in security features, the Reverse Mortgage can be a powerful and secure financial option.
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