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If you are a senior citizen (age 62 years old or older) and you currently own your own home, it is possible that you may want to look for ways to increase the amount of money you can expect to have available each month. One way to do this is by taking out one of the reverse mortgages for seniors that are currently available for qualified individuals. Two of the reverse mortgage programs available for you include the following plans: Home Equity Conversion Mortgage (HECM)An HECM is federally insured and makes up the majority (90%) of all reverse mortgages. There are limits to the amount of money that can be lent to you and this is established by the Federal Housing Administration. Things that the Federal Housing Administration considers are your current age, the value of your home and what you will be paying for the cost of the loan. With an HECM, you are able to select how you want to receive the cash. Also, variable and fixed rate HECMs are available to be explored by you. An advantage of a fixed rate HECM is that you will not have to worry that the rate will change of the life of your loan. If your home is valued under $400,000.00, HECMs generally provide larger loan advances that other reverse mortgages. You can obtain an HECM loan anywhere in the United States, including the District of Columbia. Things that you should look for when comparing HECM plans are: Is the interest rate competitive? How much cash will you have access to? How much income will you receive each month? How high is the credit line growth?Fannie Mae Home Keeper Reverse MortgageThis program is a government-sponsored enterprise program and in many ways similar to a Home Equity Conversion Mortgage. It goes beyond what is offered by a HECM, focusing on addressing individuals with higher property values, those who own condominiums and seniors who might be wanting to use the reverse mortgage money to purchase a new home. As of 2007, there is a $417,000.00 lending limit on Home Keeper Reverse Mortgages, so this option may not be for everyone. There are three types of homes that are eligible for a Fannie Mae Home Keeper reverse mortgage and they are condominiums, single-family dwellings and units that are in planned unit developments that qualify. An important feature of this program is that you may choose to receive money as fixed monthly payments for life (but only as long as you, the borrower, occupy the home as your permanent residence.) Many of todays senior citizens have decided to live a less stressful life by choosing one of these plans. Take a close look at these two programs before deciding if reverse mortgages for seniors are right for you.
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