Reverse mortgage is one such type of mortgage that is given to senior citizens above the age of 62. One doesnt have to repay the loan amount till he dies or sells the home. Finding a Professional Lender Reverse Mortgage A Wise Money-making Option for Senior Citizens LiveWellFinancial.com will not only give you the basic information that you need free on their website, but should you have any other questions, you can either contact their customer support team online, or get a free financial counseling session from them. mortgage modifications law4) Condominiums The income acquired from the loan is tax free. Refinancing to a 15 or 30 year home finance loan
And perhaps the biggest benefit is the ease at qualification... there are no income or credit checks. Considerations for a Chattel mortgage loan If the home is worth more than the loan balance, heirs would benefit more from selling the home themselves. As long as the individuals make a good effort to sell the home, the lender should give them 12 months to find a buyer. Once the home is sold, the lender will be repaid, and the borrowers' heirs will keep any remaining funds. It is, however, important to understand that the lender will expect the home to be sold for its appraised value. If the selling price is much lower than the appraised value, the lender might require additional payment. This keeps people from taking advantage of lenders by selling homes to family or friends at much discounted prices. This loan is also not taxable, won't affect a homeowner's social security benefits and the rates are adjustable, too. In fact, it can also be re-financed. Applicants including those facing foreclosure need not worry as well about an income or credit check. When you include all the designations for other professions such as medical, legal, real estate, and geriatrics, it becomes overwhelming, confusing, and unreasonable to expect a senior adult to understand and appreciate the distinctions. national reverse mortgage lenders associationIn addition, senior homeowners may also want to search and compare reverse mortgage offered by different lenders. It could be helpful to speak to consultants or loan officers as they could provide advice on paperwork and mortgage rates offered. They could also help to compare mortgages based on different scenarios and recommend the one that is most appropriate. Equity release home loan a back up plan