Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah

 

http://www.LegendReverseMortgage.com Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah. Mark Hammond is president of the We Help Seniors Network, a group of professionals that serve seniors in many different ways. He speaks regularly to groups, participates in "Professionals for Seniors," and serves as an ambassador for the Sandy Area Chamber of Commerce. Mark has been married 20 years and has 4 children. His hobbies are snowmobiling, history, politics, and performing his original music.

Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah

 

http://www.LegendReverseMortgage.com Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah. Mark Hammond is president of the We Help Seniors Network, a group of professionals that serve seniors in many different ways. He speaks regularly to groups, participates in "Professionals for Seniors," and serves as an ambassador for the Sandy Area Chamber of Commerce. Mark has been married 20 years and has 4 children. His hobbies are snowmobiling, history, politics, and performing his original music.

Testimonial of Reverse Mortgage in Utah - Mark Hammond

“I’m retired and my income is low. I have a lot of equity in my home, but it does me no good unless I sell the house. But I need a place to live! I wish there was a way to stay in my home and stop making mortgage payments. I would love to get at some of that equity to pay for prescriptions, medical costs and spoiling my grandchildren. Can’t the lender just let the interest build up on my loan and collect it later after I die? Right now I need a break!”

Visit:  http://www.reversemortgageutah.co/

 

Reverse Mortgage Exposed Video - Different Ways to Receive Your Money

Reverse Mortgages

“I’m retired and my income is low. I have a lot of equity in my home, but it does me no good unless I sell the house. But I need a place to live! I wish there was a way to stay in my home and stop making mortgage payments. I would love to get at some of that equity to pay for prescriptions, medical costs and spoiling my grandchildren. Can’t the lender just let the interest build up on my loan and collect it later after I die? Right now I need a break!”

Home Equity Conversion Mortgages (HECMs), commonly known as reverse mortgages, are Federal Housing Administration insured low-interest home loans for seniors (over 62 yrs) that require no payments EVER as long as the seniors live in the home. Existing loans can be paid off and equity can be drawn out to pay for medical expenses, living expenses, or whatever the borrower chooses. The maximum loan amount is a percentage of the home’s value determined by the age of the youngest homeowner.

Since no interest is paid by the borrowers, interest accrues on the note each month, but is not collected until after the death (or permanent vacancy) of the all borrowers on the note. Lenders assume the risk that the loan balance might become greater than the value of the home. Borrowers retain ownership of the home and can sell the home or refinance the loan to a regular loan later if they choose. Reverse mortgages can also be refinanced later on with a new reverse mortgage to pull out more equity if the home value increases substantially.

Getting rid of monthly mortgage payments and using the nest egg built up over the years can really ease the stress of retirement for seniors. Knowing that their home can never be taken away is also a great relief. The loan does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has 12 months (with no required payments) to refinance the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is passed on to the heirs. If no equity remains in the home, the estate can simply walk away with no liability. The estate is not liable if the home sells for less than the balance of the reverse mortgage.

Purchase a Home with a Reverse Mortgage

Reverse mortgages can be used to purchase a home. For example, seniors that wish to downsize can sell their existing home, make a large down payment on a smaller home, and finance the rest with a reverse mortgage. Then, no payments will need to be made for life.

Call us today just to see how much money you can get.

801-277-5100

Reverse Mortgage Exposed Video - Can You Lose Your Home?

Reverse Mortgage Exposed Video - The Truth About Costs and Your Obligations

are

let's start with the most negative thing about reverse mortgages

the fact that you can lose your home you enter into reverse mortgage

he mortgage company and the Department of Housing and Urban Development

is under contract not require you to make any interest payments

or payoffs as long as you keep your into the deal

so what you're into the deal number one

need to live there and let the lender no one's here in writing

you live there number two pay your taxes and insurance

and prove it number three

maintain the home and number four

this is the 1i promise to tell you in the last video

he on the loan this is the issue

Thanksgiving reverse mortgages some bad press little old lady is forced out over

home because a foreclosure on reverse mortgage

was not alone pilots flying

if your spouse is not over 62 and therefore cannot be on the way home

or if you remarry after getting a reverse mortgage

your spouse will not have the protections if you do against payment of

interest

should use dire permanently moved out will be forced to repay the loan within

six months to a year

your death for permanent vacancy in the house so unless you have a contingency

plan

a place for the non signer to go all funds to pay off the loan should the

signer dire moves out

tell your spouse turns 62 I personally will not do the phone with a strongcontingency plans in place

and I have notarized consent from non borrow

same problem when the borrowers dire move out permanently

so unless your kids are others that live with you can get their own loan to pay

off the reverse mortgage

he'll have to sell the house and move out after you're gone

so keep that in mind to what other horrible things are there about reverse5

ortgages

how about medicaid issues medicaid is government-sponsored welfare

to pay for your nursing home stay if you don't have money to pay for 'em

you can't have a faithful love money and qualify for Medicaid

and when you make your application the state can look back five years into your

financial records

to determine if your money has been hidden make it look like your brokers

are you qualified

large unexplained withdrawals in the last five years

can disqualify you from medicated if they can be adequately explained

so how could reverse mortgages mess you up for qualifying for medicaid

well if you allow your money to be shuttled into your kids account

we have a large withdrawal you can't explain

may be disqualified for medicaid this can happen with any funds and yours not

so make sure that you can account for all of your money if you plan to meet

medicaid down the road

which can also be a good reason to say no your kids if they ask you for some of

your mom

on the bright side Social Security and Medicare

are not affected in any way on the other hand

if you don't need the money for yourself not be needing medicaid down the road

how much more satisfying would be to give your kids part of their inheritance

before you pass away that way you can be there to see them enjoy it

why reverse mortgage is so expensive or lenders is taking advantage of seniors

by charging exorbitant feesthe answer is simple you know impact lender fees are regulated

have strict caps on what can be charged Paul FHA loans contain

and upfront mortgage insurance charge it is added to the loan amount

ever explain an earlier video if you work for FHA insuring lenders against

losses

reverse mortgages probably wouldn't exist FHA has to charge

up front and monthly mortgage insurance in order to pay claims to lenders when

they lose money

in the wrist for losses were higher on reverse mortgages

so the insurance costs more is it any other way around

but they're is a reverse mortgage program that has drastically reduce

rates for this insurance

asking about their program when you call just to be clear to

these fees can be financed with the loan and do not have to be paid out of pocket

must of course you don't have enough equity to cover them

what about our pocket costs for other any most lenders will require you to pay

for your praise or and your FHA counseling up front

independent counsel is required before you can make formal application for a

reverse mortgage

this is the law and its for your protection they can be done over the

phone

more in person and it takes about 45 minutes its to ensure that you

understand everything and are making the right choice

and I'll provide you with a list of approved counseling companies to choose

from

stand-up

take control you're insured

the side right now to stop suffering a reverse mortgage from legend reverse

mortgage

may be the answer to your financial problems contact Mark Emmons

the financial planners to East today I'm not just some person on the phone five

states away

you'll never meet actually live in Utah I'm in the business for twenty years

you have a good reputation in the community are

 

Call Mark Hammond, Your Utah Reverse Mortgage specialist. 801-277-5100. Based in Salt Lake City, Utah.