Wednesday, November 13, 2013

Reverse Mortgage Exposed Video - Can You Lose Your Home?

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


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


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


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


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


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


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



take control you're insured

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


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. 

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