mom getting reverse mortgage

Reverse mortgages (HECM) are government backed, just like an FHA, VA or USDA loan... it's intended for retired folks who don't have sufficient income and could use that extra check each month to pay their bills.. You can take a lump sum, or partial lump sum and monthly checks, or just monthly checks.. She retains ownership of the home, and so long as she lives in the home, the HECM will continue to send her monthly payments.. these payments are a "Draw" against the homes equity.. each check she receives, her mortgage balance increases, with interest.. If she can no longer stay in the home, or she passes, then FHA gives her (or her heirs) 12 months to sell the home and pay off the mortgage balance.. whatever's left over belongs to her estate... If the home is not worth what is owed, then she owes nothing, and the estate owes nothing.. the debt is forgiven... although this program isn't meant for everyone, for someone like your mom, it sounds ideal.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Reverse mortgages are a way for a person to use equity in their home as monthly income or cash in a lump sum. There is quite a bit of detail to a reverse mortgage, more than could be described here. I am a licensed mortgage Loan Officer in Idaho and have experience with this product. Feel free to contact me through my profile here and I can help walk you through the basics.

Jen, Your brother is right. Since the home is paid off and has equity in the home she can either take a lump sum or get an amount each month. The amount she can get depends on her age and how much the home is worth. It is a good product for some people and based on what you described your mom might be a good candidate. The loan is paid back when the home is sold. You are required to pay back the loan when your mom is no longer living in the property. You should make sure you go to a reputable loan officer like Eric below. I am licensed in Idaho but the company I am licensed with does not do Reverse Mortgage. Good luck. Linda

Jen, feel free to contact us at 800 315 8803 to discuss your mom's reverse mortgage. We are happy to answer your reverse mortgage questions 7 days a week. I have been offering reverse mortgages since 1989. Until then, we look forward to hearing from you. Jamie Lynne, Lending Since 1989, 800 315 8803, www.bartprequalifies.com, jamie@bartprequalifies.com

Reverse mortgages are a great option for some people allowing them to remain in their home but the cost of the money is pretty high due to the lender normally not receiving any payments until after the borrower passes on or decides to sell the home. Usually there is counseling provided by an independent agency as well to make sure all the terms are well understood. She might also want to discuss her situation with a financial planner/adviser. Good luck

About your mom and a reverse mortgage. The money from a reverse mortgage is paid off when the house is sold. Your mom can access the money in her house to supplement her income or for any other need. The entire Reverse Mortgage process from counseling to closing is designed to give your mother and all your family the best information possible so you can make the best decisions possible. The first step is for you mom to take a one hour counseling session. That can be done over the phone and you can be a part of that if your mom wants that.I got into the Reverse Mortgage business because my parents were nterested. They are very thankful for their Reverse Mortgage.I hope thay helps. Mark