Reverse Mortgages in West Michigan

Do falling home values affect existing reverse mortgages?

Ilyce Glink doesn't think so.

Here are her reasons.

She's right, of course.

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For complete information on reverse mortgages, feel free to give me a toll free call at 877-308-1489.
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Crooks in Hard Times (II)

Earlier I've mentioned that if anyone is having difficulty paying their mortgage they should be encouraged to call their mortgage company.

I said that mortgage companies do not want to foreclose and will try to help their customers.

Here's just one story of a lender trying to be helpful in these circumstances.

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Homeowner over 62?  Get money from your home with NEVER a mortgage payment.

Here's a common concern about reverse mortgages

What happens when my reverse mortgage is due?

If no borrower lives in the home for 12 months the reverse mortgage becomes due and must be paid, as is pointed out in this article from a recent edition of Investors Business Daily:

Only after both partners pass away do their heirs have a 12-month window to sell the house and repay the debt. They also retain any capital appreciation on the house.

Yet with the housing market going through a slump, will any appreciation be left at all? Worse, will the loan value exceed the home value, leaving heirs with additional debt?

Peskin says the latter scenario can never happen.

"Because it's a government-insured loan, it's a totally different loan than it used to be," he said. "In the event the loan amount ever exceeded the home value, the government would insure the lender so the lender cannot lose money, which means they're also insuring the borrower. So the borrower will never owe more than the house's worth."

Read the entire article here, along with comments on how the Borden's of King's Park, New York used their money to enhance their retirement.

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Extra cash for your retirement needs with NEVER a mortgage payment.

Reverse Mortgages - Are they safe?

One of the most frequent questions that comes up when discussing reverse mortgages is: "Are they safe?"

That's not a surprising question.

After all, many times the equity in your home represents one of your largest assets.

This blog does a great job of addressing the seven or eight questions I'm asked on a regular basis by folks looking for reverse mortgage information.