Hello,
A reverse mortgage is a HUD government loan to people 62 & over who want to stay in their house and not make any payments on the loan. Any homeowner 62 and over qualifies. The loan is repaid by the kids when their parents pass away. The seniors can never be forced to move, as they still own the house. Everyone gets the same interest rate (based on the Treasury Bill). Interest starts to accrue when the money is used. It is a great way for seniors to stay in their home and have access to the equity in their house. There is plenty of inheritance to leave to the kids. All the rates and guidelines are government regulated. The loan origination fees are also regulated by HUD and the same for everyone. I'm a Reverse Mortgage Advisor for the Bay, San Jose, Sacramento, and other area's. Contact me if you care to know more or have someone who needs a reverse mortgage. Also please join the Reverse Mortgage Information tribe.
cheers,
Randy Helms
A reverse mortgage is a HUD government loan to people 62 & over who want to stay in their house and not make any payments on the loan. Any homeowner 62 and over qualifies. The loan is repaid by the kids when their parents pass away. The seniors can never be forced to move, as they still own the house. Everyone gets the same interest rate (based on the Treasury Bill). Interest starts to accrue when the money is used. It is a great way for seniors to stay in their home and have access to the equity in their house. There is plenty of inheritance to leave to the kids. All the rates and guidelines are government regulated. The loan origination fees are also regulated by HUD and the same for everyone. I'm a Reverse Mortgage Advisor for the Bay, San Jose, Sacramento, and other area's. Contact me if you care to know more or have someone who needs a reverse mortgage. Also please join the Reverse Mortgage Information tribe.
cheers,
Randy Helms
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Re: Reverse Mortgage Information
Sat, September 16, 2006 - 5:25 PMI thought a reverse mortgage was when the people were 62-64 or older, and they live off the equity in the home, but the BANK gets the house when the folk pass on, as well as what's left in the equity? -
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Re: Reverse Mortgage Information
Sun, September 17, 2006 - 11:13 AMHi Jaime!
Check out # 7 of this "Top Ten" list from the HUD.gov website:
www.hud.gov/offices/hsg/.../rmtopten.cfm
;-)
Janet D. Patrick, REALTOR®
Sales Associate
Century 21 - Ann Boggs & Associates, Inc.
3590 Peachtree Industrial Boulevard
Duluth, Georgia 30096
Direct: (770) 314-2918
FAX: (770) 623-0770
E-mail: janet@annboggs.com
web: www.janetpatrick.c21annboggs.com
Join me on ActiveRain.com : activerain.com/action/ref...anetpatrick
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Re: Reverse Mortgage Information
Sun, September 17, 2006 - 12:39 PMGreat info. Great link Janet.
Shawn
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