81st Street Block Club Vermont Knolls

Senior's:Reverse Mortgages

Congress May Raise Limits

According to wall Street Journal Congress is considering a change of rules on reverse mortgages. This can be bad or good depending upon your situation. Opponents think that raising the limits one may borrow on their homes only eliminate the transferring of wealth to future generations. The good news is that senior's may enjoy more of their equity that they've worked so hard for.

Reverse mortgages are where the "lenders" give you a monthly check and is not due until you permanently move from that home or you die. Homeowners must be a minimum 62 years old to qualify.
Their is a phamplet entitled FAQ's:a free booklet which answers Questions about Reverse Mortgages.

Consumer Safeguards

The booklet provides information on loan application in three phases:
1. questions relating to period before getting loan.
2. questions relating to period during loan process.
3. questions relating to period when reverse mortgage comes due.

There are many mis-conceptions about reverse mortgages. Keep in mind what it is. A reverse mortgage allows the older homeowners to address their retirement needs by converting part of the equity in their home into tax-free income without having to sell the home, give up title, or take on a monthly mortgage payment. Borrowers may use funds for any reasons what-so-ever. Borrowers make no monthly payments on a reverse mortgages during it's term. The repayment amount can never exceed the value of the home.

How To Contact National Reverse Mortgage Lenders Association

You may order all three booklets FREE of charge: Call (866)264-4466 toll free, or (202) 939-1792 or website http:///www.reversemortgage.org

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Senior's:Reverse Mortgages