I feel that the reverse mortgage is sort of the same thing, if you know someone that is over age 62 and their retirement is not turning out to be all that they had hoped it would be then a reverse mortgage might be the very tool to help make their miracle happen.
Sometimes we think that whatever we do won’t make enough of a difference so we don’t even offer or provide any help. I see this often with the reverse mortgage, family or friends tell the senior don’t do it you are only going to save the $1,000 a month you are making in payments so it is not worth it. Really, last time I checked $1,000 per month was still a lot of money.
If you know someone that is not living a full life in retirement and they have equity in their home, check out the reverse mortgage calculator and see if we can’t help them make their miracle happen.
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( 3 / 214 )WSB Squidoo
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( 3 / 213 )Come January 1st 2010 the limits on Home Equity Conversion Mortgages insured by FHA will be reduced to a maximum home value of $417,000. If a senior homeowner with a home value over $417,000 is thinking about getting a reverse mortgage this is the year to get it done. Waiting until 2010 could cost you the access to over $200,000!
You may consider setting up a reverse mortgage now with the funds left in the Creditline so you will have access without incurring the interest until you actually need or want the money. One additional advantage of setting up the Creditline is that the funds left in the Creditline grow based on the current interest rate being charged on money you have borrowed plus .5%. So if you establish your HECM now and don’t access the money for a few years you will see quite an increase in the money available to you, if on the other hand you chose to wait until 2010 or after you will see much, much less money available to you.
I personally hate to go looking to purchase a product and have the Salesperson tell me that if I don’t do it now then the product will not be available or the price will be different, however in this case it is the government that has set the date that this will absolutely change for the worse if you have a home worth over $417,000.
The reason for this change is that President Obama and the Congress passed the 2009 Economic Stimulus Package and this is what gave us the increase in the limits, the government wants you to do this in 2009 if you are thinking about doing it anyway. With a $200,000 bonus for doing a reverse mortgage this year you might want to get to it, you have less than half a year to get it done.
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( 3 / 214 )Click here for a simple video on How a Reverse Mortgage Works .
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