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This is the first time I've visited this forum and I noticed a couple of people on different threads mentioned they had heard of reverse mortgages but had little familiarity with the concept. It is important that you understand that the advantages and disadvantages of a reverse mortgage. Congress recently passed legislation that will lower the front-end fees charged on reverse mortgage processing, which are sometimes quite substantial.
There are limits on the maximum amount you can obtain. The loan limits for the HECM product vary by geographic area. In 2006, the highest of the loan limits—applicable generally to major metropolitan areas—will grow from $312,896 to $362,790. The lowest loan limit, which applies to rural and non-metropolitan areas, will grow from $172,632 to $200,160.
This short paragraph is from the AARP site:
A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:
(a) all at once, in a single lump sum of cash;
(b) as a regular monthly cash advance;
(c) as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
(d) as a combination of these payment methods.
No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, the senior(s) must own their home and be 62 years of age or older.
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The MOST important paragraph I have reproduced here, because it warns against unscrupulous scam artists:
"You can receive free information from the Department of Housing and Urban Development (HUD) about Reverse Mortgages by calling 1-888-466-3487, toll-free. If you are interested in a reverse mortgage, beware of scam artists that charge thousands of dollars for information that is free from ElderCare Online and HUD. To report fraud or abuse in the reverse mortgage program, call HUD toll-free 1-888-466-3487. HUD funds housing counseling agencies throughout the country who can give you advice on buying, renting, defaults and foreclosures, and reverse mortgages. Just contact the housing counseling center closest to you or call toll-free 1-800-569-4287. "
I hope this information is helpful to some of you.
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