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Tamera (member since 2/26/2008)

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Your mother can only get a reverse mortgage if the two of you were to come off title. Give this... (Show entire answer)

Your mother can only get a reverse mortgage if the two of you were to come off title. Give this some serious thought, as if she were to pass, the two of you would be forced to sell the home or refinance it if you wanted to keep it. If this is something that you would do anyway, then it may be a very good option for you. The Home Equity Loan must be paid off through the proceeds of the loan. You can run a basic calculation on this website, or GoldenGateway.com has a wonderfully intuitive (free and anonymous) calculator that is different then most others. I would also be happy to run that calculation for you. Please dont hesitate to contact me should you have further questions. Tam Tamera Field Golden Gateway Financial 877-632-7890 tammyf@goldengateway.com

Also- I dont believe you can stipulate how you want your payments applied on a reverse mortgage, th... (Show entire answer)

Also- I dont believe you can stipulate how you want your payments applied on a reverse mortgage, the lender decides for you. Tam

Answers to both questions- Reverse Mortgage interest as a tax deduction- Generally, reverse mort... (Show entire answer)

Answers to both questions- Reverse Mortgage interest as a tax deduction- Generally, reverse mortgage interest is not tax deductible, as you are not actually paying it. There is a loophole, although most folks wont be able to take advantage of it. Most folks file their income tax on a Cash Basis, if you were to file on an accrual basis, the interest may be deductible. Also, if you should refinance or sell the home down the road, the interest would then be a tax write off, as you paid it. This will show up as 1098 Mortgage Interest, and should represent ALL of the interest that has accrued on the loan. Tell your heirs and estate to look out for this if you pass while having a reverse mortgage, as it will be a write off for the estate. If you should refinance your reverse mortgage with either another reverse mortgage or traditional mortgage, or if you sell your home, you will get the 1098. Try to plan according, so that you can use this write off to offset any income from investments. Interest accrual- The current interest rate on the HECM CMT and LIBOR programs are both very low right now(March 2009), from the high 2% and low 3% range and up depending on which margin you end up with. (Try to get the lowest margin on the market). That interest rate is represented as an Annual Rate, and you would accrue 1/12th of it each month. That interest would be posted to the principle amount each month, and the next month you would accrue interest on the new balance, and so on and so on. Please let me know if you have further questions. Tamera Field 877-632-7890 tammyf@goldengateway.com

If you were to add her to title, the lender would want to know that she has been residing in the pro... (Show entire answer)

If you were to add her to title, the lender would want to know that she has been residing in the property, and will continue to reside in the property. You can do this several ways. Firstly, her identification and other verifiable information (bank statements, social security award letter, utility payments, must show her name and the address.) Secondly, you would have to come off title, which may cause you problems in the future. If this is the only way to save your home from foreclosure, it may be worthwhile. This could possible help you stay in your home until the economy recovers a bit. The lenders are going to very cautious doing your loan, and youll need to jump through a great many hoops to get them to do it. There is alot of property flipping, and seniors helping their younger family members keep their homes through a reverse mortgage. The Reverse Mortgage requires that the senior live in the home as thier primary residence. And yes, you can do a reverse mortgage on a duplex, with the second property rented out, as long as the senior lives in the other. I hope I was helpful. Please dont hesitate to contact me should you have any questions Tam Tamera Field Golden Gateway Financial 877-632-7890 tammyf@goldengateway.com

LouiseMay- Unfortunately, this is correct. The home must be in its original location when purcha... (Show entire answer)

LouiseMay- Unfortunately, this is correct. The home must be in its original location when purchased new. Please let me know if you have any further questions. Tam tammyf@goldengateway.com 877-632-7890

Hi Becky- The birthdate is originally calculated on the day you sign your loan application and th... (Show entire answer)

Hi Becky- The birthdate is originally calculated on the day you sign your loan application and the date the loan is expected to close. You are correct that you get the benefit of your next birthday when you birthday is within six months:) You can always complete an application, then wait until you are within six months of your next birthday to close your loan. I have one in process right now that is doing that. We took his application a month ago, and he wants to close on March 1st, as his birthday is 8/30. We will be in a hold pattern with everything completed at close of escrow. I hope that answered your question. Please dont hestitate to call or email me if you have further questions. Tamera Field Goldent Gateway Financial www.goldengateway.com 877-632-7890 tammyf@goldengateway.com

Bandlg- This question comes up fairly regularly. It is a decision that must be weighed carefully... (Show entire answer)

Bandlg- This question comes up fairly regularly. It is a decision that must be weighed carefully. Make sure that you understand the repercussions behind your decision. When I have borrowers that ask as to whether or not it they should remove the younger spouse from title in order to obtain a reverse mortgage, I try to provide them with as much information as possible. I would also take into consideration the borrowing spouses age and health. If it is a matter of losing your home because you can no longer afford the mortgage payment, I would say that removing someone from title might be the answer, thus saving your home from foreclosure. At the very least, it would give you an opportunity to let the value recover in this tough economic time. The ramification of removing a spouse from title is that the non-borrowing spouse will be required to make a decision about the home when the borrowing spouse no longer maintains the home as their primary residence. This can be accomplished either through a refinance (traditional or refinance with a new reverse if the non-borrowing spouse is now old enough), the sale of the home, or paying the loan balance off with other funds, such as a life insurance policy. For some non-borrowing spouse this is not a big deal. Some spouses don't want to keep the home for whatever reason, whether it be too big to handle, or the memories are too much. In this instance it works. Of course, you could always refinance with another reverse mortgage when the non-borrowing spouse turns 62. Depending on interest rates and the economy, this may or may not be an option. If you ARE able to refinance when the non-borrowing spouse turns 62, don't do it JUST to put him/her on title. This is cost prohibitive. Make sure there is another good reason to do so...ie: there is more cash available, the margin on interest rates have dropped or there is a better program available. The reason for this is that the non-borrowing spouse will be forced into doing this regardless, if something should happen to the borrowing spouse. I hope I have been able to shed a little insight into this decision of yours. Please don't hesitate to contact me if you have any questions. Tamera Field Golden Gateway Financial 877-632-7890 tammyf@goldengateway.com

Bandlg- This question comes up fairly regularly. It is a decision that must be weighed carefully... (Show entire answer)

Joe- He needs to call the lender to discuss. Im worried that the value wont be similar enoug... (Show entire answer)

Joe- He needs to call the lender to discuss. Im worried that the value wont be similar enough. I wish you and your father the best of luck. Tamera Field Golden Gateway Financial 877-632-7890

Don- The basic guidelines for a manufactured home to qualify are: Must be on an FHA approved p... (Show entire answer)

Don- The basic guidelines for a manufactured home to qualify are: Must be on an FHA approved permanent foundation. This can be completed and paid for through the process of a reverse mortgage if it is not. You must own the land under your home and it must be taxed as real property (433a). It must be manufactured after June 1976. Homes built prior to this date are inelligible. Hope that helps! Tamera Field Golden Gateway Financial A Preferred Lender with New Retirement 877-632-7890

AARP also has a wonderful booklet entitled "Home Made Money". You can download it or order it her... (Show entire answer)

AARP also has a wonderful booklet entitled "Home Made Money". You can download it or order it here: http://www.aarp.org/money/revmort/revmort_basics/a2003-04-07-homemademoney.html For reverse mortgage calculations, Golden Gateways very intuituve and easy to use calculator may be used anonymously. I would hope that whatever lender you speak to wont make you feel pressured into making any decisions. A good loan representative will respect that a borrowers initial telephone call(s) are educational only, and will answer your questions without any obligation. Best of luck to you! Tamera Field Reverse Mortgage Loan Consultant Golden Gateway Financial, a preferred lender with New Retirement www.goldengateway.com 877-632-7890

You may stay on title alone on the reverse mortgage. I would make sure that you understand the de... (Show entire answer)

You may stay on title alone on the reverse mortgage. I would make sure that you understand the decision throroughly. If you were to have to move into into assisted care, or if you should pass before he did, he would be forced to do something to pay off the reverse mortgage. He would be required to either refinance the home (maybe even with another reverse mortgage), sell the home or pay off the loan some other way. Some couples dont see this as an issue, as the other wouldnt want to live in the home when their spouse passes, or perhaps has the means through a life insurance policy in which they might use to pay off the loan. Either way, please be aware that once the borrowing spouse no longer maintains the home as their principle residence, the other will be required to leave as well. Let me know if you have further questions. Tamera Field Reverse Mortgage Loan Consultant Golden Gateway Financial, a preferred lender with New Retirement. www.goldengateway.com 877-632-7890

Since you are still the legal owner on title, you would still be responsible for paying property tax... (Show entire answer)

Since you are still the legal owner on title, you would still be responsible for paying property taxes, insurance, homeowners association dues and any other customary home expenses Please let me know if you have further questions. Tamera Field Reverse Mortgage Consultant Golden Gateway Financial www.goldengateway.com 877-632-7890

Good news starting in January 2008. Reverse Mortgages may now be used to purchase a home. No cre... (Show entire answer)

Good news starting in January 2008. Reverse Mortgages may now be used to purchase a home. No credit or income requirements. Depending on your age, youll probably need about 30-40% down. Good luck with your purchase. Tamera Field Golden Gateway Financial A preferred lender with New Retirement.com goldengateway.com 877-632-7890

Im sorry to say that homes manufactured after June 1976 are ineligible for a reverse mortgage. Ta... (Show entire answer)

Im sorry to say that homes manufactured after June 1976 are ineligible for a reverse mortgage. Tamera Field Reverse Mortgage Consultant now with Golden Gateway Financial. goldengateway.com 877-632-7890

The fixed rate programs arent that attractive. The interest rate is significantly higher (great... (Show entire answer)

The fixed rate programs arent that attractive. The interest rate is significantly higher (greater then the average rate over the past 15 years on the HECM monthly adjustable) and your benefit is significantly less. On top of that, it requires that you draw all of the money up front, hence starting interest accrual on the entire balance. (Also, It may not be available in the near future. Rates were not available when I typed this.) My experience shows that you are better off in the Monthly Adjustable HECM. Currently the rates are still at all time lows, as of today (8/20/08), the rate is 3.93%. With an average of just under 6% over the last 15 years. The high was 9.59 17 years ago. for it to hit is cap of ten points over the start rate (13.93), it would mean that the 1 year treasury bill rate, would have to go to 12.18%. Which though not impossible, unlikely. If you take the fixed rate program, you will never see the benefit of the lower interest rate. I hope I was able to help you make an informed decision. Tamera

I have to respectfully disagree with the previous posters answer regarding reverse mortgages on leas... (Show entire answer)

I have to respectfully disagree with the previous posters answer regarding reverse mortgages on leaseheld properties. This is directy from Financial Freedom's Lending Guidelines book: Leaseholds: A leasehold occurs when the land is not owned by the borrower but by another party under a lease agreement. The Underwriter will review the lease to insure that it meets FHA Guidelines. The mortgage must be on the property held in fee simple, or under a lease for not less then 99 years that is renewable, or under a lease having a remaining term of not less then 50 years beyond the 100th birthday of the youngest borrower. There are specific requirements for the appraisal of leaseholds. The guidelines can be foud on the HUD Handbook 4150.1 and 4150.2. The comps should also be leaseholds and information at the time of the appraisal report. FHA no longer accepts recreational leasholds. Let me know if you have further questions Tamera Field Reverse Mortgage Consultant 877-632-7890

There are three basic rules on Mobile Homes. 1. You must own the land that the home is on. ... (Show entire answer)

There are three basic rules on Mobile Homes. 1. You must own the land that the home is on. 2. It must be on an approved FHA permanent foundation. Inspection and certification required. If it is not, it can be done through the proceeds of the loan ~ $3000-4000. 3. It must be manufactured after June of 1976. Older homes do not qualify. I hope that helps :) Tamera Field Reverse Mortgage Consultant 877-632-7890

Interesting question. Currently(5/27/08), HECM rates are around 3.5%. which is a very low rate. ... (Show entire answer)

Interesting question. Currently(5/27/08), HECM rates are around 3.5%. which is a very low rate. Though not fixed, it is still much lower then the fixed rate HECM which is around 6%. The average rate for the HECM (with the marging\ of 1.5%) is 5.63% over the last 15 years. Locking in a 6% rate keeps you from enjoying the rates when they are low like they are now. Im not sure refinancing just to get a fixed rate is a good idea. Also, the fixed rate program requires that you draw all proceeds up front. Unless you intend on using all the proceeds up front, I wouldnt suggest it. I am a reverse mortgage specialist employed by Financial Freedom, a preferred lender with New Retirement. Please do not hesitate to contact me should you have further questions. Tamera Field Reverse Mortgage Specialist (877)632-7890 tfield @ financialfreedom.com

Interesting question. Currently(5/27/08), HECM rates are around 3.5%. which is a very low rate. ... (Show entire answer)

Im Tammy and I am an employee of Financial Freedom, a preferred lender here at New Retirement. ... (Show entire answer)

Im Tammy and I am an employee of Financial Freedom, a preferred lender here at New Retirement. The answer to your question is YES on a case by case basis :) Let me give you the exact verbiage in my lending book: The mortgage must be on the property held in fee simple; or under a lease for not less then 99 years that is renewable; or under a lease having a remaining term of not less then 50 years beyond the 100th birthday of the youngest borrower. I hope that helps you! Please let me know if you have further questions. I look forward to helping! Tamera Field Financial Freedom Reverse Mortgage Specialist tfield @financialfreedom.com 877-632-7890

I dont know the answer to your question. Im sure someone at the Social Security Office can. The... (Show entire answer)

I dont know the answer to your question. Im sure someone at the Social Security Office can. Their phone number is 800-SSA-1213. Tam :)

Are asking if your wife can remain on title with a reverse mortgage?If you are, the answer is no. A... (Show entire answer)

Are asking if your wife can remain on title with a reverse mortgage?If you are, the answer is no. All borrowers must be 62 or older.If youre considering taking her off title to obtain a reverse mortgage, please understand the decision you are making. Many people still do it, and its worthwhile to them. Just make sure you understand the reprocussions.If you were to pass before her, she would be forced to pay off the balance of the loan. Usually done by sale or refinance, depending on your financial situation, she could use proceeds from a life insurance policy. Hopefully, by then she'll be 62, and can refinance with another reverse mortgage.I hope I was able to answer your question. Please disregard if I misunderstood what you were asking.Tam :)Reverse Mortgage SpecialistFinancial Freedom Senior Funding

It wont affect it as long as you take any available proceeds in a line of credit, or monthly income,... (Show entire answer)

It wont affect it as long as you take any available proceeds in a line of credit, or monthly income, that you will be spent in that month. Do not keep excess funds in your checking account. Only draw out what you need , when you need it. Good luck! Tamera Field Reverse Mortgage Specialist Financial Freedom 877-632-7890 tfield@ financialfreedom.com

Yes :) Reverse Mortgage income is not true income, its a loan :) The only time a reverse mortga... (Show entire answer)

Yes :) Reverse Mortgage income is not true income, its a loan :) The only time a reverse mortgage could affect public benefits is when (in order to be elegible to receive the benefit) you cannot keep a certain sum of money in your personal accounts. An example of that: Medicaid (and I think MediCal as well)restricts you to only having $2000 in your checking or savings account over any statement cycle. My borrowers can still get a reverse mortgage, they just only draw out what theyll use, when they need it. Never keeping more then $2000 in their accounts. Its a matter of understanding the system. Best of luck to you! Tam

Michael-I understand your concerns. I too have a spouse that is significantly younger then me:)You ... (Show entire answer)

Michael-I understand your concerns. I too have a spouse that is significantly younger then me:)You can do a reverse mortgage if you remove her from title. But please be aware of the reprocussions in doing this. If something were to happen to you, shed be forced to either sell and move or refinance. The hope is that by that time shed be 62, and would be able to refi with another reverse mortgage, but its not a gaurantee, as depending on rates and home values, there may not be enough funds in which to refinance with down the road. That said, some spouses dont want to continue living in the home after a loved on passes. And if this is the case, then it could work for you.If you choose to do a reverse mortgage by removing her from title, I would suggest you set up a living trust where she is named as a successor trustee and beneficiary.I am a Reverse Mortgage Specialist, employed directly by Financial Freedom, a preferred lender with New Retirement. Please let me know if you have further questions, I would be happy to answer them for you. FinancialFreedom.com Best of luck to you!Tam :)

A Reverse Mortgage lender wil place a lein your home for more then its value. (Dont panic at this, y... (Show entire answer)

A Reverse Mortgage lender wil place a lein your home for more then its value. (Dont panic at this, you only owe the balance of the loan plus the interest/fees tht have accrued.) Though the Reverse Mortgage wont protect you from creditors who hold unsecured debts, it will make it less likely that theyll be able to place a lein and eventually collect on that debt.I hope I was able to answer your question for youTamera FieldReverse Mortgage SpecialistFinancial Freedom

You are correct in wondering if the lack of reserves in a Homeowners Association would affect your a... (Show entire answer)

You are correct in wondering if the lack of reserves in a Homeowners Association would affect your ability to obtain a reverse mortgage.Each developement must either be already FHA approved, or have a spot condo certification. I dont have the figures in front of me, but if there isnt sufficient reserves in the associations accounts, then the Spot Condo Certification will be denied, and the loan will be declined. Also, if the Condominium development is occupied by more then 50% rentals, it will also trigger a decline. I would be happy to look deeper into the actual figures for you if youd like. Thankfully, in the 6 plus years I have been originating reverse mortgages, I have only seen this happen once.I am a Reverse Mortgage Specialist with Financial Freedom, a preferred lender with New Retirement. Please let me know if you have further questions. Tam Field FinancialFreedom :)

Both owners must be 62 years old.Tamera FieldReverse Mortgage SpecialistFinancial Freedom

Hi Kathy-Interest on a Reverse Mortgage is accrued, not paid. Interest accrued is not deductable. ... (Show entire answer)

Hi Kathy-Interest on a Reverse Mortgage is accrued, not paid. Interest accrued is not deductable. So until the interest is actually paid, you will not receive the 1099 interest statement. Though that is a potential downside, most of my borrowers still find that the reverse mortgage is beneficial to them.I am a Reverse Mortgage Specialist employed by Financial Freedom, one of New Retirements preferred lenders. I would be happy to answer any other questions you may have regarding reverse mortgages, as well as tell you how much is available and the costs associated with it.Tam Field FinancialFreedom.com :)

Hi Sheba- Im assuming the "Simple" youre referring to is the FHA HECM (Home Equity Conversion Mor... (Show entire answer)

Hi Sheba- Im assuming the "Simple" youre referring to is the FHA HECM (Home Equity Conversion Mortgage) plan. It is the most popular Reverse Mortgage, often giving borrowers the most amount of money from their homes. The others you are looking at are probably the FNMA Homekeeper Plan and perhaps Financial Freedom's Cash Advantage. If you give me the link you used to run the calculation, Id be happy to confirm that for you. The HECM Plan is probably showing the only positive figure. The others run short from paying off your existing mortgage, which means that you would have to come up with money from your own resources in which to pay that figure off to use those programs. Honestly though, the HECM has the better interest rate/ margin combination. So even if the other two were a positive number, it would probably still be in your best interest to chose the HECM. I am a Reverse Mortgage Specialist employed by Financial Freedom, one of New Retirements preferred lenders. I would be happy to run an actual estimate for you, provide you with some real numbers and answer any other questions you might have. Please feel free to email me at tfield @ financialfreedom.com or call me at 877-632-7890 Tamera Field Reverse Mortgage Specialist Financial Freedom

Hi Sheba- Im assuming the "Simple" youre referring to is the FHA HECM (Home Equity Conversion Mor... (Show entire answer)

Only if he were to refinance it. I would suggest that you see if there is a benefit to doing it (ie... (Show entire answer)

Only if he were to refinance it. I would suggest that you see if there is a benefit to doing it (ie: more money or a lower interest rate) before doing it just to get on title. If he wishes to leave you the home to you if he should pre-decease you, that he do a living trust, and make you a beneficiary and/or successor trustee. If he passes, you can then refinance the reverse mortgage with another reverse mortgage, and continue on. I hope that helps. Let me know if you have further questions. I am a Reverse Mortgage Specialist with Financial Freedom, and would be happy to answer any other questions you might have. tfield@ financialfreedom.com 877-632-7890 Tammy Field :)

There is indeed a fixed rate reverse mortgage. Financial Freedom currently offers an FHA HECM f... (Show entire answer)

There is indeed a fixed rate reverse mortgage. Financial Freedom currently offers an FHA HECM fixed rate program, the current rate today (3/6/08) is at 5.54%. The rate uses prevailing rates and market conditions to set, and are actually fixed a few days before closing. I anticipate that in the very near future, they will fix it upon application. The benefits of course are that the rate is fixed for the life of the loan. The drawback is that to get that rate, you must draw out all proceeds up front. This starts the interest accruing on the entire balance. If you plan on taking the proceeds as a monthly income or line of credit, youre better off in the monthly adjustable HECM. For those who need to use all the funds up front (paying off a high balance mortgage), this is a great program. Hope that helps. I am a Reverse Mortgage Specialist employed directly by Financial Freedom, a preferred lender here at New Retirement. I would be happy to answer any other questions you might have. tfield@financialfreedom.com 8770632-7890 Tam :)

Based on the information you have given, Im not sure the Reverse Mortgage is in your best interest. ... (Show entire answer)

Based on the information you have given, Im not sure the Reverse Mortgage is in your best interest. From what you have said, the only reason you wish to obtain a Reverse Mortgage is to purchase vehicles for your kids. Your desire is to only borrower as much as what they would be able to pay off with the $20,000 life insurance policy. Depending on your home value, the costs associated with the reverse mortgage would make the small $12,000 loan not worthwhile. The reverse mortgage is an all or nothing loan when it comes to the costs. Although you can use whatever portion of the proceeds youd like, the costs are based on the full amount available. On the other hand, If you were to have other purposes for the reverse mortgage other then helping out the kids, then it may be worthwile for you. Some of my customers dont realize the true value of their reverse mortgage until they need to pay for long term or in-home care and prescription. Im guessing, based on your hard-times, that when you need their help financially, that they wont be able help you. I would be happy to run an amortization schedule to help you make up your mind if you havent already. tfield @financialfreedom.com 877-632-7890 Tam

The service fee set aside is funds set aside from your proceeds in which to pay your monthly service... (Show entire answer)

The service fee set aside is funds set aside from your proceeds in which to pay your monthly service fee with. Money left unused in your monthly service fee set aside is unused equity in your home :) So, if you were to pay your loan off, the money that was left in your service fee set aside, would be equity left in your home. I hope that clarifies it. It is indeed a confusing question. I am a Reverse Mortgage Specialist employed by Financial Freedom. Should you have further questions, I would be happy to answer them for you. tfield @ financialfreedom.com 877-632-7890 Tam :)

Line of credit growth should not be confused as interest. Interest would assume it is "free money".... (Show entire answer)

Line of credit growth should not be confused as interest. Interest would assume it is "free money". Line of credit growth is an increase in your line of credit, which is still a WONDERFUL thing. HECM lines of credit grow at a half percent over the loans current interest rate. (today 3/6/08 it is at 3.73%) Line of credit growth is tax free, interest is not. At Financial Freedom, your line of credit is accessed by filling out a withdrawal form, and either mailing or faxing it in. The proceeds of the withdrawal will then be directly deposited into your bank account, or a check will be mailed to you. The process takes a few days. Like a credit card, you are given a "limit", and can draw from that amount any time that is convenient to you, as often or as seldom as you wish. I am a Reverse Mortgage Specialist employed by Financial Freedom, a preferred lender here at New Retirement. Should you have any other questions, I would be happy to answer them. tfield @ financialfreedom.com 877-632-7890 Tam :)

"i'm nearing 75 and my finances are poor at this time. would a reverse mortgage be beneficial or a d... (Show entire answer)

"i'm nearing 75 and my finances are poor at this time. would a reverse mortgage be beneficial or a detrement in a long period of time?" That would all depend on your situation. Does your financial situation cause you undue stress? Would using a portion of the equity in your home now give you some peace of mind? The answers would depend on how much money you used from your reverse mortgage, and over what period of time. I am a Reverse Mortgage Specialist employed directly with Financial Freedom, a preferred lender with New Retirement. I would be happy to run some scenarios for you, and provide you with an estimate of how much would be available and the costs associated with it. Please dont hesitate to contact me: tfield @ financialfreedom.com or 877-632-7890 Tam :)

I cannot see a reason why that would be a problem. The only time a reverse mortgage would be impa... (Show entire answer)

I cannot see a reason why that would be a problem. The only time a reverse mortgage would be impacted by a home based business is when the home is used as daily lodging. A very good example would be a bed and breakfast. I have many customers who have business that they run from their homes. I hope that helps. Please dont hesitate to contact me should you have further questions. tfield @ financialfreedom.com 877-632-7890 Tam :)

Interest accrues only on the amount borrowered at that months current rate of interest. Currently, t... (Show entire answer)

Interest accrues only on the amount borrowered at that months current rate of interest. Currently, the interest rate on the monthly adjustable HECM is bewtween 3.35 - 3.87% , depending on which program you take. There is also a fixed rate program, with a rate about 2.5 points higher. (The rate is set at closing.) Interest does not accrue on the unused balance in your line of credit, in fact, your line of credit grows in value at a half point greater then the current interest rate. I am an Reverse Mortgage Specialist employed directly by Financial Freedom. I would be happy to run an estimate and amortization schedule detailing the amount available to you, the costs associated and the estimated interest accrued over the lifetime of the loan. Please dont hesitate to contact me should you have ANY questions, Im happy to help. 877-632-7890 or tfield @ financialfreedom.com Tam :)

What happens if I want to move or have move into an assisted living appartment? The same thing th... (Show entire answer)

What happens if I want to move or have move into an assisted living appartment? The same thing that would probably happen if you had a traditional mortgage. Your family would help move you. They would contact the lender to tell them that you had moved. Either you or your family would decide whether to sell the home or refinance it (if they wanted to keep it) or pay off the mortgage from other means. At that point, theyd tell the lender their intent. The lender would then give them time in which to accomplish this. As long as there are open communications with the lender, they are fine. When the home is sold or rerfinanced, the balance plus accrued interest and fees are paid off through the proceeds. Any equity left in the home would go to you or your heirs. I hope that answered your question. I am a Reverse Mortgage Specialist employed directly with Financial Freedom. I would be happy to answer any other questions you might have. Please feel free to respond here, email me or phone me at: tfield @ financialfreedom.com 877-632-7890 Tam :)

You are no longer required to live in your home for a year. That ended about two years ago. The... (Show entire answer)

You are no longer required to live in your home for a year. That ended about two years ago. The hurdle you have is getting title in your name, as the HECM isnt yet availabe for home purchase. You can use the FNMA Homekeepr plan, but they dont lend as much as FHA. When the Modernization Act goes into place, youll be able to use HECM to purchase your home. That should occur soon. The benefits to using a reverse mortgage for purchase is that there would be no income or credit qualifying. You wouldnt make any mortgage payments for as long as you lived in the home. The drawbacks are that you will probably have to come up with more money out of your pocket then a traditional mortgage. If you can give me some details, I would be happy to run a quick scenario for you, tell you how much you could qualify for and how much you would have to come up with out of pocket at close of escrow. I am a Reverse Mortgage Specialist employed directly with Financial Freedom. I would be happy to answer any questions you might have. tfield @ financialfreedom.com 877-632-7890 Tam :)

When the Modernization Act goes into force, HECM for Home Purchase will also be available. The Home... (Show entire answer)

When the Modernization Act goes into force, HECM for Home Purchase will also be available. The Homekeeper program unfortunately usually doesnt give you enough money to make it worthwhile. I would be happy to run an estimate to see how much would be available. You might be able to get a significant sum of money from the HECM for Home purchase, use it towards the payoff of your existing reverse mortgage and only have to finance a smaller amount of money on the new rental :) I am a Reverse Mortgage Specialist employed by Financial Freedom. Let me know if you have further questions :) tfield @ financialfreedom.com 877-632-7890 Tam :)

I think the question here is whether or not you can afford the interest only mortgage payment for th... (Show entire answer)

I think the question here is whether or not you can afford the interest only mortgage payment for the new home. Of course, youd have to qualify for it first.But just because you can qualify for it doesnt necessarily mean you can afford it. The amount available to you in a Reverse Mortgage is going to primarily depend on your home value and the amount you owe, not how much equity you have in it, though it certainly helps. I am a reverse mortgage specialist employed by Financial Freedom. I would be happy to run an amortization schedule for you so that you can compare the two. tfield @ financialfreedom.com 877-632-7890 Tam :)

There are no prepayment penalties on a Reverse Mortgage. However, due to the upfront costs, the lon... (Show entire answer)

There are no prepayment penalties on a Reverse Mortgage. However, due to the upfront costs, the longer you keep your reverse mortgage, the more cost effective it becomes. Title on a reverse mortgage is held identically the same as a traditional mortgage. That biggest misconception about a reverse mortgage is that youre giving away your home, that cant be farther from the truth. When you want to pay it off, youll only owe the balance plus the interest and fees that have accrued. Any equity you have in your home is yours or your heirs. Also, if you want to make payments on a reverse mortgage, you can, youre just not required to. If you have further questions, Id be happy to answer them. tfield @ financialfreedom.com Tam :)

This is a decision that many people face. Some people choose to come off title anyway. You should ... (Show entire answer)

This is a decision that many people face. Some people choose to come off title anyway. You should know that if you do come of title, you will be forced to sell or refinance the home in the event your partner can no longer maintain it as his permanent residence. Some of my customers decide the risk is worthwhile. Give this some serious thought. Are you in failing health? Is your partners health better then yours? Would doing this now change your life, vs doing this later? I would be happy to answer any other questions you might have: tfield @ financialfreedom.com. Tam :)

What kind of business do you have in your home? I am a Reverse Mortgage Specialist, and in the si... (Show entire answer)

What kind of business do you have in your home? I am a Reverse Mortgage Specialist, and in the six years I have been originating reverse mortgages, I have never had one denied for this reason. I will be happy to ask my underwriting department, if you'll give me more information. Tam :)

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