Reverse Mortgage Can Be Your Best Friend

The agency said it was concerned about the potential for older consumers to be victimized by bad advice or outright fraud.  ”As reverse mortgage loans become more available, licensees may not be fully cognizant of the propriety of, and the necessary business practices required to limit risks to consumers in this Commonwealth who use, reverse mortgages.”

Still The Owner

During the loan and the remainder of its life, you cannot be asked to leave the property, as you still are the owner and deed holder. This is the case whether you outlast the performance of the loan or not. As far as your heirs go, they are still entitled to the property upon your passing. The estate will be settled in the normal way, the property will be passed on to the heirs, and they can refinance out of the reverse mortgage. If they decide not to reside in the property, they can sell the unit, pay off the reverse mortgage, and keep the balance of the monies of the estate. They have one year, from the passing of the note holders, to settle the mortgage.

Retired People Can Benefit From A Reverse Mortgage

Retired people can benefit from reverse mortgage, as they typically need additional cash flow for their living, especially if they do not have a regular means of income. One should be at least 62 years of age to access and benefit from it. It allows one to live in one’s home and postponing the monthly loan payment until the owner moves, dies or the property is sold. Once the house is sold, the amount owed is deducted from the selling price, before being paid to the estate.

FHA

The higher hurdles for FHA loans, used in about a fifth of U.S. home purchases, add to challenges for a housing market already struggling with record-low sales and surging foreclosures. While lax lending fueled the bust that led the U.S. into recession, the new requirements will stifle the real estate recovery needed to revive the economy, said Ron Phipps, president of the National Association of Realtors.

SOURCE | REVERSE MORTGAGE SOLUTION (EXPLAINREVERSE.COM)

Mortgage Tax Break in Crosshairs

The co-chairmen of the White House's bipartisan deficit-reduction commission said Tuesday they would propose a significant paring of popular middle-class tax breaks, including the mortgage-interest deduction, and push for an increase in the Social Security retirement age.

The recommendations will be included in a final debt-cutting proposal from Democrat Erskine Bowles and Republican Alan Simpson to be unveiled Wednesday. The ideas are part of a broad and controversial proposal to tackle the U.S. government's debt through a combination of spending cuts and an overhaul of the tax code. The proposal would hold down the growth of the federal debt by at least $3.8 trillion by 2020, and perhaps more, the two said at a news conference. Messrs. Bowles and Simpson said their plan was preferable to a debt crisis like Europe's that could ensue without changes to fiscal policy.

The chairmen, who head the National Commission on Fiscal Responsibility and Reform, told reporters Tuesday they would delay a final vote on their package until Friday, because they wanted to give the group's 16 other members more time to study their recommendations.

The plan is expected to fall short of the 14 votes needed to issue a formal recommendation to Congress and the White House, people familiar with the matter said. The chairmen could still push to have some of their ideas incorporated into budget proposals from the White House and congressional Republicans.

The commission's recommendations aren't binding, but Messrs. Simpson and Bowles have managed to seize the nation's attention with some of their dire warnings and the sweep of their proposals. Retiring New Hampshire Republican Sen. Judd Gregg predicted that no matter how many votes the recommendation receives, it will become the foundation for discussions next year about how to tackle the debt.

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Securing your home and financial future

Learn how we can help you save your home. If your a Senor age 60 or older we can help you to secure your financial future and take the complicated thinking out of your retirement. For information regarding Reverse Mortgage please visit our website at www.explainreverse.com