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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Mon Jun 07, 2004 4:56 pm Post subject: Reverse Mortgage |
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| While not actually a loan. This can be a life saver for people over age 75. A reverse mortgage allows you to start getting monthly payments from the bank that is paid from your equity in the house. If you have a parent who has been in the house for a long time, but their savings have died up and Social Security is not enough, a reverse mortgage may be a good idea. |
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squirrel
Joined: 29 Jul 2004
Posts: 11
Location: Bucharest, Romania
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| Posted: Thu Jul 29, 2004 12:44 pm Post subject: |
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| Hmmm... interesting... can you be more specific...? |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Thu Jan 20, 2005 6:34 pm Post subject: |
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| The age for reverse mortgages is 62 not 75..although it is true the older the client is the more equity they can borrow against. But you have to use someone who is licensed to do these loans and special counceling is needed for the client before the mortgage is done.If you need i can give you name and number of the person i use to do my reverse mortgages. One of the best selling points for this product right now if the high cost of prescription drugs.... |
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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Thu Jan 20, 2005 9:18 pm Post subject: |
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There was a lady I knew whose husband passed away. She did a substandard job managing the finances and lost everything (except the house) in a matter of two years (over $200000). The reverse mortgage was perfect for her. I believe she was about 68 when she started it. I don't know how she is doing it now.
You are welcome to post the name for the person you use.
As the forum gets busy, we have some more stringent guidelines regarding referrals, but no worries right now. |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Fri Jan 21, 2005 9:19 pm Post subject: |
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My company does reverses but I don't directly do them, so I won't ask you to send them to me (Quite frankly, you won't get paid for it ;). However there is a link to a broker-in program for reverse mortgages at www.reversebrokerin.com
That's a wells fargo site. |
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GoodGuyMtg
Joined: 29 Jan 2005
Posts: 1
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| Posted: Sat Jan 29, 2005 3:36 am Post subject: |
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| I've discovered a marketing package for originating reverse mortgages from the National Reverse Mortgage Education Center. I'm impressed and that's not easy to do. If your interested, contact them at info@NRMEC.org and request a brochure. |
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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Sat Jan 29, 2005 3:47 am Post subject: |
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| Thanks and welcome to the Mortgage Forums, GoodGuyMtg :D |
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