tag:blogger.com,1999:blog-9026484337051027793.post6622770471395543878..comments2008-08-24T15:19:38.159-04:00Andyhttp://www.blogger.com/profile/14309605333128481208andy@savingtoinvest.comBlogger4125tag:blogger.com,1999:blog-9026484337051027793.post-54556724303756334802008-08-24T15:19:00.000-04:002008-08-24T15:19:00.000-04:00SB - Thanks. A lot of boomers bought their houses 10+ years ago in relatively better areas - so they should have considerable equity. I know the mortgage industry is really focusing on this aspect of the market since the standard mortgage market is at a virtual standstill with the credit crisis. <BR/><BR/>@ TML - Those are great sites, I checked them out. Consulting a counselor is also a great idea. In fact to qualify for a HUD insured loan, it is manadatory to talk to a counselor.<BR/><BR/>@ Anon - Some great additional points. Thanks for providing them.Andyhttp://www.blogger.com/profile/14309605333128481208noreply@blogger.comtag:blogger.com,1999:blog-9026484337051027793.post-36805709530098564432008-08-20T15:45:00.000-04:002008-08-20T15:45:00.000-04:00Some more features of reverse mortgages <BR/><BR/>- A guaranteed source of tax-free income for the rest of your life.<BR/><BR/>- However, as you continue to use it reduces what can you leave to your children or grandchildren, in terms or asset wealth<BR/> <BR/>- You cannot owe more than the value of your home at the time of repayment, no matter your balance. <BR/><BR/>- You do not have to own your home fully in order to qualify for a reverse mortgage. Any balance remaining on your first mortgage will be included in the balance of your reverse mortgage. <BR/><BR/>- Reverse mortgage income will not impact your Medicare and Social Security eligibility. May impact <BR/>your ability to qualify for Medicaid and Supplemental Social Security benefits. <BR/><BR/>- A reverse mortgage is more expensive and binding that establishing a home equity line of credit. <BR/><BR/>- Your credit score, savings, and income are not used in the loan calculation. Instead, your age, health, home value, and home equity are taken into consideration. You are required to meet with a reverse mortgage counselor before obtaining the loan. <BR/><BR/>- You can cancel the loan for any reason (right of rescission) during the three day period after your reverse mortgage closes. After the three day period passes, the loan is final. <BR/><BR/>To read more about reverse mortgages, visit the AARP or credit.com websites.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9026484337051027793.post-67418205354338171062008-08-20T13:01:00.000-04:002008-08-20T13:01:00.000-04:00Excellent explanation. I would add that HUD with AARP has a program of certified reverse mortage counselors. Seniors might wish to consult one for objective advice.ToughMoneyLovehttp://toughmoneylove.comnoreply@blogger.comtag:blogger.com,1999:blog-9026484337051027793.post-66229580058990885812008-08-20T09:19:00.000-04:002008-08-20T09:19:00.000-04:00Good article, but geez, do enough people these days, even baby boomers, have enough equity in their homes to utilize a reverse mortgage??<BR/>I guess so.sirbeefhttp://sirbeef.livejournal.com/noreply@blogger.com