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Business Real Estate Reverse Mortgage - Turning Your Home into a Pot of Gold
| Reverse Mortgage - Turning Your Home into a Pot of Gold |
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| Written by Virginia Berry |
| Saturday, 20 September 2008 07:15 |
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The first baby boomers turn 62 as of January 2008. Because of this, many investors are scurrying to come up with new, innovative products to offer to the incredibly fast growing reverse mortgage market. Not long ago that consumers had 3 reverse mortgage offers to pick from: 1. the FANNIE MAE HOME KEEPER, 2. the FHA HECM, and 3. JUMBO CASH ACCOUNT. Currently, there are 7 new lenders that have released competing programs, with more large investors wanting to enter into this growing market. Many consumers have long awaited the option of having a fixed rate, and at last it is here. An FHA/HECM FIXED rate option as well as new multiple-margin HECM products are now available. From January through June of 2007, there was an amazing growth in the reverse mortgage industry unlike anything it has seen since it's inception 17 years ago. Now, the reverse industry is catching up with the tradition "forward" mortgage in the sense that there are no more lenders. this kind of competition creates more products and offerings so that the needs of the senior customers can be satisfied. A "Purchase Reverse Loan" is one of the exciting new products that are available today. This product is exciting because it accommodates those seniors would like to buy a new home, relocate so they are closer to family members or if they wish to down size. By using a reverse mortgage to buy a new property, it saves Seniors from having to get a mortgage at this point in their lives. Purchasing a second home is another exciting use for a reverse mortgage. With this option, seniors can finally have that dream home they have always wanted. This second home can now be acquired with no monthly payments by using a reverse mortgage. It is even possible to have 2 reverse mortgage loans at the same time. You can have one on your existing home and one on your second home both with no payments! Please make sure you have a good understanding and confidence in the process of getting a reverse mortgage. There are many different concepts and different terminologies that you may not have head of before. Also, not all lenders offer the same choice of products and many of them limit the choices of investors you can go with. As a final note, please be advised that you should look for a lender that is approved by the National Association of Reverse Mortgage Lenders (NRMLA). Currently, this is the only organization that oversees the ethical conduct of those in this industry. About the Author: To find out more about how to benefit from a a reverse mortgage please contact Virginia Berry, yourColorado Reverse Mortgage Specialist at 866-260-6713, or 719-520-3326. Kindly provided by MoneyHunter.org You are welcome to use this article on your own website, if you include the link just before this text. |
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