| How a Reverse Mortgage Can Be Your Pot of Gold | | Print | |
| Written by Virginia Berry | ||||||
| Sunday, 21 September 2008 | ||||||
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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.
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. It wasn't long ago that consumers had three reverse mortgage products to choose from: the FHA HECM, the FANNIE MAE HOME KEEPER, and the JUMBO CASH ACCOUNT. Now, seven new lenders have introduced competing programs, with more large investors positioning to move 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. One of the most exciting new products available today is the new "Purchase Reverse Loan". This product is available to seniors who are in the market to either purchase a new home, to down size, or relocate close to family. The ability to use a reverse mortgage to purchase a new property while never having to make a mortgage payment is VERY appealing to all seniors. Another product that is creating a lot of excitement is using a reverse mortgage to purchase a second home. Now seniors that would like a warmer climate in the winter or a cooler climate in the summer can afford to do so, without monthly payments. It is also possible to have 2 reverse mortgages at the same time. This means you could have 2 homes with no monthly payments. If you are looking for a reverse mortgage, just make sure that you understand the programs that are available, as well as, the terminology so that you have confidence in the reverse mortgage process. This is especially important because not all lenders offer the same types of products and many of them have limited choices of investors to choose from. 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. Article Author: To find out more about how to benefit from a a reverse mortgage please call Virginia Berry, yourColorado Reverse Mortgage Specialist at 866-260-6713, or 719-520-3326.
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| Last Updated ( Saturday, 21 August 2010 ) | ||||||
