Reverse Mortgage Lenders Albany NY

Corvallis/Albany Oregon

Corvallis/Albany Oregon

If you live in the Corvallis/Albany area of Oregon, you have probably seen commercials for reverse mortgages; you may even know someone who has taken out a reverse mortgage. Despite the fact that reverse mortgages are becoming increasingly common, many people still don’t fully understand what they are. A reverse mortgage is a type of loan, which is why you’ll often hear it referred to as a reverse mortgage loan. It is only available to homeowners who are at least sixty-two years of age, and the loan allows the homeowner to borrow against the equity accrued in his or her home.

Reverse Mortgages and Retirement

Most, but not all, people who take out reverse mortgage loans are retirees; one of the most common reasons for taking out a reverse mortgage loan is to enjoy one’s retirement more fully. In today’s world, many people are not properly prepared for retirement, no matter how much planning or hard work they have done in their lives. Working with a reverse mortgage lender can give these people the opportunity to enjoy their retirements the way they should, without constant worry and fear over how to make ends meet.

Common Uses for Reverse Mortgages

Corvallis/Albany Oregon

Not all people who enter into deals with reverse mortgage lenders plan to use the money for retirement living. In fact, many individuals choose reverse mortgage solutions as a way to pay off traditional mortgages. Since the reverse mortgage has to be the only lien on a property, it is required that those who still have traditional mortgages at the time of the loan use the loan funds to pay off those mortgages. It is also fairly common for borrowers to use their funds to buy a new home outright, after which they will work to pay off the reverse mortgage loan. In most cases, there are no restrictions on how reverse mortgage funds can be used so, as you might imagine, there are a wide range of uses and purposes for reverse mortgage funds.

Corvallis/Albany Oregon Corvallis/Albany Oregon Corvallis/Albany Oregon
Back-up plan: reverse mortgages can help folks afford retirement, but are they a good offering for insurers with banks?(Life: Reverse Mortgages)(Statistical table): An article from: Best's Review
Book (A.M. Best Company, Inc.)

3 to 5 year minimum

2009-01-31 11:30:30 by RM_Guy

If you are considering a reverse mortgage, plan on staying in the home for at least 3 to 5 years. I do not advise a shorter time period. The longer you have a reverse mortgage the less expensive the closing costs become. This is because you spread the costs over a greater number of years, thus lowering the annual costs.
In this respect they are similar to a "forward" mortgage. You would not get a 30 year forward mortgage if you knew you were leaving the home in 2 years, too expensive.
There are no "points" in a reverse mortgage. HUD does not allow such deception in reverse mortgages

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