Who is a honest lender to use for a reverse mortgage loan for my dad?
My 83 year old father needs repairs on his home which is salaried for. He is on a fixed income and is considering a reverse mortgage. There is no one else living with him and he doesn't plan to move.
Answers:
As a mortgage broker, I own always used Financial Freedom. They are recommended by everyone including AARP. Check out their website as well as the AARP website Source(s): http://www.financialfreedom.com/
http://www.rmaarp.com/
http://www.aarp.org/
A good lender recommendation will depend on the state within which your dad resides. If in California, Hawaii, or Oregon, I would suggest checking with First Capital Group.
Have you thoroughly researched the pros and cons of a reverse mortgage? The following is an excerpt from a recommended article on the subject
What are the Advantages and Benefits
# Money you can use as you want – No lender will be adjectives over you asking about how the money will be or is being spent. You truly can use it for a dream time off, medical expenses, or anything else you want.
# It can be a safety net – If you are at risk of losing your home due to foreclosure or an inability to money your taxes, then a it can provide you with the funds needed to protect your property.
# You don’t own to worry about one a burden – As parents of adult children, you may worry that your robustness or financial situation could make you a burden on your family. This type of mortgage can make available you a nest egg to ensure that won’t happen.
Despite the Advantages, There Are Some Drawbacks:
# · Your home cannot be passed on to children – Because the money earned from selling your home will repay the debt, you will not know how to will the property to your children. It will either have to be sold by your estate or it will revert hindmost to the bank.
# · The upfront costs are high – When compared to other mortgages, the upfront costs of reverse mortgages are much better. While they can be financed with the rest of the loan usually, these costs will all hold to be paid back and will confer on less funds available for your estate. Source(s): For the complete article and more info on reverse mortgages, visit: http://www.mortgage-rates-info-lenders-loan-calculator.com/Reverse-Mortgage.html
Check out Loan-Com.info and do a look into for reverse mortgage loans. They have dozens of loan programs available at reasonable rates and affordable language.
Related Questions:
I am buying a house that wants some fixing up, how do I grasp a loan lying on my mortgage to fix up the house?
The downstairs needs finished and the upstairs needs some unknown tiling, paint, carpet, and appliances. I did not know if you can include expenses for things like this when...
Answers:
As a mortgage broker, I own always used Financial Freedom. They are recommended by everyone including AARP. Check out their website as well as the AARP website Source(s): http://www.financialfreedom.com/
http://www.rmaarp.com/
http://www.aarp.org/
A good lender recommendation will depend on the state within which your dad resides. If in California, Hawaii, or Oregon, I would suggest checking with First Capital Group.
Have you thoroughly researched the pros and cons of a reverse mortgage? The following is an excerpt from a recommended article on the subject
What are the Advantages and Benefits
# Money you can use as you want – No lender will be adjectives over you asking about how the money will be or is being spent. You truly can use it for a dream time off, medical expenses, or anything else you want.
# It can be a safety net – If you are at risk of losing your home due to foreclosure or an inability to money your taxes, then a it can provide you with the funds needed to protect your property.
# You don’t own to worry about one a burden – As parents of adult children, you may worry that your robustness or financial situation could make you a burden on your family. This type of mortgage can make available you a nest egg to ensure that won’t happen.
Despite the Advantages, There Are Some Drawbacks:
# · Your home cannot be passed on to children – Because the money earned from selling your home will repay the debt, you will not know how to will the property to your children. It will either have to be sold by your estate or it will revert hindmost to the bank.
# · The upfront costs are high – When compared to other mortgages, the upfront costs of reverse mortgages are much better. While they can be financed with the rest of the loan usually, these costs will all hold to be paid back and will confer on less funds available for your estate. Source(s): For the complete article and more info on reverse mortgages, visit: http://www.mortgage-rates-info-lenders-loan-calculator.com/Reverse-Mortgage.html
Check out Loan-Com.info and do a look into for reverse mortgage loans. They have dozens of loan programs available at reasonable rates and affordable language.
Related Questions:
I am buying a house that wants some fixing up, how do I grasp a loan lying on my mortgage to fix up the house?
The downstairs needs finished and the upstairs needs some unknown tiling, paint, carpet, and appliances. I did not know if you can include expenses for things like this when...