Reverse Mortgage For Purchase In Texas

Lenders are beginning to offer the HECM Purchase program in Texas.  Previously, the state of Texas did not allow these transactions due to homestead laws.  Texas is currently the 2nd largest producing state of HECM loans, so this program should be well received by Texans.  The HECM Purchase program (a.k.a. Reverse Mortgage Purchase program) allows a homebuyer over the age of 62 to use a reverse mortgage to cover approximately 50% of the purchase price, in which they will never be required to make a payment for as long as they live in the home.  By using the HECM Purchase program, a homebuyer can leverage themselves to buy a home they desire while still maintaining assets for retirement.  Instead of completely paying cash for a property, use this program to help increase cash flow and add security to your retirement.

Find out more at:
www.reversemortgagebenefit.com

Refinancing An Existing Reverse Mortgage

Have you heard about a reverse mortgage?  Do you know how it works?  Well, did you know that you can refinance your existing reverse mortgage?  Most people are not aware that you can refinance your existing reverse mortgage to obtain additional cash.  Due to FHA's lending limit increases as well as increases to property values in the last year, many FHA reverse mortgage holders can qualify to obtain more cash from their home's equity.  The cash is not taxable and can be used for any purpose at all.  More importantly, the cash can be secured by the homeowner before the reverse mortgage loan increases to a level where the cash is no longer available.

Find out more about reverse mortgages at:
www.reversemortgagebenefit.com

Reverse Mortgages Tighten Rules For The Better

Reverse Mortgages continue to go through changes to strengthen the program for the future and to further protect senior homeowners. The Wall Street Journal posted a recent article pointing to this.

Workers Not Very Confident About Retirement

In a recent interview of workers conducted by the Employee Benefit Research Institute, 37% say they are "somewhat confident" and 18% say they are "very confident".  In addition, of those interviewed, 36% said that they have less than $1,000 in savings.  As far as the ability to afford long-term care, more than 3 in 10 are "not at all" confident in their ability to afford long-term care expenses in retirement.

Senior Home Equity On the Rise

According to the latest Reverse Mortgage Market Index (RMMI), Senior homeowner equity reported a $83.5 billion surge in the fourth quarter of 2013 and the seventh consecutive quarter where the RMMI has risen.  That is good news for the senior homeowner looking to tap into their equity by way of a reverse mortgage.

What Heirs Should Know About Reverse Mortgages

Kiplinger recently published an article that gives advice to the heirs of a reverse mortgage borrower.  The heirs should be aware that they are to contact the reverse mortgage lender immediately once the last reverse mortgage borrower has died.  This will be in favor of the heirs because the clock begins ticking on the date of death, which is the amount of time given to the heirs to make a decision on whether they want to keep the house, sell it or turn over the keys to the lender.  Another important thing to note is that the amount that's due to the lender is the lessor of the reverse mortgage balance or 95% of the appraised.  If there is no equity left in the home, then the beneficiary can simply turn over the keys to the lender without any recourse: that means the lender cannot go after the estate or the beneficiaries' assets for payment.

Learn more about this topic and other reverse mortgage topics at www.reversemortgagebenefit.com.

Senate Examines Pending Retirement Crisis

Middle-class Americans have virtually no savings in their retirement accounts due to financial crisis and economic recession that we have seen in recent years.  The deterioration of 401(k) plans and IRAs coupled with the uncertainty of Social Security has more Americans looking for additional sources of income.  The Senate stated that during the stock market plunge of 2008 and 2009, those retirement accounts lost a total of $2 trillion in value.
The financial planning community is advising that Reverse Mortgages by included as part of one's retirement plan.  Reverse Mortgages are recently being looked at as an option to fulfill the income lost from the deterioration of other retirement assets.

For more information on how reverse mortgages may solve retirement problems, visit www.reversemortgagebenefit.com.