ArticlesBase.com - Free Articles Directory
Free Online Articles Directory
21.08.2008 Sign In Register Hello Guest
Email:
Password:
Remember Me 
forgot your password?


Reverse Mortgages Appeal to Elderly

Author: Anthony Petrucci Author Ranking Blue | Posted: 04-06-2008 | Comments: 0 | Views: 3 | Rating:  (107) Article Popularity - Blue (?) Got a Question? Ask.
Sign Up Now!

Hordes of elderly homeowners are seeking ways to put money back in their pockets during their “Golden Years.” Retirement funds and Social Security have not provided sufficient means for some elderly homeowners and they are now looking for other ways to supplement their income. One way that is steadily on the rise in popularity among the elderly is the reverse mortgage.  Avoiding foreclosure and other financial hang-ups are just a few of the reasons reverse mortgages appeal to the elderly. Below we will answer a few of questions about reverse mortgage.

What is a reverse mortgage?
According to reversemortgage.org, “A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment.” With a reverse mortgage, the homeowner receives payments from the lender instead of making payments to the lender like in a regular mortgage. Whenever the home is sold, the lender recovers the principle plus interest. According to  hud.gov, “the size of reverse mortgage loans is determined by the borrower's age, the interest rate, and the home's value.”

Why does it appeal to the elderly?
 The reverse mortgage appeals to the elderly (62+) for a few different reasons. The money can be used to supplement retirement income, pay for health care costs, remodel a kitchen or bathroom, or take a “dream vacation.” Also, a reverse mortgage is like a reward for your age, the older you are and the more valuable your home, the more money you are able to get.

What are the requirements?
 The requirements for a reverse mortgage are advantageous to seniors. There is no income or medical requirements to meet when qualifying for the reverse mortgage. As long as you are at least 62 or in the case of couples, the youngest spouse is 62, have enough equity in your home or own your home, you can qualify for a reverse mortgage. 
 

If you are thinking about a reverse mortgage, speak with a qualified broker and discuss all your options. Being educated and informed on reverse mortgages will make your decision making much easier.

OceanView Investment Services Corporation is the parent company of OceanViewEquity.com and its affiliate websites. Since founded, our top goals and priorities have been to maintain the integrity of service we provide and the guaranteed satisfaction of our users and customers alike.  We provide Borrowers nationwide with a service geared to make the loan process as stress-free and simple as possible.  Our Lenders and brokers across the country are given accounts to access borrower information and make successful loans.

Rate this Article: Current: 0 / 5 stars - 0 vote(s).

Article Source: http://www.articlesbase.com/mortgage-articles/reverse-mortgages-appeal-to-elderly-438228.html

Print this Article Print article   Email to a Friend Send to friend   Publish this Article on your Website Publish this Article   Send Author Feedback Author feedback  
About the Author:

OceanView Investment Services Corporation is the parent company of OceanViewEquity.com and its affiliate websites. Since founded, our top goals and priorities have been to maintain the integrity of service we provide and the guaranteed satisfaction of our users and customers alike. We provide Borrowers nationwide with a service geared to make the loan process as stress-free and simple as possible. Our Lenders and brokers across the country are given accounts to access borrower information and make successful loans.

Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free!

Article Comments

Comment on this article Comment on this article
Your Name
Your Email:
Comment Body
Enter Validation Code: Captcha


Related Articles

Is A Reverse Mortgage for You?
By: Tabitha Naylor | 14/07/2006 | Mortgage
As the controversy wages on, reverse mortgages are becoming one of the more popular mortgages available to older homeowners. This article provides a brief over view as to the qualifications necessary to be eligible type of mortgage.

Tapping into the Reverse Mortgage Cash Cow
By: Tabitha Naylor | 03/12/2006 | Finance
With the social security crisis, and the cost of living on the rise, older Americans are having a tough time making ends meet. The reverse mortgage is quickly becoming a popular idea to assist homeowners over the age of 62 in meeting their monthy expenditures. This article covers how.

Benefits Of A Reverse Mortgage
By: Gerald Mason | 18/12/2006 | Real Estate
Homeowners over the age of 62 are able to take advantage of what is known as a reverse mortgage to add to their monthly income. A reverse mortgage allows the homeowner to take advantage of the equity in their home by converting it into tax-free income. The homeowner is able to...

Should You Take Out Equity or Get a Reverse Mortgage?
By: Karen Kirby | 18/07/2006 | Finance
Deciding whether to take out equity or get a reverse mortgage is not a decision to be taken lightly. The advantages of a reverse mortgage are significant but not until you are ready for this step ...

Allergic To Your Dog Or Cat?
By: Samuel Murray | 27/09/2005 | Pets
Pets definitely help us live longer and healthier lives. This is especially true of the elderly and those of us who live alone. Pets make wonderful and faithful companions. They are always there for us. However, this rel...

Plowing Through the Problems of Elder Care
By: Jo Nelson, R.N. | 15/02/2007 | Health
As baby boomers watch the years fly by, one of their biggest concerns is sorting through the many problems of caring for their elderly parents. When is it no longer safe for our elderly parent to stay home alone? How can we maintain our jobs, our home, our children, and care for our parents all at the same time? What resources are available to help? How do we approach the subject with them? How can we help them keep their independence and dignity? How do we deal with the stress of it all?

Metabolism - your Best Friend
By: Jenny Regeling | 13/10/2007 | Health
I had always struggled with a slow metabolism and my experience with Breast Cancer and the treatment I had, didn't help it speed up either. I have done much research to finally and simply find the solution. Enjoy the read of some of this knowledge and work it in with your life to help you live the happy and healthy life you have always dreamed of. We are only here for such a short time so make the most of it!

In Home Elder Care - Do Mom and Dad Really Need This?
By: Barbara Mascio | 16/03/2008 | Elderly Care
Signs alerting you to the fact that it’s time to consider hiring some in-home care assistance.

Got a Question? Ask.

Ask the community a question about this article:

Q&A Powered by:
Powered by Yedda 

Latest Mortgage Articles

Understanding the Difference Between a Simple Purchase Loan and an Owner Builder Construction Loan
By: Chris Esposito | 21/08/2008
An owner builder must understand that his construction loan will be different than a simple purchase or refinance mortgage. Understanding these differences allows you to plan for a very profitable project. However, an owner builder who does not account for the nuances of an owner builder construction loan as compared to a simpler mortgage is going to set himself up for failure from the start.

Adjustable Rate Mortgage
By: Andri Irawan | 20/08/2008
Another common type of home loan is the adjustable rate mortgage or ARM. With this type of loan, the interest rate will fluctuate depending on the 6 different real estate indexes.

Bad Credit Commercial Mortgage – “the Parties Over”
By: jeff rauth | 20/08/2008
If you’re a borrower with bad credit looking for a commercial mortgage I have bad news for you. Your options are greatly reduced from just 6 months ago. In general, it is getting serous out there for a lot of people that for one reason or another that have credit scores lower than 600.

Earn Money By Checking Your Mortgage Refinance Rates
By: Juhani Tontti | 20/08/2008
To refinance mortgage rates can be the best increase to your monthly income during a long period of time. Mortgage refinance rates can be lower than your present rate, especially if you have agreed it years back.

Types of Home Mortgage Loan That You Should be Aware
By: Alan Lim | 20/08/2008
Home Mortgage Loan can be fixed rate or adjustable rate. Your manner of choosing is dependent on the kind of borrower you might be.

Applying for Bad Credit Mortgage Loans
By: Joe Boyd | 20/08/2008
Many people make the assumption that since they have less than perfect credit, they are barred form owning their own home. They are under the impression that no one will trust them with a mortgage; while this may have once been the case, the rules have loosened up somewhat in the last several years.

Fixed Rate Mortgages Hold Steady Again While Arms Nudge Down
By: Ki Gray | 20/08/2008
This article looks at recent changes with mortgage interest rates.

How to Find The Best Lender To Be Able To Refinance Mortgage Rates
By: Juhani Tontti | 20/08/2008
As you may have experienced to be able to refinance mortgage rates is not that simple but with the right tool you can do it quite easily. The monthly savings from this job can be so big, that it is worth doing carefully.

More from Anthony Petrucci

The Face of Foreclosure
By: Anthony Petrucci | 16/07/2008 | Mortgage
The housing market in Florida has taken a hit harder than most baseballs in the big leagues. Now days, it just about takes a big league paycheck to keep the lenders at bay and avoid foreclosure on your most prized possession, your home.

Renters Beware
By: Anthony Petrucci | 02/07/2008 | Personal Finance
According to rentalforeclosure.com, over 173,474 renters have been evicted this year due to foreclosure. Even well-intended homeowners rent their house as a last resort to save the mortgage, but still end up foreclosing leaving the renter in a messy situation. Here are a couple things you can do to be ahead of the game:

Don’t Say the “f” Word! How Denial Affects Foreclosure
By: Anthony Petrucci | 02/07/2008 | Mortgage
Many times, one or more people involved would rather deny the reality of their financial situation, which may have been how they got there in the first place. However, denial only leads to delay, which perpetuates the disaster and leaves you with fewer options. Your other alternative is to be courageous enough to face reality and work through it making your outcome much more favorable and your family much stronger. Here are a few ways denial can affect foreclosure:

Changing Stress Into Success
By: Anthony Petrucci | 12/06/2008 | Wellness
Stressing over the finances, stressing over marriage and stressing over the kids are just a few of the common things among people today whom I like to call “stress pots- that is, those carrying a lot of stress” In the following short paragraphs I hope to define stress and success and give a few tips to turn your stress into success.

Saving Money in Lean Times
By: Anthony Petrucci | 12/06/2008 | Personal Finance
It seems as if the prices of just about everything keep going up and our wallets and bank accounts keep getting thinner. Below you will find ways to save on items ranging from groceries to household goods and services.

Reality Check for Those Living Paycheck to Paycheck
By: Anthony Petrucci | 12/06/2008 | Personal Finance
You’re trying to not only keep food on the table, but also prevent foreclosure on your home and all those annoying phone calls from creditors and bill collectors. Well, it’s time to have a reality check and get off the living paycheck to paycheck train. By applying these tips, financial freedom is a possibility.

Renters Affected by Foreclosure
By: Anthony Petrucci | 04/06/2008 | Real Estate
Homeowners are scrambling to find ways to hold onto their homes and stop foreclosure proceedings, but sometimes there is just not enough money to be made to keep the mortgages current when foreclosure is imminent.

3 Steps to Take When Marriage and Finances Meet
By: Anthony Petrucci | 04/06/2008 | Personal Finance
One would think that a healthy marriage is a guarantee to financial success, but a few things need to be discussed when marriage and your finances meet. Below you will find a few helpful hints to make your marriage and your finances a happy union.

Article Categories






Give Feedback

Sign up for our email newsletter

Receive updates, enter your email below