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Reverse Mortgage, Now Is The Time

By On June 28, 2011

With all of the changes in the reverse mortgage industry lately, it can be stunning when researching lenders and products. It is important to know that even with the decisions of Wells Fargo and Bank of America to exit the reverse mortgage business, there remains a core group of lenders that use 100% of their resources to deliver reverse mortgages to borrowers over age 62, nationwide.

These lenders are an elite group of banks that specialize in reverse mortgage lending and have vast experience with these loans. While other banks are pulling out, these lenders keep growing and expanding and making reverse mortgages more affordable than ever.

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Reverse Mortgage Publications and Resources

By On March 18, 2010

This article is under review, please check back later…

Michael Manfredi is an Arizona Reverse Mortgage Specialist

Reverse Mortgage Concepts

Phoenix, AZ 85020
(602) 456-0009
(888) 697-5556

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Reverse Mortgage for Home Purchase

By On March 11, 2010

Reverse Mortgages have been used for home purchase for many years, however, the federally insured version, HECM, has recently become available for financing a home purchase as well. The advantages of the HECM loan are substantial, like low interest rates and FHA insurance but there are the usual drawbacks, like mortgage insurance fees and HUD property regulations.

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Reverse Mortgages can be Refinanced

By On March 10, 2010
This article illustrates how a reverse mortgage can be used over and over again to release cash from your home’s equity and create liquidity for life.

Reverse Mortgages, for some, are not a one time proposition. There are many reasons why most consumers think a reverse mortgage is a one time, one shot deal. They are advertised and sold as a lifetime loan with illustrations that amortize out to age 100 and they use terms like “no payments for life” and while this is all true, it does not necessarily mean the home owners will have or should have the same reverse mortgage for the rest of their lifetimes. It makes a lot of sense, when planning for retirement, not to have a mortgage payment to worry about, so most of my customers use the bulk of their proceeds from a reverse mortgage to pay off an existing mortgage on their home. This benefit could be enough for the reverse mortgage to make sense to some. The amount of the mortgage payment they were making no longer comes out of the bottom line every month, leaving them with extra spendable income. If they don’t spend the extra money, it adds up to thousands of dollars in savings every year. This is why reverse mortgages are becoming so widely accepted.

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