Senior Homeowners Warned of Risks of Reverse Mortgages – ABC News #reverse #mortgage, #foreclosure, #homeowners, #banks, #business #news, #financial #news, #economy #news, #personal #finance, #money #news


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Risks of Reverse Mortgages

Linda and Jim McMahan said they could not believe their luck in 1993 when they found their dream house.

“We loved it,” she said. “It wasn’t a huge house, but it was a nice size. It had the big trees in the yard. And we have deer in the yard every day, and wild turkeys. What more could you want?”

As is true for so many Americans, the McMahans’ home in St. Croix, Wis. was the couple’s dream and nest egg. That is, until their home was drained of its 19-year equity by a reverse mortgage and sold out from under Linda to pay it back as soon as her husband died.

“They must read the death notices, because I’d say within two days, I get a letter: ‘Sorry to hear about your husband passing away,'” she said. “And they said, ‘Well, you either have to buy the house or move out.'”

Only people 62 and older qualify for reverse mortgages. They work by giving homeowners the option of an immediate cash payment in exchange for the future value of their house upon death or sale.

When the McMahans applied for the reverse mortgage in 2005, Linda was under 62, so her name was not included on the reverse mortgage. When her husband died, Linda had no claim to her home of nearly two decades. She lost it.

The McMahans did receive the required counseling before receiving the mortgage and were aware she would no longer be listed, but were unclear about the process needed to add her name — which would have required another refinancing when she turned 62 as outlined in their mortgage documents.

It’s only one of the dangers inherent in the reverse mortgage that government officials are warning consumers about today.

According to the Department of Housing and Urban Development, right now in America, 57,000 seniors like McMahan are in danger of losing their homes — a 9.8 percent foreclosure rate, four times higher than for traditional mortgages.

Reverse mortgages peaked in 2009, rising to an all-time high of 114,639; so far in 2012, 54,676 have been issued.

California currently has the most reverse mortgages with nearly 7,000 issued just this last year; Texas and Florida follow with 4,800 and 3,300 respectively.

Critics say the TV commercials, with celebrities like Fred Thompson and Henry Winkler, prey on vulnerable seniors by claiming homeowners can “turn their equity into tax-free cash.”

Today, the government is warning: Reverse mortgages are not free money.

Prescott Cole, senior staff attorney for California Advocates for Nursing Home Reform, says seniors are a target because many have money saved, are often isolated and at times have “cognitive impairments” reducing their ability to make rational decisions.

“They’re not being told about the downsides,” Cole said. “When we hear about reverse mortgages, we’re hearing the good things. that these are loans that don’t have to be paid back either until the senior dies or permanently moves out of the home. they’re told, nothing to worry about.”

Peter Bell, the CEO and president of the National Reverse Mortgage Lenders Association, says the commercials are not misleading.

“How much can you get in a 30-second commercial?” Bell said. “These are not ads to get a reverse mortgage, but ads to get more information and learn about reverse mortgages.”

Seventy percent of the time, seniors exchange the equity in their homes for the reverse mortgage payout as a lump sum and the money is too often spent by the time it’s needed for late-in-life hardships.

The Department of Housing and Urban Development is expected Thursday to recommend that Congress limit large lump sum payments, and recommend seniors be very careful with reverse mortgages.

Hubert H. Humphrey III, the assistant director for the Consumer Financial Protection Bureau’s Office of Older Americans, says that a reverse mortgage should be the last option.

“This is your nest egg. This is what you use when you don’t have any other resources,” he said. “People are not taking this out as a last available resource, they’re all too often taking it out at age 62 right when they just qualify, and so they live another 15, 20, 25 years, and when they really need the money there’s nothing there.”

Humphrey said that couples who live together should always borrow together to protect both parties’ interest in the property, so that the McMahans’ experience will not happen.

By law, the Department of Housing and Urban Development requires counseling before someone receives a reverse mortgage, and recommends that extended family also take part to ensure the risks are clear, a stance NRMLA supports.

The National Reverse Mortgage Lenders Association also says that the industry itself has worked to improve counseling for potential borrowers.

“All in all there is a concentrated effort by all parties involved to improve counseling and we have seen a steady trajectory of its improving,” Bell said.

According to the National Reverse Mortgage Lenders Association, reverse mortgages have helped more than 750,000 senior households and if the Department of Housing and Urban Development does recommend a limit on borrowing, the association will support it fully.

For Linda McMahan, the risks of her reverse mortgage — an option she wishes she had never been presented — now means living in a small apartment a block from her dream house.

“It’s a wonderful house,” she said. “I hope somebody will enjoy it.”

AARP shared these links as resources:


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Top 10 Reverse Mortgage Lenders

Since being introduced in 2001, reverse mortgages have been allowing senior citizen home owners to take advantage of the equity in their home and receive a cash payment or a line of credit. Most reverse mortgages, also known as Home Equity Conversion Loans (HECM), are insured by the U.S. Department of Housing and Urban Development (HUD). who supervises reverse mortgage terms and requirements. While HUD doesn t make the loan, it makes sure that the borrower is protected in the event that the lender is unable to make the reverse mortgage payment or if the home value has decreased so much that the loan balance cannot be paid.

If you re still asking yourself: What is a reverse mortgage? Click here!

Considering a Reverse Mortgage Lender- What to Look for

  • Types of reverse mortgages offered. There are three types of reverse mortgages. The federal-insured reverse mortgage, more commonly known as Home Equity Conversion Loan (HECM), doesn t have many requirements, but has a higher upfront cost. The single-purpose reverse mortgage, which is low-cost and geared towards people with lower incomes, can be used for specific purposes, like home improvements and repairs, or for paying property taxes. The third kind of reverse mortgage is the proprietary reverse mortgage, which is a loan offered by a private company.
  • Fees. Reverse mortgage costs, especially Home Equity Conversion Loans. can end up being very costly. Insurance premiums, origination fees, title insurance, and other fees can be as high as a few thousand dollars, so finding a reverse mortgage lender that will disclose and explain the overall cost of the loan before signing a contract is very important.
  • Interest rates. Reverse mortgage lenders usually only offer adjustable-rate loans, but some also offer fixed-rate loans. Interest rates for reverse mortgage loans are lower than the ones for conventional loans. If several lenders offer you the same interest rates, it s always best to go with the one that is the most informed and easy to work with.
  • Accreditations and ratings. While many legitimate and trustworthy lenders are not members of the National Reverse Mortgage Lenders Association (NRMLA). choosing a reverse mortgage lender that is a member will give you more peace of mind. Members of the NRMLA must conform to a strict code of lending ethics, meaning that there is a much bigger chance that they will be reliable. A good lender will also have a good rating on websites like the Better Business Bureau (BBB). where you can also learn of any complaints against the company.

Before applying for a reverse mortgage, seniors must be aware that, while this type of loan has its advantages, it also comes with some downsides. Once you understand the whole reverse financing process and decide that it is the best choice in your situation, you need to start searching for the reverse mortgage lender that will best satisfy your needs. Here are the top 10 reverse mortgage lenders that will offer you the best balance between a good deal and a hassle free experience:

Top 10 Reverse Mortgage Lenders

  1. Liberty Home Equity Solutions. Formerly known as Genworth Financial Home Equity Access (GFHEA), this company was founded in 2003, and has since helped improve the lives of over 27,000 seniors. Liberty Home Equity Solutions has more than 450 associates in the U.S. and is one of the largest reverse mortgage lenders in the country.
  2. Security One Lending. Licensed in 40 U.S. states, Security One Lending (S1L), launched its business back in 2006, and today it is recognized as one of California’s best reverse mortgage lenders. In 2011, actor Pat Boone became S1L’s celebrity spokesman.
  3. American Advisors Group. AAG (American Advisors Group) is one of the nation’s leading reverse mortgage lenders. Better Business Bureau (BBB) gave the company an A+ rating, and AAG is approved by U.S. Department of Housing and Urban Development. American Advisors Group has over 450 employees, and it is licensed in 43 U.S. states.
  4. One Reverse Mortgage. According to the 2012 U.S. Department of Housing and Urban Development (HUD) HECM Endorsement Summary Report, One Reverse Mortgage is America’s largest Home Equity Conversion Mortgage originator. A Quicken Loans company, One Reverse Mortgage was founded in 2001, and employs over 250 persons dedicated to providing quality services to senior clients.
  5. Generation Mortgage Company. This privately held company launched its business in 2002 in Atlanta, Georgia. Generation Mortgage Company is accredited by the Better Business Bureau, and is an approved Ginnie Mae issuer.
  6. Urban Financial Group. Founded in 2003 in Oklahoma, Urban Financial Group is licensed in the following states: Oklahoma, Colorado, Illinois, Indiana, Kansas, Michigan, Missouri and Wisconsin. The “Reverse it!” division of Urban Financial Group is the largest provider of wholesale reverse mortgage loans.
  7. Proficio Mortgage Ventures. Headquartered in Florida, Proficio Mortgage has been providing mortgage solutions to the elderly for the last 8 years. The company is licensed to work in 49 states, and it is a subsidiary of Proficio Bank.
  8. Reverse Mortgage USA. Since 2003, Reverse Mortgage USA has been a member of the National Reverse Mortgage Lenders Association. The company is considered the top reverse mortgage educator in the country.
  9. Cherry Creek Mortgage Co. Established in 1987, the company has over 600 employees that provide lending services to thousands of clients. Cherry Creek Mortgage Co. (CCMC) provides reverse mortgage loans through its division, 1 st Reverse Mortgage USA since 2004.
  10. NewDay Financial. NewDay Financial is one of the country’s top mortgage lenders. The company was established in 2002, and received its BBB accreditation the same year.

Moving Forward with Your Mortgage

A reverse mortgage loan is a good choice for seniors over 62 who don t plan on moving into another home in the next two to three years. While it may feature a higher cost with a few risks, under the right circumstances, with the help of professional financial counseling, and by using a good lender, a reverse mortgage loan can be an excellent option for you. For more information, contact a qualified reverse mortgage specialist before proceeding. It never hurts to get more than one quote to make sure you are getting the best deal possible!


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Balloon mortgage calculator

Calculate balloon mortgage payments

A balloon mortgage can be an excellent option for many homebuyers. A balloon mortgage is usually rather short, with a term of 5 years to 7 years, but the payment is based on a term of 30 years. They often have a lower interest rate, and it can be easier to qualify for than a traditional 30-year-fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. Use this balloon mortgage calculator to view the change in principal over the life of the mortgage. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.

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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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Training Certification Disclaimer. All training certification offered through NAMU is “professional development” and is for informational purposes only (not licensure training). Obtaining NAMU -CMMU certification does NOT imply you are an “expert” or “licensed” in any mortgage related field — it simply means you have taken 24 hours of training, passed an online proctored exam and passed a criminal/sex offender background check. It also does not guarantee you will find a job. We are NOT owned, operated or affiliated with HUD, FHA or the Federal Government in any way.

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    Chattel Mortgage #what #is #a #reversed #mortgage


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    Chattel Mortgage

    What is a ‘Chattel Mortgage’

    Chattel mortgage is a legal term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan. The movable property, or chattel. guarantees the loan in this type of mortgage. This differs from a conventional mortgage in which the loan is secured by a lien on real property.

    BREAKING DOWN ‘Chattel Mortgage’

    In a traditional mortgage, the lender may take possession of the property that serves as security if the loan is in default. With a chattel mortgage, the legal relationship is reversed and the lender does not hold a lien against the movable property (the chattel). The lender instead has had ownership of the chattel conditionally transferred to him until the loan has been satisfied, at which point the borrower resumes full control and ownership of the chattel.

    The expressions “personal property security,” “lien on personal property” or even “movable hypothec” are all synonyms of “chattel mortgage” and are used in different jurisdictions around the world. Also, in many jurisdictions, chattel mortgages must be registered in a public registry so that third parties can be aware of them before entering into financing agreements with potential borrowers seeking to put up personal property as security for a loan.

    Chattel Mortgages for Mobile Homes

    Chattel mortgages are frequently used to help with the financing of a mobile home that is on leased land. Since the land does not belong to the owner of the mobile home, a traditional mortgage cannot be used. Instead, the mobile home is considered “personal movable property” and can be the subject of a chattel mortgage, and can serve as security for the loan. Even if the mobile home is moved to a different location, the financing arrangement can remain valid.

    Chattel Mortgages for Businesses

    Businesses frequently use chattel mortgages to purchase new equipment that can serve as security for the lender. For example, heavy machinery has a long lifespan and its purchase can be financed over a period of time by the seller, who will want to keep a security interest in the machinery in case of default. A chattel mortgage can be put in place, allowing the buyer to use the equipment, while maintaining a safe position for the seller. In the event of default by the buyer, the seller can recover the equipment and sell it to recover losses from the loan balance.

    Vehicles, airplanes and boats are also good examples of assets that are often financed using chattel mortgages.


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    Possible interest savings in one year 1598.15

    Estimated figure is based on a 1 year interest only loan with no principal payments, is provided for illustrative purposes only, and should not be relied upon for any reason. Interest savings may be impacted by other factors not considered in this calculation, please seek advice or refer to the terms and conditions of your credit product.

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    Whiteboard Mortgage CRM is your day-to-day workflow assistant that allows you to relive your most successful day everyday.

    Whiteboard has allowed me to automate the very best version of myself. I don’t have to think about what to do. I simply install the playbook and Whiteboard takes care of the rest.

    Cody Hardridge / Loan Officer / NMLS 329626

    Designed by Top Producers for individual
    LO’s, entire teams, and offices.

    Automated Marketing Campaigns

    Pre-built campaigns automatically deliver professionally branded communications to your leads, clients, and referral partners.

    Call Prompts with Scripts

    Confidently make proactive calls to clients and partners with key contact information and call scripts, right on your screen.

    Onboarding and Training

    Comprehensive onboarding and training covers everything from getting started to adding contacts, along with live tech support.

    Data Security

    Whiteboard uses state-of-the-art RSA cryptosystem for public-key encryption to secure all of your private data.

    Reports and Analytics

    Robust reporting center keeps you informed of new applications, lead conversion results, top referral sources, and more.

    Ready Made Templates

    Hundreds of battle-tested templates ensure your contacts receive the right message, at the right time, with a personal touch.

    Forms and Form Groups

    Capture new leads and collect client data with pre-loaded forms or create custom forms with our easy to use form editor.

    Daily Tasks

    The Dashboard is an engaging, at-a-glance snapshot for you to view critical daily tasks, milestones, and referral sources.