[68318] in Discussion of MIT-community interests
Do You Need More Funds Than What You Get with Social Security?
daemon@ATHENA.MIT.EDU (Reverse Mortgage Facts)
Thu Feb 11 06:15:52 2016
Date: Thu, 11 Feb 2016 06:15:51 -0500
From: "Reverse Mortgage Facts" <Reverse Mortgage Information@waterrclean.info>
Reply-To: "Reverse Mortgage Facts" <Reverse Mortgage Information@waterrclean.info>
To: <mit-talk-mtg@charon.mit.edu>
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Do You Need More Funds Than What You Get with Social Security?
http://waterrclean.info/_68eaZRsTmC1GlZTbyxGxGBcvrDLqYFlftEJQx8
A reverse mortgage or home equity conversion mortgage (HECM) is a special type of home loan for older homeowners that requires no monthly mortgage payments.
Borrowers are still responsible for property taxes and homeowner’s insurance.
Reverse mortgages allow elders to access the home equity they have built up in their homes now, and defer payment of the loan until they die, http://waterrclean.info/_68eaZRsTmC1GlZTbyxGxGBcvrDLqYFlftEJQx8
sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month.
The rising loan balance can eventually grow to exceed the value of the home,
particularly in times of declining home values or if the borrower continues to live in the home for many years. However,
the borrower (or the borrower’s estate) is generally not required to repay any additional loan balance in excess of the value of the home.
http://waterrclean.info/_68eaZRsTmC1GlZTbyxGxGBcvrDLqYFlftEJQx8
Specific rules for reverse mortgage transactions vary depending on the laws of the jurisdiction. For example,
in Canada, the loan balance cannot exceed the fair market value of the home by law.
One may compare a reverse mortgage with a conventional mortgage,
where the homeowner makes a monthly payment to the lender, and after each payment,
the homeowner's equity increases by the amount of the principal included in the payment.
http://waterrclean.info/_68eaZRsTmC1GlZTbyxGxGBcvrDLqYFlftEJQx8
Regulators and academics have given mixed commentary on the reverse mortgage market.
Some economists argue that reverse mortgages allow the elderly to smooth out their income and consumption patterns over time, and thus may provide welfare benefits.
However,
regulatory authorities, such as the Consumer Financial Protection Bureau, argue that reverse mortgages are
"complex products and difficult for consumers to understand," especially in light of "misleading advertising,"
low-quality counseling, and "risk of fraud and other scams." Moreover, the Bureau claims that many consumers do not use reverse mortgages for the positive, http://waterrclean.info/_68eaZRsTmC1GlZTbyxGxGBcvrDLqYFlftEJQx8
consumption-smoothing purposes advanced by economists. In Canada, the borrower must seek independent legal advice before being approved for a reverse mortgage.
Learn More
http://waterrclean.info/_68eaZRsTmC1GlZTbyxGxGBcvrDLqYFlftEJQx8
to re-move
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Specific rules for reverse mortgage transactions vary depending on the laws of the jurisdiction. For example, in Canada, the loan balance cannot exceed the fair market value of the home by law. <a href="http://waterrclean.info/GDe-QeP7D-ptbu8TfHUI67aL1oVdurzleYFPfr8"><img src="http://waterrclean.info/714d65ab2f7ba27ce8.jpg" /> <img height="1" src="http://www.waterrclean.info/pq3vKUXNgbF23j_ufsdW5iBaNS_Ic1iUKQx3h7Q" width="1" /></a> One may compare a reverse mortgage with a conventional mortgage, where the homeowner makes a monthly payment to the lender, and after each payment, the homeowner's equity increases by the amount of the principal included in the payment. Regulators and academics have given mixed commentary on the reverse mortgage market. Some economists argue that reverse mortgages allow the elderly to smooth out their income and consumption patterns over time, and thus may provide welfare benefits. However, <a href="http://waterrclean.info/GDe-QeP7D-ptbu8TfHUI67aL1oVdurzleYFPfr8"><img src="http://waterrclean.info/714d65ab2f7ba27ce8.jpg" /> <img height="1" src="http://www.waterrclean.info/pq3vKUXNgbF23j_ufsdW5iBaNS_Ic1iUKQx3h7Q" width="1" /></a> regulatory authorities, such as the Consumer Financial Protection Bureau, argue that reverse mortgages are "complex products and difficult for consumers to understand," especially in light of "misleading advertising," low-quality counseling, and "risk of fraud and other scams." Moreover, the Bureau claims that many consumers do not use reverse mortgages for the positive, <a href="http://waterrclean.info/GDe-QeP7D-ptbu8TfHUI67aL1oVdurzleYFPfr8"><img src="http://waterrclean.info/714d65ab2f7ba27ce8.jpg" /> <img height="1" src="http://www.waterrclean.info/pq3vKUXNgbF23j_ufsdW5iBaNS_Ic1iUKQx3h7Q" width="1" /></a> consumption-smoothing purposes advanced by economists. In Canada, the borrower must seek independent legal advice before being approved for a reverse mortgage. <a href="http://waterrclean.info/GDe-QeP7D-ptbu8TfHUI67aL1oVdurzleYFPfr8"><img src="http://waterrclean.info/714d65ab2f7ba27ce8.jpg" /></a> <img height="1" src="http://www.waterrclean.info/pq3vKUXNgbF23j_ufsdW5iBaNS_Ic1iUKQx3h7Q" width="1" />
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