[48399] in Discussion of MIT-community interests
If you 62+ and want to save big you should read this
daemon@ATHENA.MIT.EDU (Reverse Mortgage Service)
Wed Aug 5 04:44:09 2015
Date: Wed, 5 Aug 2015 04:43:49 -0400
To: mit-talk-mtg@charon.mit.edu
From: Reverse Mortgage Service <reversemortgageservice@jeklo.eu>
Reply-to: Reverse Mortgage Service <reversemortgageservice@jeklo.eu>
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Is Reverse Mortgage right for you? You decide
rement. The advantage of a reverse mortgage is that the borrower's credit is not relevant, and is of
ten unche 5r3j cked, because the borrower does not need to make any payments. Because the home serves as col
lateral, it must be sold jmin order to repay the r3j mortgage when the borrower dies n some cases, the hei
rs have the option of repaying the mortgage without selling the home These ty c5r3j pes of mortgages have la
rge origination costs relative to other types of mortgages. These costs become part of the initial loan
balance and accrue inter r3j mest. Senior citizen borrowers with good credit should jm carefully analyze the op
tions of a more traditional mortgage, such r3j m as a home equity loa c5r3j n, against a reverse mortgage.
r project survived.reverse mortgage, the interest that accrues is treated as a loan advance. Each month,
interest is calculated not on 5r3j ly on the principal amount received by the borrower but on the interest pre
viously asse jmssed to the loan. Because of this compound interest, as a reverse m jmortgage's length grows, it b
ecomes more likely to deplete the entire equ c5r3j ity of the property.[13] That said, with the FHA-insured HECM r
everse mortgage, the borrower can never owe more than the value of the property and cannot pass on any debt
from the reverse mortgage to any heirs. The sole remedy the lender has is the collateral, no
The majo jmr problem was that elderly homeowners were extremely cautious and suspicious. Even when the
y seemed convinced, they c5r3j often backed out at 5r3j the last moment. Unfortunately, some programs being offered
around that time did not guarantee lifetime occupancy-borrowers could be forc r3j med out of their homes if th
ey lived too long. The compl r3j mexity of reverse mortgage programs was also a deterrent.
This situation began to change in 1988 with the development of a jmfederal program under the FHA. The borro
wer protecti jmons built into this program, along with the imprimatur of the r3j mfederal government, paved the w
ay toward increasin c5r3j g acceptance by elder c5r3j ly homeowners. The Aalso entered the picture as a major infor
mation source Complexity continues to be a problem, however, which is why the
FHA jmrequires that applicants be counseled before entering the program.
sample of homeowners who had taken FHA reverse mortgages was surveyed regarding their experie
nce under the program. The survey found that aboutw r3j mere either "ve 5r3j ry satisfied" or "satisfied," and
only abre "very dissatisf c5r3j ied" or "dissatisfied."
In earlyrse mortgages were being written at a rate of ab
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rement. The advantage of a reverse mortgage is that the borrower's credit is not relevant, and is of
ten unche d7lc cked, because the borrower does not need to make any payments. Because the home serves as col
lateral, it must be sold cmin order to repay the 7lc mortgage when the borrower dies n some cases, the hei
rs have the option of repaying the mortgage without selling the home These ty rd7lc pes of mortgages have la
rge origination costs relative to other types of mortgages. These costs become part of the initial loan
balance and accrue inter 7lc mest. Senior citizen borrowers with good credit should cm carefully analyze the op
tions of a more traditional mortgage, such 7lc m as a home equity loa rd7lc n, against a reverse mortgage.
r project survived.reverse mortgage, the interest that accrues is treated as a loan advance. Each month,
interest is calculated not on d7lc ly on the principal amount received by the borrower but on the interest pre
viously asse cmssed to the loan. Because of this compound interest, as a reverse m cmortgage's length grows, it b
ecomes more likely to deplete the entire equ rd7lc ity of the property.[13] That said, with the FHA-insured HECM r
everse mortgage, the borrower can never owe more than the value of the property and cannot pass on any debt
from the reverse mortgage to any heirs. The sole remedy the lender has is the collateral, no
The majo cmr problem was that elderly homeowners were extremely cautious and suspicious. Even when the
y seemed convinced, they rd7lc often backed out at d7lc the last moment. Unfortunately, some programs being offered
around that time did not guarantee lifetime occupancy-borrowers could be forc 7lc med out of their homes if th
ey lived too long. The compl 7lc mexity of reverse mortgage programs was also a deterrent.
This situation began to change in 1988 with the development of a cmfederal program under the FHA. The borro
wer protecti cmons built into this program, along with the imprimatur of the 7lc mfederal government, paved the w
ay toward increasin rd7lc g acceptance by elder rd7lc ly homeowners. The Aalso entered the picture as a major infor
mation source Complexity continues to be a problem, however, which is why the
FHA cmrequires that applicants be counseled before entering the program.
sample of homeowners who had taken FHA reverse mortgages was surveyed regarding their experie
nce under the program. The survey found that aboutw 7lc mere either "ve d7lc ry satisfied" or "satisfied," and
only abre "very dissatisf rd7lc ied" or "dissatisfied."
In earlyrse mortgages were being written at a rate of ab
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