http://reverse-mortgage-guide.com Thu, 15 Oct 2009 21:12:48 +0000 http://backend.userland.com/rss092 en Problem: A 79 year old husband and his 72 year old wife bought their retirement home in Arizona and have lived there for 9 years. Their combined income is $24,000 annually from Social Security and pension benefits. This is sufficient income to cover their expenses and a few extras, but ... http://reverse-mortgage-guide.com/case-study-7-reverse-mortgage-can-provide-funds-for-home-improvement/ Problem: Mr. & Mrs. Anderson live in Maryland and his 76 year old mother lives in the house he grew up in St. Louis. As a long distance caregiver, he visits as often as possible between business trips and vacations to help his mother maintain her older home. She receives ... http://reverse-mortgage-guide.com/case-study-6-reverse-mortgage-can-provide-help-for-adult-son/ Problem: A couple in their mid-seventies is enjoying their retirement, when unexpectedly the husband suffers a major stroke. Fortunately, he survives but requires very costly 24-hour in-home care. With little extra in their savings, his wife faces the possibility of having to put her husband in a skilled nursing facility ... http://reverse-mortgage-guide.com/case-study-5-reverse-mortgage-could-help-handle-medical-expenses/ Problem:  A 70 year old widow has a $13,000 annual income from Social Security and pension benefits. Although this was sufficient income initially, over the years unexpected expenses have caused her to cut back on some essentials and pay for other items on credit cards. She would like to pay ... http://reverse-mortgage-guide.com/case-study-4-reverse-mortgage-can-provide-extra-needed-income/ An appraiser determined that the Jones home is valued at $350,000. The Jones children are only responsible for paying the home value of $350,000, less any home-selling expenses. The bank takes a loss of $45,000 ($395,000 minus $350,000). http://reverse-mortgage-guide.com/case-study-3-home-value-is-less-than-loan-balance/ Mr. Jones passes away after 15 years and his widow continues to live in their home without having to repay the loan balance. Five years later, she passes away, 20 years after originally obtaining the reverse mortgage. The balance – principal plus interest – is now $395,000. Their children decide to ... http://reverse-mortgage-guide.com/case-study-2-home-value-is-more-than-loan-balance/ With a home value of $400,000 and existing mortgage debt of $50,000, Mr. & Mrs. Jones had $350,000 of equity in their home. Based on that amount, their ages, the property appraisal value, and current interest rates, it was determined that they qualified for a $190,000 loan. Here’s how they chose ... http://reverse-mortgage-guide.com/case-study-1-living-more-comfortably/ Nothing happens to your home — you remain the owner for as long as you live there, and you cannot be forced to move. Unlike a traditional mortgage, however, your balance cannot exceed the value of your home when you sell it. So no matter how much money you receive ... http://reverse-mortgage-guide.com/what-happens-to-my-home/ In order to apply for a reverse mortgage, there are no credit, employment, down payment or income requirements.  Eligibility, therefore, is simplified as follows: 1.  At least one homeowner must be 62 years old or older and occupy the property as their primary residence.  If another younger person less than 62 ... http://reverse-mortgage-guide.com/am-i-eligible-for-a-reverse-mortgage/ Traditional refinance loans mean that the homeowner borrows a large amount of money and makes monthly payments. As payments are made, the loan balance gets smaller and the equity grows. With a reverse mortgage, the homeowner borrows small amounts - monthly or at other intervals through a line of credit. Over ... http://reverse-mortgage-guide.com/reverse-mortgages-vs-traditional-refinance-loans/