Local Fox News Segment Shows New Outlook on Reverse Mortgages
May 9th, 2012 | by Elizabeth Ecker
A Fox News Atlanta TV report this week features a positive question and answer session between a news anchor and a real estate expert who says his mind has been changed on reverse mortgages.
“It’s a wonderful concept for American seniors who have substantial equity in their home. They don’t have to qualify there are never any payments, but they can tap into home equity,” says John Adams, a real estate expert in the southeast United States.
Adams explains the way in which a reverse mortgage can work for seniors who have home equity and want to remain at home.
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For information about reverse mortgages in Connecticut, contact the Specialists at BCI Reverse Mortgage. We are dedicated to providing honest answers to all of your questions and getting you the financial solutions to fit your needs. Call 866-224-2677, X4279!
Reverse Mortgage Connecticut – The Solution to the Housing Crisis
The elderly 62 years of age and older are turning to a new solution to tap equity in their home and to enjoy retirement, according Reversemortgagesv.com
(PRWEB) May 01, 2012
Thousands of geriatrics are turning 62 every single day. Over the next decade there will be over 18.9 million geriatrics looking to sell their homes. With this cash in hand the elderly will be able to live rent free and they will be able to enjoy their retirement without financial worry.
The fastest growing trend in the housing market is not short sales, foreclosures, or anything else that you may traditionally hear about in the news. Rather it’s the HECM market which is a reverse mortgage that is fully insured by the government and the federal housing administration.
Each and every property that is taken over by the administration goes through an in depth counseling where the homeowner is explained all of the minimal risks associated with reverse mortgages as well as the maximum property value of $625,000 that is paid out to interested parties.
Right now all 50 States in the USA are offering full service reverse mortgage solutions to the elderly. The process is said to quick, easy, and is filled with a much more honest field of suppliers as opposed.
Even Costco is now offering a full service mortgage lending facility according to a recent CNN news piece. At least on a trial basis to see if there is enough demand while the elderly are grocery shopping to pick up information about how a home equity conversion mortgage can benefit an AARP member when it comes time to retire.
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For complete information about a reverse mortgage in Connecticut, contact BCI Reverse Mortgage. Call 866-224-2677, X427 today!
Reverse Mortgages Connecticut: Their Time Has Come
By Scott Burns
Reverse Mortgages are the Rodney Dangerfield of financial planning tools. Long thought of as things retirees used in last-ditch efforts to stay in their house, they were seen more as leaky lifeboats than as financial planning tools. They were badges for people soon to be broke.
I should confess that I shared that view. Based on reader mail, reverse mortgages were great examples of too-little-too-late. The vast majority of the people who wrote in asking about reverse mortgages really needed to rethink where they lived, not draw down what was usually their last asset.
But all that may be changing.
If a recent Journal of Financial Planning paper gets traction, the use of reverse mortgages will move from people who are desperate to practical people who have both home equity and some financial assets. This will happen for a totally unexpected reason. Retirees can use a reverse mortgage as a tool for increasing the probability they won’t outlive their assets while increasing their retirement spending. In other words, if reverse mortgages are used early, rather than late, they can be as important in the retirement planning toolbox as life annuities.
Barry H. Sacks, a San Francisco tax attorney and Stephen R. Sacks, a professor emeritus of economics at the University of Connecticut (and the brother of Barry Sacks) made this discovery by thinking differently about financing retirement. Rather than wait until all financial assets were exhausted and then taking out a reverse mortgage, they asked how things would turn out if retirees took out a reverse mortgage first or early. This would allow them to use withdrawals from the reverse mortgage to delay or reduce withdrawals from financial assets.
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Contact BCI Reverse Mortgage for honest answers to all of your questions about reverse mortgages. Call 866-224-2677, X427 today!
Senior Home Equity Gains $30 Billion in Fourth Quarter
Written by Elizabeth Ecker
Reverse mortgage market potential is on the rise, says a study released Thursday. Senior home equity increased by $30 billion in the fourth quarter of 2011, reaching a total level of $3.22 trillion. The near-1% increase was due to increases in home values and a a decline in housing debt overall, according to Risk Span and the National Reverse Mortgage Lenders Association, which track senior home equity on a quarterly basis.
“Our nation’s demographic and economic trends suggest that the reverse mortgage market will continue to grow,” said Peter Bell, NRMLA president and CEO. “This data further validates that reverse mortgages are a fundamental tool to help fund longevity at a time when many Americans might face limited options.”
The index showed a stabilization in the fourth quarter, as total home equity rose 0.9% due to a 0.6% increase in home values and a 0.3% decline in mortgage debt, Risk Span and NRMLA report.
While aggregate senior home values are still 15% below their peak, the 0.6% uptick may be a sign that markets appear to be stabilizing, RiskSpan Chief Operating Officer Allen Jones told RMD.
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Contact the Specialists at BCI Reverse Mortgage for information about how a reverse mortgage can help you. Call 866-224-2677, X427 today!
Seniors Using Reverse Mortgages in Connecticut to Raise Cash
By Mark Koba, cnbc.com
Finding themselves financially strapped, more seniors at an earlier age are trying to get reverse mortgages on their homes in order to survive, according to a new report.
The study says the percentage of people aged 62 to 64 applying for reverse mortgages has increased 15 percent since 1999.
The reason for the dramatic upswing among “younger” seniors is simple, the report concludes: They need the money.
“The average age for taking out reverse mortgages has been around 71,” explains Sandy Timmerman, director of the MetLife Market Institute who conducted the survey with the National Council on Aging.
“But with job losses, higher debt and living costs, more and more of the ‘younger’ seniors are looking at reverse mortgages as a way to pay their bills and keep their homes,” Timmerman adds. “It shows the devastation some seniors have gone through since the financial downturn.”
Reverse mortgages — which allow homeowners to borrow against the value of their homes — have been around since the early 1960s, but have grown in popularity. TV commercials with celebrities such as Henry Winkler, Robert Wagner and Fred Thompson promoting reverse mortgages, are rampant during weekends and late night viewing hours.
But whether it’s the ads, the financial necessity, or both — reverse mortgages have become attractive to more seniors. In 2010 alone, more than 80,000 Americans over 62 years old finalized a reverse mortgage. That’s up from 25,000 in 1995.
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Reverse mortgages from BCI Reverse Mortgage have helped many seniors live stress free in their golden years by using the equity in their homes! We have access to a full range of mortgage sources and all of our lending specialists are dedicated to finding the right loan-with the best rates, terms and costs-to meet your unique needs. If you would like information about reverse mortgages in Connecticut, contact our team of specialists at 866-224-2677, X427.
A Reverse Mortgage in Connecticut Can be Beneficial, If You Know How to Use It
By Harvey S. Jacobs, http://www.washingtonpost.com
As the country’s home-owning population ages and baby boomers hit their mid 60s, it is time to take another look at the once-popular mortgage product known as the reverse mortgage.
In a reverse mortgage, the bank loans you cash in a lump sum, in monthly installments, a line of credit or some combination of all three. Unlike a typical mortgage, the bank pays you and so long as you are alive and continue to live in your home, you do not have to repay the bank. The bank gets repaid solely from the sale or refinancing of your home when you sell your home, move out or die.
In years past, reverse mortgages got a bad reputation, primarily for their relatively high upfront fees, the negative amortization and the many misconceptions about how they work. Nearly all reverse mortgages these days are insured by the Department of Housing and Urban Development’s Federal Housing Administration — meaning that if the reverse lender does not get repaid in full, FHA insurance will cover their losses.
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To learn more about getting a reverse mortgage in Connecticut, contact the specialists at BCI Reverse Mortgage. Call 866-224-2677, X427 today!
About A Reverse Mortgage in Connecticut
Excerpt from longtermcarelink.net
The proceeds from a reverse mortgage are tax-free and can be used for any legal purpose you wish:
- daily living expenses
- home repairs and improvements
- medical bills and prescription drugs
- pay-off of existing debts
- education, travel
- long-term care and/or long-term care insurance
- financial and estate tax plans
- gifts and trusts
- to purchase life insurance
- or any other needs you may have.
The amount of reverse mortgage benefit for which you may qualify, will depend on
- your age at the time you apply for the loan,
- the reverse mortgage program you choose,
- the value of your home, current interest rates,
- and for some products, where you live.
As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be (up to certain limits, in some cases). The reverse mortgage must pay off any outstanding liens against your property before you can withdraw additional funds.
Have you considered how to pay for care if you should need it? What if you need home care? A Reverse Mortgage from BCI Reverse Mortgages has helped many seniors live stress free in their golden years by using the equity in their homes! If you would like information about a reverse mortgage in Connecticut, contact our team at 866-224-2677, X427.
Senior Home Owners Find Financial Resource in Reverse Mortgages in Connecticut
March 8, 2012, Source: Longtermcarelink.net
For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home equity loan. But a conventional loan really doesn’t free up the equity because the money has to be paid back with interest.
Reverse mortgages are a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person’s lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title “reverse mortgage”.
Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, pay off debt or help pay for home repairs, remodeling or long term care needs.
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Call BCI Reverse Mortgage about reverse mortgages and how we can help you stay comfortably in your home, 866-224-2677, X427.
Reverse Mortgage May Be Best Option For Elderly Homeowner
A reverse mortgage would enable an 82-year-old woman who needs cash to tap the substantial equity in her home.
By Liz Weston, Money Talk
Dear Liz: My healthy and active 82-year-old mother is faced with having to sell her home this year because she’s running out of money. She has lived a very minimal lifestyle for many years as her savings dwindled, and her income is now basically Social Security. She owes $25,000 on a home worth more than $700,000 in a top school district. We don’t know if we are jumping the gun with this sale. I could move in with her and pay rent for a year or two, although that would mean a longer commute for me and would just put off the day she has to sell. There are things that must be done to the house for upkeep, and her being cash-poor puts her in a crunch. My brother will help pay for minor sprucing up depending on what the real estate agent says we need to do to make the house presentable, but if Mom remains in the home there are other things to be done. We are assuming that we should sell it and find an apartment for her to rent until she needs more assisted living at a later age. Are we right to take action now?
Answer: Your family needs to take action, but setting your mother up for not just one but possibly two future moves probably isn’t the best course. Moving is terribly disruptive, and AARP surveys show that the vast majority of older people prefer to “age in place” rather than leave their homes.
Investigate reverse mortgages as one option. With a reverse mortgage, your mom could pay off her small mortgage and tap the substantial equity in her home. She could get a lump sum, a stream of monthly checks or a line of credit that could allow her to fix her home and live more comfortably. She wouldn’t have to make payments or pay income taxes on this loan, and it wouldn’t have to be paid off until she dies or moves out.
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Call BCI Reverse Mortgage today! We can help answer all of the questions you may have regarding a reverse mortgage in Connecticut. 866-224-2677, X427
FINRA and NCOA Launch New Reverse Mortgage Education Website
by Elizabeth Ecker
 The National Council on Aging has launched a new consumer web site focused on using home equity in retirement, funded by the Financial Industry Regulatory Authority. The site, Home Equity Advisor.org, covers home equity options including reverse mortgages for seniors looking to make the most of the wealth they have built in their homes.
The site is “designed to help older middle- and low-income homeowners make sound decisions when using their home equity to achieve a wide range of financial goals,” according to NCOA. “The Tool helps when considering an immediate financial challenge or when planning ahead for the future.
The site covers options from selling the home to preservation of home equity through trusted means, including reverse mortgages.
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If you are interested in learning more about reverse mortgages in Connecticut, contact BCI Reverse Mortgage today at 866-224-2677, X427
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