Reverse Mortgage Information

If you are an average family of four making $50,000 a year, let us assume that you are saving annually at the same rate as most Americans. This rate of savings as reported by our government is about 4% of your income every year. This would mean that you are putting $2000.00 in the bank every year for future purposes. This comes out to around $167.00 a month.

Right now you are probably receiving less than 1% Annual Percentage Rate (APR) on your passbook savings.

Why not take $100.00 of this money that you would normally save and pay down the mortgage on your home ahead of time? The following example shows why this is in your best interest.

If you take out a mortgage on a house for $200,000 at a 6% fixed rate, and the contract calls for repayment in monthly installments over 30 years, your monthly mortgage payment would be $1,210.56.

If you paid an extra $100.00 dollars per month toward the amortization of your mortgage, you would add $1,200.00 to the equity in your home every year.

Reverse Morgage Information

Reverse Mortgage Explained...

Can't remember how many times I've been asked "What is a reverse mortgage"?

Reverse mortgages are a great way to get a loan using your primary asset. As in all cases of financial lending, the flexibility comes at a price. A reverse mortgage is a loan using your house and is referred to as a “rising debt, falling equity" kind of deal.

To compare reverse mortgage to a more traditional one, the type of mortgage commonly used when buying a house can be classed as a “forward mortgage”. To qualify for forward mortgage, you must have a steady source of income. Because the mortgage is secured by the asset, if you default on the payments, your house can be taken from you. As you pay off the house, your equity is the difference between the mortgage amount and how much you’ve paid. When the last mortgage payment is made, the house belongs to you. Link to rest of article Reverse Mortgage Explained

Additional resources:

http://www.jumbo-reverse-mortgage.com/msn_search/sitemap.html


http://www.benefits-of-a-reverse-mortgage.com/msn_search/sitemap.html


http://www.massachusetts-reverse-mortgage.com/msn_search/sitemap.html


http://www.reverse-annuity-mortgage.com/msn_search/sitemap.html


http://www.reverse-1031-mortgage.com/msn_search/sitemap.html


http://www.reverse-morgage.org/msn_search/sitemap.html

There are some informative links regarding Reverse Mortgages below:

Reverse Mortgage Portal
Stop Foreclosure Mortgage Help
Massachusetts Reverse Mortgage Facts
Jumbo Reverse Mortgage Resources
1031 Reverse Mortgage Information
Benefits Of A Reverse Mortgage
Reverse Annuity Mortgages

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