With regard to ethical conduct, the National Reverse Mortgage Lenders Association (NRMLA) has a very strict code of conduct to which all members must adhere. To be certain that your reverse mortgage professional adheres to a strong set of rules and ethics as well as the laws, then look for a NRMLA member.
Many homeowners who take out a reverse mortgage use it to pay off their existing mortgage, so they can stop making monthly mortgage payments. 1 Do all 62-year olds who own their home qualify? No. Some homeowners who want to get a reverse mortgage are not eligible because they don’t have enough equity built up in their home.
Daniel and Noelle have a house worth $450,000 and they want to make some home improvements including adding new windows, installing central air and getting a new roof. They also want to add to their retirement fund. They take out a reverse mortgage and use $50,000 of the proceeds to pay for the renovations to their home.
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A second scenario would entail the sale of the marital home, with each ex-spouse using some of the sale proceeds to obtain a reverse mortgage to buy their respective new homes, according to Shelley Giordano, chair of the Funding Longevity Task Force, who was cited in the article. View the nine "surprising" ways to use a reverse mortgage.
25 Ways to Use a HECM. The New Reverse Mortgage is a versatile retirement funding tool that can be utilized in many ways. Here are just some of them: Pay off your forward mortgage to reduce your monthly expenses. Re-model your home to accommodate aging limitations. Maintain a line of credit (that grows) for health emergencies and surprises.
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b. educate the client about the appropriateness of a reverse mortgage. c. provide the client with information about the costs and fees charged by specific lenders. d. advise the client as to which reverse mortgage product to use. Don’t take out a reverse mortgage if you plan on leaving the home soon.
Welcome to the first “official” weekend of summer, and with the long July 4 holiday coming up on the horizon and a potential watershed moment for our nation’s health care system fast approaching, here.