Reverse mortgages 

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It does not matter what state you live in you will be able to get one of these reverse mortgages as long as you are 62 years of age or older. There are some requirements that you will need to meet such as living in the house that you own. This home can be a single-family house, a condo, townhouse and other units in qualifies planned living developments. There are also leasehold properties that can be eligible and some properties that are in trust.

The amount of money that you get from the Home Keeper reverse mortgage will be determined by your age, whether you are single or married, the adjusted value of the home in question, and the interest rates at the time of the reverse mortgage. There is a limit to these reverse mortgage loans as well although they are higher than with regular reverse mortgages.

You will be able to choose the type of payments that you will receive from a Home Keeper reverse mortgage. These payments can come to you monthly for the rest of your life, a line of credit or even the popular option of a line of credit and monthly payments.

If you choose to get a Home Keeper loan you will have to pay an origination fee that will be less than 2 percent of the total adjusted value of the home. This is a rule that cannot be broken. There may also be a monthly servicing fee to deal with as well as closing costs like you would find in any other mortgage. You may have the option of paying off these costs and fees over time and they can be financed in some situations.

Your interest rate will be adjusted once a month when you have a Home Keeper loan and while there is no monthly cap on how much the interest rate may change there is a lifetime cap of 12 percent above the first rate given.

In one single transaction you may be able to get a Home Keeper loan in order to buy a new one. You will still have to be 62 or older. This is a great option for those looking to lower the costs of buying a new home. This happens by getting rid of the new monthly mortgage payment and this way you have a better chance of getting more left over money once all of the transactions are completed. This money you can use for anything that you want.

A Home Keeper reverse mortgage allows a senior to use this money to cover the new mortgage payments or even to buy the new home outright. This is perfect for those who want to move to a sunnier and warmer climate.

Should you get a CHIP reverse mortgage?

A CHIP reverse mortgage is a great alternative to other reverse mortgages. The CHIP reverse mortgage was designed with the senior in mind and if you are 62 or older this could be a great solution for you. You could even get as much as half a million dollars all tax free out of your home and you won't even have to make any payments, ever. It is only after you have sold your home or passed away that the loan will have to be paid back in full.

Some people get different reverse mortgage payments than other people and this amount is determined by your age, your marital status, the kind of property that you own, and where it is located.

You will be able to get a CHIP reverse mortgage in most places on almost any type of home. There are some exception, for instance you will not be able to get a CHIP reverse mortgage on acreages, leaseholds, co-ops or manufactured home among others.

Proceeds that are received from a CHIP reverse mortgage will be paid out in one lump sum. When you apply for a CHIP reverse mortgage you will get approved for the most possible but there is no reason why you have to take this much if you do not want to. And you can start out with less and then ask for more at a later date that is fine too. This kind of flexibility is a great asset of a CHIP reverse mortgage.

With a CHIP reverse mortgage you can find a whole new source of income to keep you living a comfortable life, you can use the money to invest and make even more money down the road, you can even use the money to reduce your yearly income tax. The money that you get from the CHIP reverse mortgage can also be used to go on a second honeymoon or that vacations you have always dreamed of. Or you could use some of this money to fun your grandchildren's education if you wanted to.

A CHIP reverse mortgage also comes along with some unique protections and even some great guarantees. Some of these are as follows:

You will never have to pay more money back than your have received and borrowed

You can move when you want to, you are under no obligation to do so

You will not have any pressure on you to sell the home or to repay the CHIP reverse mortgage at any time

And you will never have to pay more back than the fair market value of your home

Another positive aspect of the CHIP reverse mortgage is that is can help you to save money on your taxes. The money that you will be getting from the reverse mortgage is going to come to you tax-free and it is not considered as part of your taxable income. The interest on the money can even be used to offset tax on the new investments taxes. This will help you to lower some of your over all taxes.

The interest on a CHIP reverse mortgage will be compounded semi annually. This is done because you are not required to be making any payments on the CHIP reverse mortgage loan and the lender needs to be making some money somewhere. You will not have to repay the loan in full however until the last spouse dies or when you sell the home or when the last living spouse moves into a different home. And it is important to note that the loan does not have to be paid back until the homeowner has not lived there for 12 months. This is to cover any problems if the senior has some health issues that can sometimes take time to take care of in the hospital or nursing home.

If you get a CHIP reverse mortgage and you pay at least some of the interest each year you will be lowering the total amount due upon repayment and leaving more equity in the home and property.

You do not have to wait to repay the CHIP reverse mortgage, you can pay it back whenever you want to. If you somehow came into a lot of money and you felt like paying it off you could do so in full at any time. If however this is done in the first 36 months after the money has been paid to the borrower there may be some charges applied. But if it is paid off in this short of a time because the last surviving spouse died no charges will be added, the same thing applies if it is repaid due to a medical illness of the last spouse.

Before you get approved for a CHIP reverse mortgage the company will make sure that you understand everything concerning this type of loan and that you are comfortable with your decision. You will even have to have your own lawyer, or any independent lawyer look over the loan to make sure that you are being treated fairly.

If the company thinks that you should not be choosing a CHIP reverse mortgage then they will tell you so honestly because your best interests should always be looked after. You will not be approved for a CHIP reverse mortgage if the company thinks that you are being pressured into this decision by someone else and that you do not really want the CHIP reverse mortgage for yourself.

Learn about the costs associated with reverse mortgages

Reverse mortgages are eligible for many of the same costs that regular mortgages are. These fees can include origination fees, mortgage insurance premiums, appraisal fees and many other miscellaneous fees. It is important that you know what these fees are before you sign for a reverse mortgage loan. The following list is of some of the fees that you might run across while getting a reverse mortgage. Keep in mind that you will be able to finance some of these fees and many of them are capped fees.

The origination fee is one that most mortgages carry and this is the fee that covers the costs of the actual reverse mortgage. This will be going towards taking care of office expenses and overhead as well as other things like the marketing for reverse mortgages that bring in the customers like you.

If you get your reverse mortgage through the HECM program like most other borrowers do you will not be looking at any more than 2 percent or $2000 of the max claim amount. Whether it will be $200 or 2 percent depends upon which is higher as this is the one that will be charged. Each county has its own limit on how much can be loaned under the HECM program so you will need to find out the amount you are eligible for in your county.

Home Keeper is another popular reverse mortgage and this one too is 2 percent for the origination fee and it as well as the former can be financed.

You will also have to pay your mortgage insurance premium on your new reverse mortgage. Your mortgage premium is gong to be around 2 percent of the max claim amount or the value of your home and then each year you will be charged an amount of 0.5 percent of the balance of the loan that you have.

It is important to pay your mortgage insurance premium each year because this is your protection should anything go wrong at the company you have borrowed from. It is this amount that will guarantee that you only have to pay how much you owe and that it can never be more than your home is worth. And on top of that it will make sure that you always have access to your funds no matter what, even if the loan servicer goes out of business.

The appraiser fee that you have to pay is for the appraiser to come and value your home. Before you can get a reverse mortgage the lender will need to know exactly how much money your home is worth. The fee that you have to pay for the appraisal will probably be somewhere between $300 and $400.

The appraiser will do so much more than just put a number to the value of your home. They will also check for any structural damage that there might be to the house as well. They will look for leaking roofs and also make sure that all of the safety codes have been met. If anything is not up to code or there are any severe repairs that need to be made you will have to get a contractor to take care of things.

The good news is that even if you need to get repairs done you can get these costs financed. You will then have to get the appraiser to come back and re-evaluate the property. This will cost an extra fee of anywhere between $50 and $75.

Here are some of the closing costs that you will have to deal with as well:

Credit report fees- $20
Checks your credit for any problems

Flood certification- $20
Are you located in a flood plane?

Escrow fees- $150-$450
Includes title search

Document preparation fees- $75-$150
Costs for making up the various documents that are necessary

Recording fee- $50-$100
Covers recording fees for the mortgage at the County Recorder's Office

Courier fee- less than $50
Cost of mailing various docs

Title insurance
Prevent you from losing any money should someone show up with a claim to the property. The cost can vary all depending on how much the loan is worth

Pest inspection- less than $100
Checks for termites and other pests

Survey- as much as $250
Checks the property lines

Another thing that you have to know is the servicing set aside. This is the money that will be put aside to take care of the estimated costs that will be accrued in the servicing of your new mortgage. You may also be charged each month a small fee ranging from $35 to $35 for the servicing of your account. The amount that will be charged for these fees depends on how old you are and how large the loan is.

All about the jumbo reverse loan

There is a reverse mortgage offered by many lenders called a jumbo loan and this loan is designed to help those borrowers who live in higher priced housing, housing that is worth more than the county limits on reverse mortgage lending. This reverse mortgage is sometimes called a Cash Account and it is a great way to get the money that you need from a reverse mortgage. This reverse mortgage product is not only helpful when trying to avoid the lending limits it is also helpful when the property that you want to use is out of the norm or the situation is.

You can even find some of these jumbo loans that will not carry any up front costs whatsoever. To get one of these types of jumbo loans you would have to take out the entire amount available to you but if that is what you had planned on doing anyways you could save some serious cash on the closing fees and other up front costs.

Just like with any other reverse mortgage any person over the age of 62 will be able to use the equity in their home to acquire a reverse mortgage. They will still be able to live in the home for as long as they want and retain the title. You will even get to talk to a professional who will help you to understand everything that you need to know about reverse mortgages and any other options that are available to you at that time.

Most states have the jumbo loan reverse mortgages ask your mortgage lender about them to find out more.