Bluegrass Reverse Mortgage

One client in Central Kentucky had to wait until his half birthday to get a reverse mortgage. The first time we talked he was short to close by $10,000. That means he would have to bring $10,000 to the closing. See the numbers are all based on your date of birth, interest rates, and value of your home. With the date of birth they base it on what age you are closest to. So if you are 65.5, you are counted as being 66. We waited until his half birthday and interest rates dropped a bit and we closed the loan. We eliminated the mortgage payment and improved their financial situation. They don't have to worry about ever making a mortgage payment again.

Kentucky Reverse Mortgage

When I contacted one of my Kentucky mortgage clients he was concerned about his adjustable rate mortgage going up. He was self employed and did not have enough income on his tax return to qualify for a regular mortgage. He had been told by other lenders that with the mortgage mess all underwriters now require proof of income. They wanted to see his last two years of tax returns. Since he was 62 years old I told him about options available with a reverse mortgage. I would not need proof of income since he would never be required to make a payment. The reverse is based on date of birth, value of your home, and interest rates. The reverse was perfect for his situation. We paid off a high interest rate loan and gave him peace of mind. Now he can continue to be self employed without worrying about money.

Clermont County Ohio Reverse Mortgage

When I was contacted by a couple east of Cincinnati in Clermont County, they knew exactly what they wanted. They wanted to meet face to face. He was old school and wanted to look someone in the eye. They talked to several national reverse mortgage lenders and everyone mailed him information. He used their quotes to test me. I drove to their home to meet with them. After showing them my proposal they signed and we closed three weeks later. The husband later told me our rate was identical and total closing costs were less than the other companies.

Columbus Ohio Reverse Mortgage

One example of a reverse mortgage I personally handled was a couple near Columbus Ohio. He planned on retiring soon and they wanted to reduce expenses. They had a small first mortgage and wanted some cash to replace the garage. They didn't want to have the additional expense of a payment. After researching the options available the couple decided on a reverse. I structured the reverse to payoff the existing mortgage, give them $15,000 cash after the closing, and leave $40,000 available on their line of credit. Now remember they won't have a mortgage payment and can live in the house as long as they like. When they both have moved out of the property or passed away all of the remaining equity goes to their heirs. As with all my clients in Ohio, Indiana, or Kentucky I can drive to meet with you face to face.

What is reverse mortgage counseling?

HUD requires that all people who want a FHA insured reverse mortgage must first complete counseling. The counseling can be completed over the phone or in person. The counselor will go over the terms, determine if you qualify, and answer questions. Typically the couseling is free. After completing the counseling you will receive a certificate in the mail. The certificate will need to be signed and sent in with your loan package.

Who would do a reverse mortgage?

Studies show just about anyone sixty two and older might do a reverse mortgage. Seniors of all income and asset levels are doing reverse mortages. They use the extra money for home repairs, paying off other debts, buying cars, or traveling. One couple wanted to buy a RV and travel at the same time while keeping their home, both without a monthly payment. It gives you peace of mind knowing you can stay in your home as long as you like without the financial burden of a mortgage payment.

What can I do with the money from my reverse mortgage?

You can do what ever you like with the money from your reverse. Some people want all the cash available after the closing. That is the lump sum option. Other people want a monthly check in their mail box. You an get a set amount for the rest of you life (called tenure) or a check sent every month for a certain amount of time. (that is known as term) Another option is a ine of credit to use when you like. David Viox can also design your reverse mortgage with a combination of all three.