Joseph Cina, Reverse Mortgage Professional
Ranked #182,137 in Business & Work, #1,331,471 overall
Reverse Mortgages are available for homeowners 62 and older who want to stay in their existing home or purchase a new principal residence. It allows them to access a portion of the equity and use it for any purpose. Since accessing home equity is not a taxable event, the proceeds for the reverse mortgage are not subject to any income tax. Homeowner's always retain title to their home. The homeowners are responsible for paying property taxes, keeping homeowner's insurance in force and maintaining the home. Borrowers can choose how to receive their funds, as a lump sum, monthly income, a credit line, or a combination of these. There are no monthly mortgage payments required as long as one borrower lives in the home. The loan must be repaid when all owners are permanently out of the home.
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- Reverse Mortgages Gaining New Respect Among Financial Planners
- June 1, 2012 - The reverse mortgage has gained new respectability ? well-known newspaper columnist Scott Burns, a highly respected guru on financial matters concerning senior citizens, has just released an article with the title, ?Reverse Mortgages: ...
- Thailand Looks to Reverse Mortgages to Cope with Aging Problem
- A reverse mortgage company is conducting a feasibility study in Thailand for a home equity product geared toward homeowners who are over 60 years old and are unable to qualify for a traditional mortgage. The Secondary Mortgage Corporation (SMC) plans ...
- Reverse mortgages finally become tool for retirement income planning
- The Age of Reverse Mortgages, which I wrote about in April, is here. We can credit a new form of reverse mortgage, the Saver Home Equity Conversion Mortgage, for getting the ball rolling. The Saver HECM reduces the front-end mortgage insurance costs by ...
- Is a New Reverse Mortgage Product in the Cards for Texas in 2013?
- A Reverse Mortgage for Purchase in Texas could be a little bit closer to reality as primary voting season wraps up and new efforts toward introducing the loan in the state launch this week. Texas, the last state to allow for reverse mortgages, ...
P.S. If you take away just one thing
The truth about reverse mortgages.
P.P.S. Here's the link to my site
by joecina
Joseph Cina has been involved in the reverse mortgage industry for over four years and has been a top-producing professional. He is a Reverse Mortgage... more »
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