Reverse mortgages are an increasingly popular way for seniors to live off the equity from their homes and stop making mortgage payments. This government program for seniors is helping them provide a way to combat the slowing economy.

This federal government program was developed by the Department of Housing and Urban Development (HUD) in 1987. The government calls it the Home Equity Conversion Mortgage or HECM, but Reverse Mortgage is a more common name. Reverse mortgages are federally insured and are a safe and secure financial tool for senior homeowners who are 62 years of age or older. The government allows the senior to always retain title and ownership of their home.

Since the year 2000, reverse mortgages have grown in popularity and have been a way to relieve a mortgage payment or have a steady source of monthly income. As incomes become fixed and retirement funds become increasingly hard to find, seniors are discovering a reverse mortgage may be the perfect solution.

The flow of payments is reversed during the term of a Reverse Mortgage. The government pays the senior either by monthly payments, lump some or can be drawn upon when money is needed. However, the senior homeowner is responsible for insurance and property taxes, and to maintain the condition of the home.

Reverse mortgages apply the opposite principles of a traditional forward mortgage. Traditional mortgages gain equity in a home by making monthly payments, while a reverse mortgage turns equity into tax-free income or usable cash. Payments on the money owed are not required as long as the home is being lived in.

Many simply feel more secure with a larger monthly income or a line of credit to draw upon, without the burden of a home equity loan that must be repaid. Some are just tired of penny pinching and want to improve their quality of life.

The growth of reverse mortgages, it seems at this point, is limited only by consumers understanding of the product. Reverse mortgages, at their core, are not more complicated than most any other kind of loan. The money owed is never due unless both seniors pass away, sell the home or move out permanently.

Robert E. Jones
http://www.articlesbase.com/mortgage-articles/government-insured-program-for-senior-homeowners-730856.html

Over the past few years, an increasing number of mortgage brokers and lenders have began to specialise in offering financial services to people who have unfortunately found themselves with a bad credit history. This is down to the fact that people with a bad credit history have to pay higher interest charges on their borrowings than someone who has a clean credit history.

Unfortunately, people can find themselves with a bad credit history for several reasons: loss of a job, long-term illness and even the breakdown of a marriage can all be cited as reasons for someone having a bad credit rating, and finding financial products to suit can be a difficult task. A recent report claimed that people with bad credit history account for almost 40 percent of the mortgage market, but unfortunately many find that most High-street banks and building societies refuse mortgage applications from people with adverse credit registered against them.

However, if you are one of those people who suffer from a less-than-perfect credit history, it is still possible to obtain a mortgage through a specialist lender. Lenders who operate in this market are commonly known as ‘sub-prime’ and the market for offering this type of mortgage has grown considerably, spear-headed mainly by American financial institutions. It might seem strange to think about, but mortgages are, in fact, one of the easiest forms of finance to arrange for people who have bad credit – due to the fact that your home provides a high level of security for the lender. It is important, therefore, to keep up your repayments otherwise the lender could repossess your home.

Specialist mortgage lenders can accept applications from people who have credit arrears, defaults and CCJs – even those that are owned by debt recovery agencies, such as Capquest. In fact, specialist lenders will consider most circumstances and in some cases, mortgages can even be arranged for discharged bankruptcies.

Approximately 1 in 4 mortgages in the UK today is classed as a sub-prime mortgage, but borrowers should be aware that if they keep up their payments on a sub-prime mortgage, they will be well on their way to generating a good credit history with the result that it might be possible to re-mortgage to a lender offering a lower interest rate.

With an ever-growing choice of mortgage options available to those with bad credit, it is important to research the market carefully in order to find the best deals available on bad credit mortgages. There are a number of price comparison websites which can provide information on the different types of financial products available and help to make an informed decision on the right choice of bad credit mortgage to suit your circumstances.

Martin Mcallister
http://www.articlesbase.com/mortgage-articles/a-bad-credit-history-neednt-be-a-barrier-to-obtaining-a-mortgage-122624.html

Michigan’s welfare system is gorged with new clients who often wait hours in crowded state offices to get food stamps and medical care.

http://www.freep.com/article/20091122/NEWS06/911220433/1322/Michigan-jobless-crowd-state-aid-offices

Oct. foreclosures in Mass. jump from Sept.

http://www.boston.com/business/ticker/2009/11/oct_foreclosure.html

Colorado foreclosures hit record in Q3

http://www.google.com/hostednews/ap/article/ALeqM5hZvP8ixN-HdP6D4BwRTqryTvrj3QD9C2PLUG0

Foreclosures: Even Those with Good Credit, Jobs are Walking Away

http://ecreditdaily.com/2009/11/foreclosures-even-those-with-good-credit-jobs-are-walking-away-article331/

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If you are like most retired adults, you own a home but have very little else for retirement. However, if you sell your house, you won’t have a place to live! So here’s your problem: you need money to live on, but the only thing that you own of value is the place you live. A reverse mortgage can give you the answer this retirement dilemma. This option sells your house a piece at a time, instead of all at once. Also, you get to live in your home. You can use a mortgage calculator to determine the monthly cost of home equity loans or refinancing. Also, you can use this mortgage calculator to figure out how much your loan would cost you in total. First, call a real estate agent. They will be more than happy to tell you how much your home would sell for, and how to increase its value. Depending on your level of savvy and the time you could commit to it, this could pay off handsomely. The reason is that the amount that a reverse mortgage will pay you is based on your home’s value. So, if there is an easy way to increase the value of your home, do it before applying for a reverse mortgage. You can use a mortgage calculator to find out if you should get a home equity loan before you get your reverse mortgage. The mortgage calculator will tell you how much, in total, a home equity loan would cost you for the short time between the repairs and the reverse mortgage. But be careful. Don’t spend more remodeling than it will increase your home’s value. Also, if you love something about your house, don’t change it. After all, you still get to live in it. Okay, now that you know how much your house would sell for, it is time to look into a reverse mortgage loan. You can use a special mortgage calculator to find out how much each different loan would give you. This mortgage calculator bases its results on four things: your age, your house’s value, your house’s location and your lender. More than one company offers a mortgage calculator, so it is best to check with AARP to see if it is a valid program. The mortgage calculator on their website is very simple, but it is a good place to start. But why is it called a loan? Because, when you are done with the house, the lender wants money, not the house. Of course, if the house sells for more than you were paid, your heirs may get some of it. This is a detail you should work out when you get the loan. Again, there are mortgage calculator programs to help you figure this out. If you still have a loan on your property, you will have to pay it off before you get your money. Once you have done your own research, it is time to talk to a professional. The real estate agent that you spoke to before should be glad to give you a list of good lenders and mortgage brokers. They will walk you through the process. Read every document. Ask questions about anything that you don’t understand. And soon, instead of paying a mortgage every month, you will be able to receive a check instead.

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http://www.realpro.la CalSTRS California State Teacher loan and the buyer’s closing costs. The REALPRO for Windows program will accurately calculate these details for you, the real estate or mortgage loan professional, and your client. http://www.realpro.la/ The down payment, loan, total payment and closing costs are calculated, including the APR

REALPRO is the only computer/software made exclusively for the Real Estate/Lending Industry to give you exact figures – anywhere you need them! Throw away your pencils, papers, calculators and charts!! REALPRO answers your client’s financing questions in a matter of moments … and prints them out, too!

The REALPRO System is preprogrammed to calculate these important functions and is the best way of plugging into the information that keeps you at the cutting edge of the Real Estate/Lending Industry.

Real Estate Agent Advantages

Listing Presentations

* Sellers net proceeds figured and printed in moments- all without looking up any charts
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* Prequalify the house to determine income required to buy
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* Design flyers with finance options for other agents and their clients

Working With Buyers

* Print financing options & PITI (& PMI, if applicable) on any loan in moments
* Buyers costs itemized & printed with automatic title, escrow, credit report, appraisal & recording fees and more
* Prequalify clients so you know what properties you can show them
* Impress them with your professionalism so more choose you to be their agent

First Time Buyers

* Show tax advantages of home ownership
* Good Faith estimates in seconds
* Develop an Agent-Client rapport by offering important information and service

Open Houses

* Prequalify the house so that you know what income isrequired buy
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For Sale By Owner (FSBO)

* Show why youre worth a full commission because you are professionally equipped and knowledgeable in ALL the ways to sell their home more quickly and with less hassle.
* Show them you can do what they cant: Financing Options � Prequalifying � Sellers Net � Buying vs. Renting

Floor Time/Up Desk Book

* Answer any financing questions
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* Add finance options to upbook for your office agents or other agents who call in

Farming

* Show net proceeds to the seller in seconds
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* Impress potential clients by being Different and Better than your competition
* Compare refinancing and selling in seconds, and asking which is best for you?

Duration : 0:3:5

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Technorati Tags: 203b, 203k, a.p.r., apr, back ratio, break even, buyers costs, buying vs renting, cash back, conventional lending, down payment, downpayment, fha financing, front ratio, gfe, good faith estimate, Interest rate, loan, loan amount, loan to value, ltv, mortgage, mortgage bankers, mortgage brokers, mortgage lenders, mortgage software, prequal, prequalification, real estate, real estate software, refinance, seller assistance, seller's net, streamline, va financing

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Learn more about loan modification and Refinance Plus from Quicken Loans at https://www.quickenloans.com/refinance/learn/loans/making-home-affordable-is-it-right-for-you

The government’s Making Home Affordable Plan is aimed at ending the foreclosure problems facing our country.

Starting now, millions of Americans may be eligible for refinancing or loan modification and you should talk to a mortgage banker right away to find out if you qualify.

If you’re one of the millions of homeowners who has made your mortgage payments on time, then the government’s plan is great news for you!

Refinance Plus – a streamlined refinance process, can now help several million homeowners to refinance to a lower fixed rate and payment – even if you couldn’t qualify because of low home values and lack of equity. And most importantly, lower credit may not be a problem!

Here’s how it works:
The message of the plan is clear – the government wants American homeowners to take advantage of historically low mortgage rates. In fact, a third of the money the government dedicated to keep rates low has already been spent.

At this point, waiting any longer could cost you money. We’ll work with you to determine your home’s value, your equity and what kind of new loan you need.

This is fantastic news for nearly 5 million people who couldn’t previously refinance under traditional guidelines.
It’s that simple.

Were also getting some Questions about Loan Modification. Loan modifications were intended solely to protect homeowners from foreclosure, and to stop the decline of property values.

In order to qualify you must be able to prove serious hardship in writing, verify all income and expenses, as well as assets.
Contact your mortgage banker today to get the answers you’re looking for and to take advantage of our safe and secure long term financing.

The plan is here and the message is clear: Now is the time to refinance and take advantage of historically low interest rates. Millions will benefit from a lower mortgage payment. Why not you?

You can also read the most common myths about the government’s plan at https://www.quickenloans.com/refinance/learn/loans/the-making-home-affordable-plan-myths-about-loan-modifications-and-refinancing

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