Reverse Mortgage Videos
The video “Reverse Your Mortgage,” from Kiplinger’s Finance, highlights the general terms for qualifying for a reverse mortgage loan, who is best served by obtaining this type of loan, how the money can be received, and finally, how and when a reverse mortgage is repaid.
The AARP Reverse Mortgage video below is an in depth interview, originally telecast on Inside E Street in late 2009. Since then there have been further enhancements made to the reverse mortgage counseling protocol, which addressed the concerns expressed by guests on the program.
After this program aired, HUD introduced the HECM Saver Reverse Mortgage in October, 2010, which offers lower closing costs than the Standard reverse mortgage. If you watch this video you will see that the high cost of obtaining a reverse mortgage is mentioned several times during the program. So keep in mind that, HUD, AARP, and FHA are continually making improvements to what many senior homeowners consider an invaluable financial safety net.
The newest FHA HECM reverse mortgage, introduced in the fall of 2010, called the HECM Saver, has lower mortgage insurance premium costs, but also reduces the amount you can borrow by 12 to 18%. However, if you don’t need the maximum loan amount, the HECM Saver dramatically reduces the overall costs to access your home equity. CNN Money aired this broadcast in February, 2011 and is an objective overview of the HECM Saver reverse mortgage.
The HECM for Purchase reverse mortgage allows borrowers to use a combination of their own funds and the cash from an FHA insured reverse mortgage loan to buy a house. Using a purchase reverse mortgage can be useful from a financial planning point of view as well as from a practical point of view. You can leverage your retirement assets and at the same time buy a home that is more suitable for your needs.
The short video below answers the ever popular question: “How can a reverse mortgage help me?” It also highlights the most popular reasons people get reverse mortgage loans.
There are many misconceptions about reverse mortgages. The videos above highlight the most common myths and discuss the safeguards that both the government, AARP and HUD have been instrumental in instituting. It is because of these efforts that reverse mortgages are a safe and secure financial tool for many seniors today.
Now that you have an overview of reverse mortgage basics, you owe it to yourself to Get Your Free Personalized Quote
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