{"id":5271,"date":"2008-09-21T02:53:27","date_gmt":"2008-09-21T07:53:27","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/09\/21\/reverse-mortgage-your-home-may-be-a-pot-of-gold\/"},"modified":"2008-09-21T02:53:27","modified_gmt":"2008-09-21T07:53:27","slug":"reverse-mortgage-your-home-may-be-a-pot-of-gold","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=5271","title":{"rendered":"Reverse Mortgage – Your Home May Be a Pot of Gold"},"content":{"rendered":"
by Virginia Berry<\/div>\n

In January of 2008, the first baby boomers reach the age of 62. This has sent investors from Wall Street to Washington scrambling to offer new, innovative products to those people looking at getting a reverse mortgage.<\/p>\n

Not long ago that consumers had 3 reverse mortgage offers to pick from: 1. the FANNIE MAE HOME KEEPER, 2. the FHA HECM, and 3. JUMBO CASH ACCOUNT. Currently, there are 7 new lenders that have released competing programs, with more large investors wanting to enter into this growing market.<\/p>\n

In addition to these private sector programs, new multiple-margin HECM products have been introduced, as well as an FHA\/HECM FIXED rate option. Many consumers have long awaited the option of having a fixed rate, and at last it is here.<\/p>\n

Over the months of January – June 2007, the reverse mortgage industry experienced an unbelievable evolution. Nothing like this has been seen in the 17 years this industry was started. Finally, the reverse mortgage industry is starting to model itself after the traditional “forward” mortgage market in the sense that more and more lenders are offering a wider variety of products and pricing options which better fit the needs of senior customers.<\/p>\n

One of the most exciting new products available today is the new “Purchase Reverse Loan”. This product is available to seniors who are in the market to either purchase a new home, to down size, or relocate close to family. The ability to use a reverse mortgage to purchase a new property while never having to make a mortgage payment is VERY appealing to all seniors.<\/p>\n

Another exciting new product, is the use of a reverse mortgage to purchase a second home. Many seniors would love to have the option to have that summer home in the mountains, or that winter home in Arizona. Now, you can, payment free for life, with the use of a reverse mortgage. You can even, have two reverse loans at the same time, one on your existing home, and one on your vacation home. Imagine two homes, no payments!<\/p>\n

If you are looking for a reverse mortgage, just make sure that you understand the programs that are available, as well as, the terminology so that you have confidence in the reverse mortgage process. This is especially important because not all lenders offer the same types of products and many of them have limited choices of investors to choose from.<\/p>\n

As a final note, please be advised that you should look for a lender that is approved by the National Association of Reverse Mortgage Lenders (NRMLA). Currently, this is the only organization that oversees the ethical conduct of those in this industry.<\/p>\n

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About the Author:<\/div>\n
To find out more about how to benefit from a a reverse mortgage<\/a> please call Virginia Berry, yourColorado Reverse Mortgage Specialist<\/a> at 866-260-6713, or 719-520-3326.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In January of 2008, the first baby boomers reach the age of 62. This has sent investors from Wall Street to Washington scrambling to offer new, innovative products to those people looking at getting a reverse mortgage.<\/p>\n","protected":false},"author":2202,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[77],"class_list":["post-5271","post","type-post","status-publish","format-standard","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/2202"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5271"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5271\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}