A Reverse Mortgage - Is it right for You? | Retirement Planning Calculator

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A Reverse Mortgage - Is it right for You?

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While the mortgage industry is experiencing a lack of viable borrowers and lenders not willing to loan money for home purchase the reverse mortgage sector is experiencing continued growth.The FHA reverse mortgage movement is steady and has been in an rising trend since 2001. The National Reverse Mortgage Lenders Association (NRMLA) president, Peter Bell stated, “We expect the growth revenue to accelerate as seniors look for additional sources of income and because the new provisions of the Homeowners Act of 2008, which broaden the market for reverse mortgages while making them more attractive.Loans closing for the 2008 fiscal year, exceeded the loan volume for the fiscal year 2007.

What does this mean for mature Americans seeking to use a reverse mortgage to supplement their income or for whatever they want to use it for?This means that the reverse mortgage market is stable and showing upward trends anf growth in the near and long term future.

FHA reverse mortgages gives struggling seniors, like many of you, the ability to have tax-free cash without having to sell your primary residence, give up ownership or the title and not have a monthly mortgage payments while living in the home. All you have to do is use the equity in the home you currently own.Your payments can be paid out to you over a lifetime in the home in monthly cash payments, in a lump sum payment, in a secured line of credit or a mixture of both monthly payments and a bank line of credit.

Since 2001 there has been more than 450,000 HECM mortgages financed for mature Americans wanting the extra money to handle their needs or to do with as they please.

For more information about Texas reverse mortgage , contact a mortgage consultant listed one of the many websites available. I would recommend that you choose a fha reverse mortgage from a company that is a member of the National Reverse Mortgage Lenders Association.

Many HECM lenders will talk about the reverse mortgage options with you and a loved one, all you have to do is reach out to a qualified FHA reverse mortgage broker today.

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