costs: Reverse Mortgages are only for the poor, correct? - 06/27/08 10:42 AM
Answer: Absolutely FALSE!
While many that get reverse mortgages are struggling to pay for food, medicine and for the roof over their head, how much money you have or do not have has NO bearing on your approval or lack of approval.  How old you are, how much equity you have in the home are the biggest factors on approval.  Not all condominiums qualify, and many manufactured homes do not qualify, but not all are turned down either.
I did a closing for a couple that had a commercial piece of property valued at $1,000,000 - one million dollars!  But they did … (3 comments)

costs: If a reverse mortgage balance exceeds the home value, I will be forced out of my home, correct? - 06/23/08 10:23 AM
Answer - ABSOLUTELY FALSE!
No matter what age you live to, no matter if the loan ever exceeds the home value by any amount, and these days that is happening a lot with the depressed home values, you REMAIN in your home as long as you want and are able to live there!  (of course you must still pay your property taxes and homeowners insurance, but that is it!)  Once you leave the home, no matter the means or method, the loan becomes due, and either you or your heirs can take out their own financing to pay for the mortgage and keep the … (0 comments)

costs: Reverse Mortgage Costs - how expensive are they? - 06/16/08 01:24 PM
As a follow-up to my blog, AGAIN, before you say no to a reverse mortgage, learn the correct facts! Don't believe the myths!as well as my blog, Are Reverse Mortgages costs so much more than regular mortgages?  and also several people commenting about the costs on the blog of Mr Jones, You Should Worry If Dad Says He's Getting a Reverse MortgageI want to expand on a couple of things.  First, how costly are they truly?  Yes, I pretty much proved my point that the costs not including the mortgage insurance were in line with regular mortgages.  With the mortgage insurance, it … (3 comments)

costs: Are Reverse Mortgages costs so much more than regular mortgages? - 03/23/08 11:22 AM
When speaking to Realtors, and even other mortgage brokers/lenders, etc., those that frown upon Reverse Mortgages often list their costs as way to high as one of their reasons they steer their clients away from them.  As a Certified Mortgage Notary Signing Agent, I see all kinds of loans, and while I have always said that I felt their costs were in line with regular mortgages (IF you could take out the required Mortgage Insurance) I never actually sat down and computed the difference.  Until now!
I do not remember how to calculate all the statistics as far as probability, and … (3 comments)

 

Ronald Gillis

CNSA Southwest Florida. Notaries, Port Charlotte,...

Port Charlotte, FL

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Southwest Florida Notaries (Mortgage Notary Signing Agent)

Address: P O Box 380842, Murdock, FL, 33938-0842

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