Reverse Mortgages are only for the poor, correct?

By
Services for Real Estate Pros with Southwest Florida Notaries (Mortgage Notary Signing Agent)

AnswerCouple Searching on Computer: 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 not want to sell that property, so getting a reverse mortgage on their home and allowing them to keep that property was the way to go for them.  While this situation was unusual, it goes to prove how much money you have does not matter.

As I have said before, a reverse mortgage is not right for everyone, but for those that it can help, the benefits can be enormous.  Don't let false beliefs and misunderstandings prevent you from learning all the correct facts about reverse mortgages and their tremendous POSITIVE effects on many peoples lives!

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Title companies & mortgage brokers, help your borrowers- arrange to have their loan signed and notarized in their home, at their convenience by a Certified Notary Signing Agent (CNSA)

Browse The Rain for a qualified and Certified Notary Signing Agent in your area.

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Southwest Florida Notaries is open for your mortgage closing 24/7 at your location (Based in Murdock, FL, near Port Charlotte FL, but covering all of Southwest Florida - Manatee, Sarasota, Charlotte, Desoto, Lee and Collier counties)

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 Anything Southwest Florida Area  Your comments about back-dating  Bob Storey
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Rainmaker
1,847,282
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good information for consumers. I am sure they will become popular as people are living longer and savings are not enough with the cost of everything going up.

June 28, 2008 06:44 AM #1
Rainer
285,758
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate

Very true.  Reverse mortgages are so misunderstood.  It is important for anyone considering one to go to a HUD approved lender!

June 28, 2008 03:48 PM #3
Rainer
120,136
Ronald Gillis
Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL
CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

Hi Gita, Thank you for stopping by!  Yes they are popular, and many get reverse mortgages because of financial difficulties, but not everyone is in that situation - but they can still benefit.  Diane, you are so VERY correct!  Those that usually say 'NO WAY' are usually those that do not know the correct facts about how they work TODAY.  I stress that, because some common misconceptions are based on the way they were in the 70's & 80's, but because of FHA/HUD, those improper actions are no longer allowed.  Also, you are dead on, make sure to use HUD approved lender.

Again, thanks for stopping by, have a great weekend!

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June 29, 2008 07:11 AM #4
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Rainer
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Ronald Gillis

CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY
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