Welcome to Home Mortgages
Mortgage Refinancing Article
This is a selection made from among articles on Mortgage Refinancing. For a permanent link to this article, or to bookmark it for future reading, click here.
from:
What You Need To Know About The National Reverse Mortgage Lender Association
By Terry Edwards
Let's face it - retirement represents a tough situation for most everyone these days. Your ability to earn income has been limited and perhaps the income you get from Social Security, your retirement plan, or your savings just isn't enough to help keep you comfortable. But that doesn't mean you're out of options.
The National Reverse Mortgage Lender Association is set up to help people exactly in the situation described above. If you are over 62 years of age and own a home with little to no mortgage debt then you are a prime candidate for a reverse mortgage and can receive all the necessary help from the National Reverse Mortgage Lender Association.
Here's how it works. You negotiate a reverse mortgage with the lending institution using the equity in your home as collateral. But what makes this loan unique is that payment on the loan is not due in monthly installments. In fact, the only time it is due is when the house is sold. That typically happens when you have to move to an assisted care facility or you pass away.
Then, when your home is sold the balance is applied against the loan. Even then, you still might make some money. If your home has increased in value enough to cover the difference of the loan and there are still funds remaining after the sale, you're entitled to those. If you're not alive then they go to your heirs. But if you don't have enough money to cover the loan after the home is sold then the lending institution will have to pay the difference. This is why many people have been getting help from the National Reverse Mortgage Lender Association to set up a loan or this type.
So, are you forced to receive monthly installments on your loan, just like a Social Security check? No, in fact you have several options open to you. You can elect to receive your money all at once, in monthly installments or as a line of credit that you can draw against it at will. The only thing you must first do with your loan is pay off any existing mortgage balance if you have one.
If you are interested in setting up a loan of this type you should contact the National Reverse Mortgage Lender Association today to get further information. They will offer further assistance and give you the proper steps necessary to begin filing for a reverse mortgage loan.
You can find out more about the National Reverse Mortgage Lender Association as well as much more information on everything to do with reverse mortgages at http://www.InformationOnReverseMortgage.net
Article Source: http://EzineArticles.com/?expert=Terry_Edwards
http://EzineArticles.com/?What-You-Need-To-Know-About-The-National-Reverse-Mortgage-Lender-Association&id=870872
Mortgage Refinancing Specific links
Discover New Music
- Music Fans Discover, Enjoy & Reward The Best New Bands. Join Today.
-- http://www.ourstage.com/
Get Hired
- Earn more money with a better job now
-- http://www.hotjobs.com/
Summer Fashion Trends & Must Haves for LESS
- Women's clothing, shoes, and accessories for a fraction of the price top designers charge. Find it all for this summer.
-- http://www.movies.hollyscoop.com/
Britney Spears News and Photos
- The hottest music videos added every day. Watch full-screen, hi-res music videos now!
-- http://www.hollyscoop.com/
Kid In Space
- Watch as this kid gets launched into space
-- http://www.break.com/
Mortgage Refinancing News
Relief bill includes refinancing lifelines - Herald Tribune
After six months of haggling and political gamesmanship, a massive housing relief bill is heading for final approval. Though it has hundreds of pages and dozens of separate initiatives, including revamping federal oversight of mortgage giants Fannie ...
Read more...Woes Afflicting Mortgage Giants Raise Loan Rates - The Ledger
Mortgage rates are rising because of the troubles at the loan finance giants Fannie Mae and Freddie Mac, threatening to deal another blow to the faltering housing market. Even as policy makers rushed to support the two companies, home loan rates ...
Read more...Mortgage Applications Slide as Loan Rates Jump - CNBC
The Mortgage Bankers Association's seasonally adjusted application index dropped 6.2 percent in the week ending July 18 to 489.6, with a 6.59 percent 30-year mortgage rate depressing applications for purchases and refinancing.
Read more...Ahead of the Bell: Mortgage Applications - CNBC
WASHINGTON - Industry data to be released Wednesday will show whether home loan applications continued to rise as mortgage rates fell last week. The Mortgage Bankers Association is scheduled to report its index of mortgage application volume for the ...
Read more...U.S. MBA's Mortgage Applications Index Decreased 6.2% Last Week - Bloomberg
July 23 (Bloomberg) -- Mortgage applications in the U.S. dropped 6.2 percent last week, led declining demand for loans to purchase homes as interest rates jumped. The Mortgage Bankers Association's index of applications to buy a home or refinance a ...
Read more...Mortgage applications decline 6.2 percent - Forbes
Mortgage application volume declined 6.2 percent during the week ending July 18, according to the trade group Mortgage Bankers Association's weekly application survey. The MBA's application index declined to 489.6 during the week, from 522.2 a week ...
Read more...House Lawmakers to Vote on Fannie-Freddie Rescue Plan Today - Bloomberg
July 23 (Bloomberg) -- The House of Representatives is set to vote today on a rescue plan for Fannie Mae and Freddie Mac after U.S. lawmakers reached a deal on legislation aimed at alleviating the worst housing recession in a quarter century. ``The ...
Read more...Foreclosures set new mark - San Diego Union-Tribune
Distressed mortgages continued to drag on the troubled economy in June, as a record number of homes in San Diego County went into foreclosure and notices of default – the start of the foreclosure process – declined only slightly. HOWARD LIPIN ...
Read more...House to vote on mortgage aid, Fannie Freddie rescue to calm housing ... - Minneapolis Star Tribune
WASHINGTON - The government would help struggling homeowners get new, cheaper loans and be allowed to offer troubled mortgage giants Fannie Mae and Freddie Mac a cash infusion as part of legislation that aims to calm the chaotic housing market. The ...
Read more...Bush drops opposition to housing bill - CNN Money
NEW YORK (Associated Press) - The White House says President Bush has dropped his opposition to a Democratic version of a major housing bill and will sign it despite his opposition to a $3.9 billion provision. The House is expected to pass the bill ...
Read more...