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If you are at least 62 years of age with equity in your home, a reverse mortgage specialist can help you access the cash in your biggest asset without ever having to make a housing payment. It is no secret that this unique option has become many seniors' best opportunity to enjoy their nest egg while remaining in their home throughout their golden years. A reverse mortgage specialist can guide you in retaining your Medicaid eligibility throughout the process while protecting your heirs from future estate liability.

After working hard for many years to pay down your house note, residential property often becomes your biggest asset, especially during the retirement years. After age 62, many seniors choose to stop working in favor of enjoying the benefits of years-often decades-of hard work that they've put into their residence. This type of cash flow is otherwise known as a Home Equity Conversion Mortgage (HECM) and is designed to put money in your bank account by tapping into the available equity you have in your investment.

In order to determine whether you are eligible to obtain this unique FHA-insured product, your reverse mortgage specialist will consider a variety of factors including the amount of equity available and your age. Unlike a traditional loan process, a your credit and income requirements are not a factor, and there are no monthly payments whatsoever. In fact, with this unique product, it is just the opposite-the bank sends money to you while you enjoy retirement and remain in your own home for years to come.

What you may not know about these government-insured home equity payouts, however, is that they can sometimes make budgeting for retirement even more difficult if you or your spouse are dependent on Medicaid for some or all of your medical care. This is where a reverse mortgage specialist can provide expert advice once again. These highly specialized banking professionals will guide you through the various options for withdrawing your money that can affect not just your lifestyle but also your Medicaid healthcare eligibility. In particular, certain assets are exempt from eligibility scrutiny up to a specific dollar amount-and the equity in your primary residence is one such asset.

You can choose to receive monthly payments in a few ways: a lump sum at closing, regular annuity payments, a line of credit, or some combination of the three. As long as the payout from your line of credit is being accessed and used in the same month, there is no conflict with government Medicaid requirements. The idea is to keep your cost of living in line with the payouts in order to avoid an excess of cash in your bank account during any given month. In short, if you only withdraw what you need to live on and what you plan to spend, your eligibility should be unaffected by your annuity proceeds.

Since Medicaid eligibility can be affected by the size of your bank account and your disposable income, many seniors opt to access their equity in the form of a line of credit, which provides them with what they need to live comfortably every month without sacrificing their medical care or having to come out of pocket for healthcare expenses. A carefully chosen reverse mortgage specialist can help you choose your payout plan so you can retain your Medicaid eligibility and enjoy the financial security of your greatest asset while remaining in your home for years to come.

To learn more about your options for a reverse mortgage specialist, visit http://www.firstbankreversemortgage.com.

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Reverse mortgages are seen as a way for seniors to tap into their current homes as a source of income. By drawing from the equity they already have, they can pay off bills, make improvements to their current residence, or even take a well-earned vacation. There is one option that most do not even consider: using a reverse mortgage for the purchase of a newer property.

Understanding a Home Equity Conversion Mortgage

In order to see how using a reverse mortgage for purchase of a newer property works, you first must understand the Home Equity Conversion Mortgage (HECM). The HECM is still relatively new, but it provides a way for those who are 62 years or older to borrow against the value of the home. With approval, the borrower gains access to funds without having to make monthly payments. Repayment of the loan does not occur until the borrower either passes away or sells the property.

This loan is not an option for everyone. In fact, the guidelines stipulate a minimum age of 62 years old. The borrower must also either own their home outright or have a large amount of equity built up.

Using Reverse Mortgage for Purchase

For some older Americans, the idea of living closer to family members is ideal, but they do not necessarily want to give up their existing home. If this is the case, they may apply for a reverse mortgage. The borrower must occupy this second home for a set portion of the calendar, and the original residence, which the loan is against, must be the borrower's primary residence.

When using a reverse mortgage for purchase, there are some limitations. For example, this type of loan only covers 47 to 52 percent of the purchase price. It is the borrower's responsibility to make up the difference. This money can come from a retirement account, savings, or a gift. The actual amount borrowed depends on the age of the youngest borrower, current interest rate, mortgage insurance premium, and the home's value at appraisal.

Additionally, only certain types of residences qualify for a reverse mortgage. These include single-family homes and two to four unit homes where the borrower occupies one of the units. For condominiums, the U.S. Department of Housing and Urban Development requires preapproval. In addition, manufactured homes must also have FHA preapproval. The borrower must also obtain a certificate of occupancy for any new construction.

A reverse mortgage is a great way for seniors to get a second home closer to family. As with a traditional HECM, there are no monthly payments due. A single, balloon payment, is due at the sale of the home, when the last borrower moves out or passes away. This payment is a total of the principle plus interest. If the home sells for more than this amount, the borrower, heirs, or the estate retains the remaining equity. Should the home appraise and sell for less than the amount owed, there is a guarantee of no personal liability. Lenders are insured against this type of loss.

To learn more about your options for a reverse mortgage for purchase, visit http://www.reversenorthwest.com/rm-basics.

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Reverse mortgage information has recently improved in the financial world due to the apparent success of regulations that were put in place in 2013. The Reverse Mortgage Stabilization Act of 2013 has helped garner these financial options some newfound respect in the industry.

Safeguarding provisions established by the Act, such as a restriction on initial borrowing amount, can help protect seniors from withdrawing all of their equity from the very beginning of the loan by keeping approximately 40% of the total equity on reserve for at least a year after the initial disbursement. Seniors must also prove that they have the resources to pay taxes and insurance during the program, or the bank can provide an escrow option to guarantee the funds are available for such expenses.

Using an HECM Line of Credit to Generate Income

Financial advisers recommend establishing a Home Equity Conversion Mortgage (HECM) line of credit as a way to establish a financial cushion, even if a senior doesn't need it right away. In certain cases, this makes more sense than withdrawing a lump sum, since the HECM line of credit will actually increase in cash value the longer it remains dormant.

Another important part of reverse mortgage information that advisers recommend is using the HECM line of credit tactic. This will help protect retirement accounts from stock market fluctuations. This is possible because HECM withdrawals are tax-free. When the market is less favorable for drawing on investment accounts as a source of income. Seniors can simply draw against their HECM line of credit. This way, when the markets rebound, a senior's retirement accounts don't take much of a hit. When investment portfolios bounce back, the line of credit can then be repaid.

HECM line of credit payments can also provide a solution for seniors looking for a way to delay taking a hit on early social security payments. By waiting to access social security funds until later in retirement, retirees can ultimately expect an increase the payment amounts when they are finally withdrawn.

Lump Sum: Paying Off a Forward Mortgage to Improve Cash Flow

Using the lump-sum proceeds from a reverse mortgage to pay off a forward mortgage is another strategy that financial planners recommend. This tactic frees up cash flow for living expenses by eliminating what is typically the largest household expense for many seniors.

However, advisers don't recommend using the lump-sum payment as leverage for taking on other debt such as a down payment for a big-ticket item or a second home. This can lead to budget problems down the road. Not to mention decreasing the senior's financial nest egg and overall borrowing power. The goal is to use the reverse mortgage lump sum payment in a conservative manner to decrease existing debt and free up cash flow.

Financial planners are considering the new reverse mortgage information to be promising due to the 2013 regulations having taken effect. These unique loan options can be viewed as a fiscally responsible way for seniors to put their money to good use for a comfortable and secure retirement.

To learn more about reverse mortgage information, Lake Oswego residents should visit http://www.reversenorthwest.com.

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Private money loans are also known as hard money and it comes from private lending companies who offer loans to home buyers to buy a specific asset. Generally, home buyers often find these lenders by engaging a real estate investment club in their area. These loans are often secured by home investors. But unfortunately not every home-owner will be successful getting fund from a private lender. Here are the major pros and cons of private mortgage loans.

This loan could be a great option for home buyers who are not able to qualify for a traditional mortgage because of less than exact credit, debt or for self-employed people who can't always offer proof of a stable income. A debtor should remember that a person with a poor credit record can get a hard money loan if the project shows the profit.

Personal loans are not paid back over 30 years like a traditional loan. A huge big number of private lenders expect the loan to be repaid within a very short time like as six to twelve months. Lenders are often looking for a very quick return for their money, and they generally are not set up to offer a loan for several years the way a typical mortgage company is. Homes that need extra renovations generally can't get qualifies for conventional mortgages, no matter how better a borrower's credit score is. In those cases, private money can play a very important role. A non-traditional lender can step in and offer to finance to get the house in sell-able condition, then flip the house.

One major drawback of personal mortgage loans is interest rates. The rates of interest are much higher with a private money lending than with a conventional loan. Even, sometimes mortgage rates are more than double, often 12 to 20 percent per year. Basically, mortgage rates are very high because private lenders don't need exact credit. Fund from private lenders are generally secured by the property in question, so it is usually not very important to the lender if the debtor has good credit or not.

If you own a house that you believe is a candidate for a personal loan, the approval procedure often takes just a couple of weeks, as opposed, it takes 30 to 45 days for a conventional loan. For many borrowers, qualifying a loan than fast is a very good trade-off for higher interest rates. Generally, private money lenders don't need a long drawn-out loan process like a conventional mortgage does.

If you have a house and you want to rehab it, as well as you feel that you could make it better enough to boost its worth in a short time that would allow you to pay off a personal loan and replace it with a conventional sale, then applying for a private loan is a viable option. As long as you understand the caveats and complete your research, there has a possibility to successfully secure a property without a conventional loan.

As a private lender, Miner Capital Funding is a well-known and reliable company in the USA. It offers the best and flexible loan option for every debtor. Enjoy the wide range of services such as SBA loan programs, hard money loan programs as well as conventional financing. Grab the opportunity and fulfil your all requirement with the Miner Capital Funding.

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