Finding Answers to Your Reverse Mortgage Questions
Wednesday - July 08, 2009
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Whether you’ve previously considered a reverse mortgage, or are exploring them for the first time, you may have questions or concerns about the process and the options available. If you’re a homeowner age 62 or older, a reverse mortgage could give you the cash you need for monthly bills, home improvements and more. There are no monthly mortgage payments. And you can continue to live in and own your home.
How do you know that a reverse mortgage is right for you, and what are the next steps to finding out more information about the process?
“Understanding what a reverse mortgage is, and if it’s right for you, can be a challenging. But there are people who want to help you fully understand this important financial tool. Because for many, it can be the key to living a more comfortable life with less worry and fewer restraints,” says Percy Ihara, reverse mortgage consultant for MetLife Bank.
A reverse mortgage is a way for older adults to access the equity in their home to pay for the necessities or even extras in life while allowing them to live in their home and maintain their independence. Homeowners age 62 or older who live in the home as their principal residence are eligible. The home has to have little or no debt remaining on it, and meet U.S. Department of Housing and Urban Develop-ment’s (HUD) minimum property standards.
“The reverse mortgage process can be easy, and there is a lot of information and resources available to help you learn more about the process,” says Ihara.”
Ihara suggests that you speak with a reverse mortgage representative as soon as possible, if interested in learning more about reverse mortgages. This can help you can get answers to your questions, including an estimate of how much money may be available to you and at what rates.
Next, it is recommended that you arrange for a revere mortgage representative to visit with you. This isn’t mandatory. It’s simply an informal conversation-with no pressure or obligation-to discuss whether a reverse mortgage might be right for you. In fact, may reverse mortgage representatives may even suggest that you invite a friend or family member to sit in.
After you meet with a reverse mortgage representative the next step Ihara suggests you take is to obtain independent reverse mortgage counseling-it is required by the government. “This makes sure you’ve had all your questions answered by an independent party, notes Ihara. Counselors must be approved by the U.S. Department of Housing and Urban Development (HUD). Most times, a reverse mortgage representative can provide the names of approved counselors in your area.
If you’re looking to learn more about how a reverse mortgage can help you get more out of life contact MetLife Bank for a free reverse mortgage video today-there’s no obligation. Call 368-6747 or from the outer islands toll-free at 1-866-369-6747 and MetLife Bank will send you a free video and guide you down the path to getting answers to your reverse mortgage questions today.
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