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What Is A Reverse Mortgage?

Like a traditional mortgage, a reverse mortgage is a loan which uses the borrower’s home as security. The lender holds a claim on the home until the loan is repaid in full. Unlike a traditional mortgage, however, the borrower does not make monthly payments or gradually reduce the balance owed on the loan. Instead, a reverse mortgage is typically repaid when the borrower dies or moves out of the home, at which point the balance of the loan is due.

The most common structure for a reverse mortgage requires the borrower be 62 or older. He or she still occupies the home for as long as they choose. The borrower most commonly receives the funds in the form of monthly disbursements, although it is possible to structure a reverse mortgage to provide a single large payout up front. Less common is the establishment of a reverse mortgage line of credit. which allows the borrower to take out as much as he or she needs up to the limit of the loan in place of regular monthly payments.

Types of Reverse Mortgages

There are three basic types of reverse mortgages.

The first is the Single Purpose Reverse Mortgage. These are offered by some state or local government agencies or approved non-profits, but their availability is not consistent across the country. As the name suggests, a Single Purpose Reverse Mortgage is intended to finance a specific purpose, such as home repairs or property taxes. They are designed to allow homeowners with limited resources to maintain and retain their homes by using the property itself as security for targeted loans. These tend to be the most limiting variety of reverse mortgages, but also the least expensive.

Things To Consider

One of the requirements of an HECM is that you meet with a financial counselor from an approved agency to discuss the logistics and possible downsides of a reverse mortgage and to address alternatives. Such a requirement suggests the many ways in which a reverse mortgage can prove to be a bad idea, although the popularity of government-backed HECMs demonstrates their potential as well. The takeaway is not to avoid them at all cost but to educate yourself and think through the ramifications before committing.

Reverse mortgages generally come with origination fees in addition to the typical closing costs associated with traditional mortgages. There are often service fees built into the accumulating balance owed over time as well as required mortgage insurance for HECMs. Interest and other fees are not tax deductible until the loan is paid off, which generally occurs after the death or relocation of the borrower – hopefully many years later.

Loanry® is here to help you get your Reverse Mortgage Loans

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Why Loanry?

Reverse mortgages can be a daunting undertaking. You may have questions or need time to think or wish to discuss your options with trusted friends or loved ones. One of the many advantages of utilizing an online content mall like Loanry.com and the rest of the Goalry.com family is that we’re available whenever you are, day or night, rain or shine, weekends or holidays or when sister has the flu.

Our informational blogs and online financial tools are operational around the clock. If you have questions, ask them at your convenience – while watching your kid’s soccer practice, waiting in line at the grocery store, or visiting your local library.

When you’re ready to request lender recommendations, submit your information at your leisure, when and where you choose. You don’t have to worry that you’ve forgotten a form or might need to look up a number when you’re in your own home office or sitting in your favorite recliner. No one’s staring at your from across a desk wondering whether or not you measure up or late for their next appointment. Take your time.

We’ll do our best to help you find a lender, and most online lenders pride themselves on efficiency as well. It’s not unusual for money to show up in your account within a day or two once approved. Sure, some questions or situations may require a little longer, but rest assured you are always a priority – even when you’re handling most of your business at 3 a.m. in your bunny pajamas.

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Most of the time when we consider long-term financial goals we’re looking at ways to increase wealth, build savings, and strengthen equity in our homes and other investments. A reverse mortgage is in many ways the opposite of this. It seeks a controlled, practical disbursement of what is most likely our single greatest investment – our home – until the total value is exhausted. If all goes well under this arrangement, we live substantially better in our later years but leave nothing behind when we pass.

The best type of reverse mortgage purchase is one you don’t have to make because you have sufficient savings and investments to support you throughout your retirement. The uncertainties of aging and potential complications of any reverse mortgage should prevent it from becoming anyone’s first choice.

That said, life happens and sometimes we find ourselves in our later years in need of reliable additional income in order to meet our basic needs, address unexpected circumstances, or simply to make the most of our golden years. In such situations, our goals may shift. The priority is no longer saving for the future or building an inheritance for our children. Instead, we’re now looking to live that future fruitfully and avoid becoming a burden on our offspring.

Whatever the future may hold, the best way to plan for it is the same. Invest in your own retirement, starting with your earliest post-secondary employment. Institute and follow a household budget, which absolutely must include regular deposits into savings and eventually low-to-moderate risk investments. Watch your credit score and check your credit history for errors in order to give yourself maximum access to financial flexibility at the minimum possible cost. Avoid excessive debt and always look for ways to cut expenses without major sacrifices to your overall “quality of life.”

Finally, teach your kids to do the same, and encourage them throughout their early lives to keep looking ahead. Of course we want them to live to the fullest – this life isn’t all about mutual funds and retirement packages – but that fullness shouldn’t end early because they failed to plan sufficiently. If we end up using our home as security for a reverse mortgage to get us through our closing years, we’d especially like to know our children will be fine because they’ve successfully prepared.

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One of our goals here in the Goalry.com family is to connect you with reputable online lenders and to simplify your efforts to find reliable solutions to periodically complex circumstances. Beyond that, however, we hope to provide a setting in which you feel prepared to more effectively explore your options and make those decisions.

That’s why we’re building more than a website. Our family of connected sites forms what we think of as a “content mall” – a collection of financial knowledge and online tools. With Accury.com, we’re simplifying real estate evaluation and helping you make more informed decisions about your property. At Debtry.com, we’re comparing helpful debt to the unpleasant variety and looking at ways to turn the latter into the former.

Taxry.com is all about understanding your personal and small business taxes and maximizing your ability to navigate the ever-changing requirements of each. Cashry.com and Loanry.com are about meeting short and long-term needs for financing, but they’re also about educating ourselves on how credit works, the many different options associated with each, and how to best utilize – or avoid – loans and other forms of credit, now and in the future.

We have thousands of informational blogs organized by topic and freely accessible from any internet-connected device you choose. Our video library is growing almost as rapidly if you find that format more accessible. You can follow us on any of the major social media platforms to stay up-to-date and be part of the Goalry.com family yourself. When you’re ready, a single ID and password will help us best keep track of your goals and basic information as you navigate our online “content mall.”

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Did You Hear?

“The harvest of old age is the recollection and abundance of blessing previously secured.”

Marcus Tullius Cicero (Roman Lawyer, Philosopher, and Statesman)

Educate Yourself

An Everything Guide to Reverse

Mortgages Starts Here

Reverse mortgages have become something of a hot topic recently. It’s important that you understand the intent, the structure, and the possible pitfalls of any loan, but especially a reverse mortgage. At the same time, they can be an effective tool for senior borrowers looking to make the most of their golden years without worrying about being a “burden” on their families or running out of resources.

Let us help you figure out whether or not a reverse mortgage makes sense for you. Then, YOU decide.

Explained in 3 easy steps

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this works?

It all starts with a simple loan request that takes a few minutes to complete.

We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.

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Pros & Cons of Reverse Mortgage Loans

Reverse mortgages are one of the more complicated loan mechanisms you're likely to encounter. Know the specifics before deciding whether they're the right choice for you.

Pro: You Can’t Take It With You

For seniors who don’t intend to leave their home as an inheritance, a reverse mortgage can provide necessary income for living expenses, better medical care, or even to allow for travel and an overall higher quality of life. Borrowers have the opportunity to utilize the benefits of their accumulated net worth.

Pro: Immediate, Tax-Free Payments

Disbursements from a reverse mortgage begin almost immediately after signing and are tax-free. This gives seniors a reliable income at a time of their lives when many struggle to meet basic living expenses, reducing burden and stress for family members as well.

Pro: You Keep Your Home

The borrower is able to stay in his or her home indefinitely and holds full title to the property until the loan comes due. In most circumstances, surviving spouses are able to remain in the home as well, even if the borrower has died or moved into a facility providing a higher level of care.

Con: Assets Are Not Inherited

When the borrower dies or moves, the full amount of the loan – including all interest and fees – comes due. Typically this obligation is met by selling the home. Despite limits on the loan amount as a percentage of the value of the property used as security, unanticipated circumstances sometimes require the sale of other assets as well in order to cover all existing obligations. Heirs are unlikely to receive much in the way of an inheritance.

Con: Predicting the Future

Deciding to take out a reverse mortgage requires a degree of guesswork on the part of the borrower. The longer the loan lasts, the more the borrower’s estate owes. Without limits built into the terms of the reverse mortgage, this could conceivably mean a debt larger than the property is worth.

Con: Exploitation of Seniors

Because reverse mortgages are almost exclusively aimed at those 62 and older, they’ve been used and misused to take advantage of senior citizens. The elderly are more likely to be in greater financial need and often worry about “becoming a burden” on their children or other family. Unscrupulous lenders and outright con artists have exploited the concerns and age-related uncertainty of seniors for their own financial gain, and the whole idea of “reverse mortgages” carries negative connotations as a result.

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