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Home Equity Loan - Reverse Mortgage - Money From Heaven?
By J Krohn
Somewhere in the neighborhood of 78 million Americans will be reaching retirement age in the next decade. It will put a strain on the social security system at the very least. At the worst....who knows. That's a discussion for another day.
The government is not the only ones that will feel the pinch. It is safe to say that most Americans haven't done a good job preparing for retirement so their resources are very limited. This is where a reverse mortgage can make growing older much more enjoyable. It would be money from heaven.
A reverse mortgage is available to homeowners 62 or older who own their own home. Like the name suggests instead of paying money in to build up equity in your home, a reverse mortgage allows for "withdrawals" literally for any use imaginable.
The money can be withdrawn in a lump sum, a line of credit to be used at the homeowners' discretion, regular monthly payments or a combination of the three.
The popularity of the product will no doubt bring about better rates and new wrinkles in the future as competition for this huge market heats up.
For millions of Americans who own their own home and have little else for resources it could be a lifesaver in many ways. One that comes to mind is long term health care. There's little public assistance for home care and you may not qualify for Medicaid to pay for nursing home care.
Most people given the choice would rather stay at their home as long as possible but the cost of home care is very expensive. The solution is a home equity loan reverse mortgage.
The money from a reverse mortgage can be used for anything from that life long dream of a trip around the world to paying off debts. As the graying of America continues one of the best uses of proceeds form Reverse Mortgage could be to pay for long term care either at home of in a long term care facility. Money from Heaven!
Jack Krohn is a leading free lance writer on Home Equity and Mortgage issues with over 50 articles to his credit.
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125 Home Equity Loan News
Take the equity money and run - Examiner.com
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Carver Bancorp, Inc. Announces Second Quarter 2009 Results - MarketWatch
Carver Bancorp, Inc. Announces Second Quarter 2009 Results MarketWatch - "In this context, Carver's second quarter earnings reflect continued pressure on our net interest margin and an increase in the provision for loan losses. ... |
Schools, businesses feel effects of neighborhood's misery - San Diego Union Tribune
 San Diego Union Tribune | Schools, businesses feel effects of neighborhood's misery San Diego Union Tribune, United States - Rising home equity helped fuel a booming economy, with new retail centers and restaurants. But the burgeoning prosperity was not destined to last. ... |
Timberland Bancorp Earns $1.35 Million in Fiscal Fourth Quarter 2008 - MarketWatch
 Earthtimes (press release) | Timberland Bancorp Earns $1.35 Million in Fiscal Fourth Quarter 2008 MarketWatch - ... three single family home loans totaling $300000, three home equity consumer loans totaling $160000 and one commercial business loan for $250000. ... Central Pacific Financial Corp. Returns to Profitability in Third ... Oneida Financial Corp. Reports 2008 Third Quarter Operating ... Fox Chase Bancorp Announces Improved Earnings for 2008 Third Quarter |
Capital crunch shakes large credit unions like Suncoast Schools - Tampa Bay Business Journal
Capital crunch shakes large credit unions like Suncoast Schools Tampa Bay Business Journal, FL - When other lenders were providing 110 percent to 125 percent of the value of homes on home equity lines, MidFlorida cut back to 90 percent, Jones said. ... |
City Holding Company Announces Third Quarter Results - MarketWatch
City Holding Company Announces Third Quarter Results MarketWatch - As compared to December 31, 2007, loans have increased $10.7 million (0.6%) at September 30, 2008, due to increases in home equity loans of $36.1 million ... Temecula Valley Bancorp Strengthened Reserves with $7.6 Million ... Flushing Financial Corporation Reports 2008 Third Quarter and Nine ... |
‘For This Cause’: Agency heads tell of Florida Baptists’ efforts ... - Florida Baptist Witness
‘For This Cause’: Agency heads tell of Florida Baptists’ efforts ... Florida Baptist Witness, FL - FBFS also manages the Florida Baptist Retirement Center (FBRC) in Vero Beach, a faith-based retirement community serving 125 residents. ... |
MDC Holdings Announces Third Quarter 2008 Results - SYS-CON Media
MDC Holdings Announces Third Quarter 2008 Results SYS-CON Media, NJ - The Company also realized lower gains on sales of mortgage loans, as the dollar volumes of mortgage loan originations and mortgage loans sold declined in ... |
Is an Equity Loan the Right One For You? - Thrifty Scot (press release)
Is an Equity Loan the Right One For You? Thrifty Scot (press release), UK - Some lenders will approve loans for about 80% of the equity while others will approve loans of 125% of the equity. This depends on your ability to repay and ... |
UPDATE: JPMorgan Says It Has Prevented 250000 Foreclosures - CNNMoney.com
UPDATE: JPMorgan Says It Has Prevented 250000 Foreclosures CNNMoney.com - The New York bank said last week that it stepped up its mortgage modification program to help an additional 400000 households make their loan payments ... |