Financing
After assessing what kind of assistance or living arrangement you
need to remain in your home, one option to consider is a
reverse mortgage. This
type of program allows people over the age of 62 to convert a
percentage of the equity in their paid-off home mortgages to cash.
There are now multiple programs to address varying financial needs.
A new reserve mortgage, the
Home Equity Conversion Mortgage Saver option, or HECM Saver was
introduced in 2010. It has
a cheaper upfront mortgage insurance premium, or MIP, compared with
the traditional HECM reverse mortgage, now known as the standard
option.
A
review of these programs is available from the Seattle Times in an
article titled, “Reverse
mortgages get more affordable, but be careful”.
To review this article visit the
Seattle Times –nwresources.
When in the market for a reverse mortgage, seek independent
counseling before you even talk to a lender to learn about loan
alternatives or tips on negotiating with a lender. Find a
government-approved counselor near you at
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
To find out how much you can potentially receive through a reverse
mortgage, check online calculators at
aarp.org
or
reversemortgage.org.
Financial Counseling for Foreclosure
Construction Financing
If you are making major improvements to your home, read "How to Get a Construction Loan" at wikihow.com
