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As Loan Crisis Deepens More Seniors Turn to Reverse Mortgages
Tue 03/04/08 11:36:22 pm
Tax Free Income - No Payments!

Instead of struggling to come up with the money for a mortgage payment that's resetting to a higher level, seniors can tap the unused equity in their manufactured home not only to pay off their home loans but also to have money for living expenses, remodeling, traveling or even investing in a vacation home.

Reverse mortgages are becoming popular in America. Reverse mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more.

Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to "reverse" mortgages. They allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.

In a "regular" mortgage, you make monthly payments to the lender. But in a "reverse" mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer live there as your principal residence. Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations.

A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:

  • all at once, in a single lump sum of cash;

  • as a regular monthly cash advance;

  • as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or

  • as a combination of these payment methods.
No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

The proceeds of a reverse mortgage are generally tax-free, and many reverse mortgages have no income restrictions. Reverse mortgage loan advances generally do not affect Social Security or Medicare benefits. You retain the title to your home and do not have to make monthly repayments.

Reverse Mortgage

Senior Mobile Home OwnersHere is a great solution for Seniors who own manufactured/mobile homes and are having financial difficulty, looking for way to combat the increasing cost of living, or for those who would just like to have some additional resources to enjoy retirement, the Reverse Mortgage is a product that could be an advantage.

A Reverse Mortgage is a loan that is guaranteed by the FHA for manufactured homes, but is different from a standard equity line in that:

  • The age of the youngest borrower must be at least 62 or above.

  • There is never a monthly payment as long as you live in the home. The loan is repaid from the proceeds of the sale of the manufactured or mobile home, or through other means, but only when the home is no longer the primary residence of the homeowner. Heirs or beneficiaries are never responsible for the loan.

  • There are no income, medical, or credit requirements.



Submit The Form Now! ------>

Reverse Mortgage

No Obligation.
No Initial Credit Check
Expected time to complete 3 minutes
Submit Now
For A Fast Reply
Name:
Does My Property Qualify?
All property owners are 62 or older.
I (we) own the land.
Home built after June 1976
Home installed permanently on property
If you checked all please continue
E-Mail Address
Day Phone
Second Phone
Comments or Questions:

By submitting your information in our form you grant permission to be contacted you via telephone or e-mail or both, even if you have previously listed yourself on any internal company, state or federal Do-Not-Call list.

  • There are multiple ways of receiving the funds including but not limited to: a lump sum, monthly payments (including plans for-life), or a line of credit that gains interest over time.

  • Any outstanding mortgages are automatically paid by the reverse mortgage. This guarantees that the owner now retains the home for life.

  • Funds generated from the Reverse Mortgage are income tax-free and do not affect social security or Medicare benefits.

  • All closings costs can be financed. To qualify your only out of pocket cost would be for a structural engineering report, (Costs range between $200-$500 depending upon location).

    Submit the short, easy form above for more details


Post and Read Comments about As Loan Crisis Deepens More Seniors Turn to Reverse Mortgages


Manufactured Housing Repair On-Line

The MH Parts Store On-Line   MH Parts may not be very pretty... but when you need them you just can't do with out them. Don't run all over town to assemble the things you need for that home renovation or repair. Order from our on-line parts store. Everything you need is here from doors, windows, screens, plumbing and electric parts, bath and kitchen fixtures, roof and ceiling components, and more.... even set-up materials, The Part Store's Owner/Managers, keep it simple, they just provide you with the best possible products available.

The Manual for Manufactured Home Repair & Upgrade   If your looking for a book that covers all facets of manufactured home repair, you've found it! This is the only book of its type, available to the public, that we have been able to find. As you would expect from the title, The repair and upgrade techniques described in this manual are specific to manufactured homes. This book will answer almost every question on manufactured home repair that we have ever heard. Not only does this book show you how to repair and maintain your home, but also great methods for upgrading it.

The Manufactured Home Repair & Renovation Forum   An open discussion group where all are welcome to participate. No registration necessary! Discussion threads covering a wide range of questions, answers, and relating of personal experiences involving MH Repairs. Moderated by Tracy L. Mason of MB-Quality Contractors, from Greeley, CO. Ask our experienced manufactured home repair and renovation contractor about your home repair needs! Basic home fix-it techniques to trade secrets.

Advanced Foundation Systems   Designed and engineered for manufactued homes, These foundation systems add a high level of strutural stability and have proven most cost-effective for the manufactured home, buyer. Advanced Foundation Systems meet or exceed industry standards, and have been proven safer under adverse conditions. Advanced Foundation Systems offer you the best foundation technology available for your manufactured home...plus added safety and stability...at a lower cost.

Finance Your MH Renovation/Repair   There are many loan programs available to MH Owners. Secure the money you need to renovate, upgrade, or even expand your MH. One stop shopping. select your loan preferences and we will forward your request for loan information to as many as a dozen participating manufactured housing finance offices.

Skirting For The 21 Century Manufactured Home   System-1 is what skirting should be- 100% solid concrete. System-1 is not an imitation or a look alike – it is the original concrete skirting system that resists the elements from the summer heat of Texas to the harsh winters of Minnesota. System-1 is built to last and is designed to stay put for years of dependable service. Stop chasing your skirting down the street and look at just some of the benefits System-1 concrete skirting provides you.

5 Part Site Preparation & Home Installation Video Series   We are proud to offer the most effective way ever to learn about the step by step process involved in properly installing a manufactured home; A new five-part video series with George Porter, the industry's most respected installation specialist. After viewing all five videos you will have what it takes to tackle your site preparation with confidence and peace of mind. Even if you're not planning on doing the work yourself, this information will help you understand the entire process. This will give you an edge when choosing sub-contractors and help you make sure the site preparation is done properly.

Manufactured Housing Yellow Pages / SERVICE COMPANIES   The Yellow Pages is an ever expanding data base that is growing into one of the richest resources in the world for locating and contacting companies that participate in, or offer services to, the manufactured housing industry.

The Mobile Home Expert   The business of installing and servicing manufactured homes is rapidly moving away from the world of the one pick-up, one jack, local set up and repair guys and into the world of certified tradesmen, and licensed contractors. The modern manufactured home is greeted with stiff compliance codes regulating construction, warranty and installation. As more and more local agencies get involved in the inspection of installations it gets more and more difficult to know what the rules of the game are, especially if your operating in more than one jurisdiction. Consult with R.T. Bonney, who has participated in all phases of the industry over the past 30 Years He can provide solutions for the modern problems of operating most types of manufactured housing business.

Floor Repair Info Kit   includes a 25 minute VHS video about repairing the floor underneath your toilet, and a booklet on floor repair. Price:$25.95 - Shipping & Handling:$3.90

Painting and Texturing Paneled Walls   By following the steps in this 20 minute video, your paneled walls will look darn near like textured sheetrock. Works on both wood paneling and vinyl-covered paneling or sheetrock. Price:$19.95 Shipping & Handling:$3.90  


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