Mortgage: For Those Twilight Years

Tracing back, the concept of reverse mortgages began when one good soul, Nelson Haynes of Deering Savings and Loans wanted to help out the widow of his high school football coach. Today that small act has developed into a popular financing option for the senior citizens. With about 6,000 people turning 62 every day, the market is on an upswing.

2013 witnessed a growing number of applications for reverse mortgage. Compared to 2012 which witnessed a rise of 112% in applicants, 2013 had only 109%, yet Home Equity Conversion Mortgage (HECM) grabbed the lion's share with 90% of the pie. This is attributed to the growing awareness especially from the government initiative to educate the senior citizens about the benefits of reverse mortgage. In its early years, Americans were apprehensive about this backward process. They felt that this income getting mortgage has something fishy associated. Some lenders too helped spread rumors because the products did not involve much security to them, especially with the FHA insured HECM.

The concern for seniors has taken the driver's seat on the federal agenda. There have been large scale awareness campaigns, including seminars and workshops .This year the much talked about high loan limits for Fannie Mae's Home Keeper Loan has been raised from $333,700 to $359,650 with a 50% high for Alaska, Hawaii and US Virgin Islands. While HECM have increased its high loan limit to $312,896 from $290,319, subject to geographical area specifications. The lower limit has also been raised amidst much criticism to $172,632 .The purpose of roping in the lower equity home owners into this benefit stands defeated. The prime reason being, the risk involved.

The reverse mortgage is primarily for the retired citizens above 62. Who have no source of income and who more often than not spend the rest of their lives amidst mounting medical bills. This is one loan which does not check your credit and your salary stubs. You only need to own a house which has no lien attached and you can borrow against its current equity. The best part of the scheme is you don't have to make those monthly payments, rather you get an income. This frees up money for all kinds of uses and is tax free.

Reverse mortgages will become more popular as more and more products are peering in and the rates are making only gradual improvements. This has found a place on every American's long term plans. Last year saw reverse mortgages occupying 3% of the mortgage market that is set to triple in 2015 according to the National Reverse Mortgage Lenders' Association. Our last years will also be a no-compromise deal. Thanks to a Reverse Mortgage.

For an in-depth knowledge of mortgage and related issues you can visit us at: http://www.mortgagefit.com For reverse mortgage information.

---

Bankers Dont Want You to Know That You Pay for Your No Cost Home Loan Forever

With mortgage rates continuing on a downward trend, the competition... Read More

This Secret Weapon Will Eanble You To Close Up To 200% more Home Remodel Sales

Many Homeowners are not aware of all the options that... Read More

Sound Financial Standing Entails Capital Raising Remortgage

Raising capital is integral for growth and expansion of an... Read More

Home Equity Loan ? A Reverse Mortgage Could Provide a Comfortable Retirement!

While only comprising about 1% of all mortgages, the reverse... Read More

Do You REALLY Need a Home Equity Loan?

Your equity is the amount your home is worth, on... Read More

Adjustable Rate Mortgages Offer Alternatives For Home Buyers

When looking for a mortgage to meet your needs, consider... Read More

Refinancing Your Mortgage Can Really Save You Money

Refinancing a mortgage is simply taking out a new mortgage.... Read More

Flexible Mortgages - Offering Relief from the Fixed Mortgage

A pension mortgage may seem lucrative at the first sight.... Read More

Using a Home Mortgage Calculator

There are a variety of tools online that you can... Read More

Buying a New Home ? Home Buying Tips

If you in the process of looking for your first... Read More

A Guide to Finding Cheap Homeowner Loans

If you're actively looking for cheap homeowner loans, there are... Read More

Reverse Mortgage Maximization

Have your home's appreciation grow twice as fast.For Seniors over... Read More

Bad Credit Mortgage Lenders - Things You Should Know About Subprime Lenders

Interest rates and fees vary between subprime lenders just like... Read More

Best Buy to Let Mortgages

Are you looking for the best buy to let mortgages... Read More

Home Equity Loans - 5 Useful Application Tips

Obtaining a home equity loan does not have to be... Read More

Mortgage Reduction Solutions

USA ECONOMIC CONDITIONSToday's sluggish economy has left millions of people... Read More

Mortgage and Credit Card Companies Under the Spotlight on Consumer Charging

For the first time since May 1996 reports have indicated... Read More

Home Equity ? Is it Time to Cash Out and Move?

During the last five years, home prices have increased nationwide.... Read More

Do Your Homework - Find the Mortgage That Fits Your Lifestyle and Your Budget

You've been looking at houses for months, and finally you've... Read More

A Home Equity Loan - What You Should Know?

Asking yourself, "Is a home equity loan right for me?"... Read More

What is a Flexible Mortgage?

'Flexible mortgage' is a term that's used a lot, but... Read More

Types of Mortgage Interest Rate

Here is a useful guide to the different types of... Read More

Why Its Important to Get Pre-Approved

Having a pre-approved mortgage will give you the confidence of... Read More

Find the Best Mortgage Company

If you do not wish to commit to living in... Read More

40-Year Mortgages: An Alternative to Interest-only Loans?

Interest-only loans are quickly becoming a mainstream loan product. Borrowers... Read More

Gearing Up for Bad Credit Mortgages

Mortgage would have never happened, had mortgages been a no... Read More

Reverse Mortgages ? a Reversal of the Mortgage Process

Mortgages have assumed a number of characters from the time... Read More

Carolina Mortgage Loans

You're selling your home and are looking to relocate to... Read More

Home Loans For People With Bad Credit - When you Should Wait and When You Should Get a Home Loan

Home loans may seem like a bad idea for people... Read More

A New Choice for Home Financing: Correspondent Lenders

When you begin your search for a new home loan,... Read More

Know Your Mortgage Options

While trying to find the lowest rates, many homeowners fail... Read More

A Guide to Getting a Home Improvement Loan

If you've got a few things around the house that... Read More

Buying A Home? Reasons to Consider Financing Your New Home Loan Online

Financing your new home loan online can save you time... Read More