Q: Do I have to pay income tax on the proceeds?
A: Proceeds received from a reverse mortgage are loan advances and not taxable income.
Q: What is a reverse mortgage?
A: A reverse mortgage is a special type of home loan that allows a homeowner to convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a tradional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. HUD's reverse mortgage provide these benefits, and is deferally insured as well.
Q: Can I qualify for a HUD reverse mortgage?
A: To be eligible, FHA requires that the borrower is 62 years of age or older, own your home and must live in the home. You will receive consumer information from a Kaye Financial Mortgage Senior Loan Advisor, who will also review your goals and objectives in order to come to a plan which best meets your needs. There are NO credit, NO income and NO health requirements.
Get the whole article here...
http://www.kayereverse.com/asset_1.html
Posted by Ted Cantu on March 29, 2008 - for more information visit us at http://www.kayereverse.com
Saturday, March 29, 2008
Kaye Reverse - Michigan Reverse Mortgage Specialist Part 2
Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM) are becoming increasingly popular in America. The U.S. Department of Housing and Urban development (HUD) created one of the first forms of HECM's HUD's reverse mortgage is a federally-insured private loan, and it is a safe plan that can give older Americans greater finacial security.
If you are 62 years of age or older and have equity in your home, a reverse mortgage can turn that equity into cash. You can receive your money as a lump sum, monthly payments, line of credit or any combination of these choices. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages and decide if one is right for you.
End of Part 2
Posted by Ted Cantu on March 29, 2008 - for more information visit us at http://www.kayereverse.com
If you are 62 years of age or older and have equity in your home, a reverse mortgage can turn that equity into cash. You can receive your money as a lump sum, monthly payments, line of credit or any combination of these choices. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages and decide if one is right for you.
End of Part 2
Posted by Ted Cantu on March 29, 2008 - for more information visit us at http://www.kayereverse.com
Kaye Reverse - Michigan Reverse Mortgage Specialist Part 1
ATTENTION: SPECIAL MARKET - OPENING UP FOR SENIORS
Michigan Spotlight on Reverse Mortgages!
Find Out How A Reverse Mortgage Can Work For You!
For many Americans retirement is a mixed blessing. On one hand, it is a time to enjoy family and friends, explore special interests, cultivate new skills and enjoy living to the fullest. But retirement years can present special challenges. All too often, people find themselves in need of extra income just to keep up. A reverse mortgage will help older Americans live in their home comfortably by turning the equity in their home into extra cash or monthly income.
Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM) are becoming increasingly popular in America. The U.S. Department of Housing and Urban development (HUD) created one of the first forms of HECM's HUD's reverse mortgage is a federally-insured private loan, and it is a safe plan that can give older Americans greater finacial security.
Source: http://kayereverse.com/asset_1.html
End of Part 1
Posted by Ted Cantu on March 29, 2008 - for more information visit us at http://www.kayereverse.com
Michigan Spotlight on Reverse Mortgages!
Find Out How A Reverse Mortgage Can Work For You!
For many Americans retirement is a mixed blessing. On one hand, it is a time to enjoy family and friends, explore special interests, cultivate new skills and enjoy living to the fullest. But retirement years can present special challenges. All too often, people find themselves in need of extra income just to keep up. A reverse mortgage will help older Americans live in their home comfortably by turning the equity in their home into extra cash or monthly income.
Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM) are becoming increasingly popular in America. The U.S. Department of Housing and Urban development (HUD) created one of the first forms of HECM's HUD's reverse mortgage is a federally-insured private loan, and it is a safe plan that can give older Americans greater finacial security.
Source: http://kayereverse.com/asset_1.html
End of Part 1
Posted by Ted Cantu on March 29, 2008 - for more information visit us at http://www.kayereverse.com
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