Daily News

MBA Urges Regulators To Avoid Invoking Suitability Standards
The Mortgage Bankers Association (MBA) recently made a preemptive strike against what it obviously perceives as the next threat against the mortgage industry - "suitability standards." Read more...

 

The Reverse Mortgage Association Here To Help

If you are a US homeowner approaching retirement, and have already realized that your pension, social security, or 401K will not be enough to let you maintain the lifestyle you have been able to afford during your working years, you may want to consider a reverse mortgage. If you are, you should consider taking advantage of the services offered by the National Reverse Mortgage Association.

Started in 1997, the National Reverse Mortgage Association has a decade of experience in assisting both seniors who want to use reverse mortgages to help fund their retirements, and lenders who want to offer reverse mortgages as part of their financial services.

For homeowners who have made the decision to preserve their financial independence through a reverse mortgage, the association offers educational programs. For lenders who wish to offer reverse mortgages, the association has a Code of Conduct designed to safeguard interests of older homeowners, and which it expects its lenders to honor.

The programs overseen by the Reverse Mortgage Association help homeowners over the age of sixty two understand how to get a part of the home equity they have accumulated as tax-free income, while still keeping full title of their homes. Taking advantage of a reverse mortgage will allow a homeowner to avoid the monthly payments which result from borrowing against home equity in a traditional manner.

Reverse mortgages are ideal for senior homeowners because they will not have to be paid off until the homeowner is no longer living in the home at least half of the year, or decides to sell the home, or they pass away. And in the event that the home sells for a price in excess of the balance borrowed against the home mortgage, the homeowner or his or her heirs will receive the funds.

Back to Articles