Bad Credit Home Mortgage

Six Benefits Of Reverse Mortgages
By Eddie Lamb

Are you over 62 years, looking for a little extra money and own most if not all of your home? If the answer is yes, then a reverse mortgage may be exactly what you're looking for. Here are some of the benefits a reverse mortgage can offer you:

#1: Reverse mortgages pay you. Instead of making payments to a lender, the lender makes payments to you. Of course as payments are made, your equity in your home decreases. It is, however, a great option if you don't plan on leaving your home to family members after you're gone.

#2: You can use the money you receive any way you choose. For example, it can be used to put your children or grandchildren through college, to buy groceries, to pay for healthcare, to buy a new car or to go on that dream vacation you've been putting off for 30 years.

#3: You can receive your money in a variety of ways:

* Lump sum
* Fixed monthly payments either for a set term or for as long as you live in the home
* A line of credit
* A combination of the above.

#4: A reverse mortgage isn't limited to single family homes. In fact, unless you own a manufactured home built before 1976 or an apartment in cooperative housing, your home likely qualifies.

#5: Your benefits, Social Security or Medicare are not affected by a reverse mortgage. However, if you are on Medicaid, any reverse mortgage proceeds must be used immediately to continue to qualify for Medicaid.

#6: No more monthly payments. You can use a reverse mortgage to pay off any existing debts. And your reverse mortgage loan is repaid when you no longer live in your home as a principal residence. The amount owed can never [This article related to Bad Credit Home Mortgage continues below...]

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The real estate business can give you unique benefits like price appreciation. In the short term, the market may go up or down, but over the long term, you will have a safe investment because holding on to your property will almost guarantee an increase in value. Having a large portfolio of properties is a key secret to building massive wealth.You will find out that there is huge profit in dealing with undervalued foreclosure property and the statistics now show that out of every one hundred mo...
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exceed the value of your home. Even better, if your home is sold and the proceeds exceed the amount you owe on your reverse mortgage, you or your estate receives the profits.

While a reverse mortgage is generally an excellent idea for many, there are a few drawbacks. Service fees and closing costs can make a reverse mortgage an expensive option, particularly if you're planning on selling the home in a few years. If you're not planning on living in the house a long time you may want to consider a home equity loan, because they're much less expensive and you can still take the dream vacation you're looking for.

Author Resource:- Eddie Lamb owns LiveMortgageFree.com a website devoted to helping homeowners, first time buyers or tenants. You'll get your own exclusive access to the program and bonuses that will get you on the road to living Mortgage Free and will change the way you view money forever. For more information visit: LiveMortgageFree

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The number of prospective borrowers who inquired about a mortgage rose 4 percent from last week, leaving the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the seven days ended Feb. 3 at 270.

The index was 48 percent higher than the week ended Feb. 2, 2011.

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A foreclosure judgment in favor of U.S. Bank, N.A., as trustee against Julia Feltus was overturned by the District Court of Appeal of Florida, Second District, last Friday.

U.S. Bank had sought to re-establish a lost promissory note, and the court said that trial court erred because "U.S. Bank failed to show conclusively the absence of a genuine issue of material fact and that it was entitled to foreclosure as a matter of law."

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The complaint was filed Friday in the Supreme Court of the State of New York by New York Attorney General Eric T. Schneiderman.

The state alleges that the defendants have been using MERS "in a wide range of deceptive and fraudulent foreclosure filings in New York state and federal courts, harming homeowners and undermining the integrity of the judicial foreclosure process."

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The number of people working in the mortgage industry, including mortgage brokers and non-broker, fell less than 1 percent between November and December, according to government data released Friday.

Compared to December 2010, headcount in real estate finance was down 8 percent.

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The 30-year mortgage, 15-year mortgage and five-year, Treasury-indexed, hybrid adjustable-rate mortgage all fell to record lows.

This week's Treasury Market data suggests rates are likely to be about the same in next week's report.

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