Dennis Haber addresses merits of reverse mortgages

May 14th, 2008 | Category: Reverse Mortgage Info

The problem: My parents have lived in their home 36 years and own it outright. My mom is ill and does not work. My dad, 71, wants to get a reverse mortgage. Is that poor timing with the housing market down?

The expert: Dennis Haber, attorney at law, Jericho.

The rules: Reverse mortgage benefits are determined by the home’s value (up to a limit), the borrowers’ age and the expected interest rates. FHA/HECM reverse mortgage programs have two interest rates: The “note rate,” which determines the repayment amount when the reverse mortgage becomes due; and the “FHA expected interest rate,” which partially determines how much

money you get from a reverse mortgage. The note rate is currently around 3 percent and the expected rate is additionally low, meaning higher benefits to borrowers.

Post from: Reverse Mortgage Loan Blog

Dennis Haber addresses merits of reverse mortgages

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