Taking out a reverse mortgage loan can provide you with financial freedom by providing a new stream of funds for you with zero loan payments.
Reverse Mortgage Funding ; What: Reverse Mortgage Funding, specialists in Reverse Mortgage programs ; Where: 1805 S. Bellaire; Ste. 300, Denver, CO 80222 ; Mortgage Bankers Larry Armstrong, NMLS #387204, Hans Fedge, #282527; Nathan Johnson, #1647443
FHA tightens the rules on reverse mortgages
Susan Martini, 67, lives in Monument, CO, halfway between Colorado Springs and Denver, where she works part-time as a registered nurse and cardiac device specialist. “I’ve been a nurse for over 40 years,” says Susan. “I worked in the open-heart intensive care unit for many years. Now, everything is virtual. I can monitor patients’ pacemakers and defibrillators from my home.” · Susan is originally from Chicago, but she moved to Colorado 28 years ago to be closer to her mother. “I ...
WASHINGTON — Three years ago, with his former partner suffering from cancer, Jim Dorsey decided to borrow against the equity on his Vashon Island, Wash., home with a reverse mortgage. The couple didn’t have children and didn’t plan to move, so a loan that didn’t have to be repaid until he died seemed like a good deal. Dorsey, 69, isn’t so sure now. The retired high-school teacher figures the loan — which netted him a $75,000 lump sum after paying off his existing mortgage — will reduce his home equity by $100,000, compared with wh ...
TV ads for reverse mortgages can mislead
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Q: My mother died recently and left a reverse mortgage on her home. We’d like to keep the house. What are our options?— Sandra Metz, Denver · A: Reverse mortgages have gotten a really nasty rap because of the unscrupulous tactics some in the mortgage industry have used with them. It’s easy to see why. The only ones eligible for a reverse mortgage are the elderly, 62 and older. For them, a lifetime of hard work may not have resulted in a giant bank account, but it did leave them with one nice piece of equity: their house. ...
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