Do Not Type Fast: Common Reverse Mortgage Typos
We can forgive senior citizens if in their haste they mistakenly type the wrong reverse mortgage information. Think reversemortgages, reversemortgage, reverse mortages, reverse morgages on the search bar of Google.
If Google forgives, why can’t we? (Google actually still yields results on reverse mortgages despite the following misspellings: reversemortgages, reversemortgage, reverse mortages, reverse morgages)
However, there are some things that can’t be forgiven where reverse mortgages are concerned: making a hasty decision and not knowing enough information.
Many senior citizens become attracted to reverse mortgages because of the promise of a more relaxed cash flow without giving up their house. But there’s a lot to be learned about reverse mortgages, including correcting the following typos reversemortgage, reversemortgages, reverse morgages, reverse mortages.
There are actually three types of reverse mortgages. The first one is the least expensive but you can only use loan amount for home improvement and for paying property taxes. The second type of reverse mortgage is backed by the U.S. Department of Housing and Urban Development (HUD), which are also known as Home Equity Conversion Mortgages or HECMs. The third type work very much like HECMs, except that private institutions offer them. These are known as private or proprietary reverse mortgages. Knowing all this still does not excuse the silly typos of reverse morgages, reverse mortages loans, reversemortgage loan and reversemortgages.
Of the three types of reverse mortgage loans, the most popular are the HECMs. Why? They offer the least expensive loans. You can use the loans for a broad range of purposes too.
A senior who is at least 62 years old and is short on cash but high on equity can qualify for an HECM reverse mortgage. High equity means that the senior has paid up all or nearly all mortgage loans related to the house. Approved homes can be stand-alone homes complete with backyards, condominium units, or any other HUD-approved dwellings.
It may be very tempting to rush into a reverse mortgage loan application right away. Sometimes people in their rush to do research will type in silly typos such as: reversemortgage, reverse morgages, reversemortgages and reverse mortages. However, the HUD has procedures in place to make sure that you don’t. For one thing, you are not allowed to apply for a loan until you have undergone reverse mortgage counseling by a federal government approved counselor.
What can you expect from your counselor? Basically he should provide information on eligibility requirements for the HECM program. A reality check on how a reverse mortgage could impact your finances. He should also provide some unsolicited advice on whether a reverse mortgage loan is even the most sensible thing for you. The maximum reverse mortgage amount that you can qualify for is dependent upon your age, your home’s market value, and current interest rates (See our calculator). If he has extra time he can help you with your typos. He can teach you to put a space in between the words for reversemortgage and reversemortgages typos. He can also teach you the correct spelling for the word mortgage so you will stop spelling it like this morgages and mortages.
If you’re done with your counselor and you still think that reverse mortgages are the best option for you, then it’s time to approach the financial institutions offering HECM reverse mortgages. The loan amount can be paid to you in a lump sum, monthly payments, through a line of credit, or a combination of monthly payments and line of credit (whichever you prefer).
You don’t have to pay for your loan within this lifetime – reverse mortgage loans are to be repaid only after death, or when the borrower permanently moves out of the house. After your death, your home will be sold and the proceeds will go to the payment of the loan.
So remember just use your spell check feature and you will stop making the following mistakes reversemortgages, reversemortgage, reverse mortages and reverse morgages. This will enable you to find more accurate information on the web as well as give you a more educated appearance.