Reverse mortgages give 62-and-older owners a chance to make use of the equity in their homes to get cash to pay bills. An AARP analysis of HUD data found that a 62-year-old borrower who gets a reverse mortgage with a 5 percent interest rate under the new rules could draw 11 percent less money than under current rules.
While the House and Senate have yet to vote on the financial reform bill that made it out of the conference report last week, AARP is voicing its support for the piece of legislation. “AARP is pleased.
Reverse Mortgage Calculators’ such as the AARP reverse mortgage calculator help you to find out the amount of money you can raise against your home if you are 62 years or older, this is a different kind of mortgage aimed primarily at Americans who have retired and have some equity in their home that they want to release in order to make life a little more comfortable for themselves financially.
“An additional benefit of the interest rate cap is that it will limit the credit line growth feature of HECM adjustable-rate mortgages,” comments AARP Legislative Counsel and Legislative Policy.
Peter Bell, president of the national reverse mortgage lenders association. huge commissions for salespeople who bundle annuities with reverse loans. A study recently released by AARP found that.
AARP’s Take on Reverse Mortgages. With a member base of approximately 38 million, the AARP has a significant reach. When it comes to reverse mortgages, the AARP has published several articles on the subject, many of them presenting reverse mortgage as an option that should be chosen with caution.
Last year, she said the AARP received 18,000 letters from seniors about reverse mortgages–more letters than the AARP received on any other issue. Belling tells consumers to avoid loans that require.
· Reverse mortgages give 62-and-older owners a chance to make use of the equity in their homes to get cash to pay bills. An AARP analysis of HUD data found that a 62-year-old borrower who gets a reverse mortgage with a 5 percent interest rate under the new rules could draw 11 percent less money than under current rules.
It may dissuade some borrowers from going forward with the loan,” she. AARP aims to help consumers better understand reverse mortgages.
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Many people think they don’t need a reverse mortgage because they "don’t need the money." However, they are missing out on a number of benefits they can still receive from the loan. AARP Columnist is "Positive" About Reverse Mortgages