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Ohio Reverse Mortgages

 

Athens OH - Ohio reverse mortgage -- Century National Bank, Athens County      Click to request assistance
Athens OH - Ohio home equity loan -- Citizens Bank of Logan, Athens County      Click to request assistance
Athens OH - Ohio reverse mortgage -- Ohio University Credit Union, Athens County      Click to request assistance
Columbus OH - Ohio home equity loan -- 1st Metropolitan Mortgage  , Delaware County      Click to request assistance
Columbus OH - Ohio reverse mortgage -- 1st Security Financial Corp  , Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- 1st Star Home Mortgage  , Delaware County      Click to request assistance
Columbus OH - Ohio reverse mortgage -- A Global Mortgage, Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- A M Mortgage Corp  , Delaware County      Click to request assistance
Columbus OH - Ohio reverse mortgage -- A M Mortgage Corporation  , Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- Absolute Mortgage  , Delaware County      Click to request assistance
Columbus OH - Ohio reverse mortgage -- Abstract Mortgage Ltd  , Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- Access Capital Inc  , Delaware County      Click to request assistance
Columbus OH - Ohio reverse mortgage -- Access Capital Inc  , Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- Accredited Home Lenders  , Delaware County      Click to request assistance
Columbus OH - Ohio reverse mortgage -- Carter At Mortgage, Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- Cityfirst Mortgage Ltd, Delaware County      Click to request assistance
Columbus OH - Ohio reverse mortgage -- First Bank Loan Center, Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- First Rate Mortgage Rate Information, Delaware County      Click to request assistance
Columbus OH - Ohio reverse mortgage -- Home Loans USA, Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- Homebuyers Lending Services, Delaware County      Click to request assistance
Columbus OH - Ohio reverse mortgage -- Jericho Investments, Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- LPC Mortgage, Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- Oberlin Mortgage, Delaware County      Click to request assistance
Columbus OH - Ohio reverse mortgage -- Recasa Financial Group, Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- Sterling Mortgage Services, Delaware County      Click to request assistance
Columbus OH - Ohio reverse mortgage -- Tenacity Mortgage, Delaware County      Click to request assistance
Columbus OH - Ohio home equity loan -- U S Bank Third & Town Office, Delaware County      Click to request assistance
Cuyahoga Falls OH - Ohio reverse mortgage -- Reverse Mortgage Co, Summit County]      Click to request assistance
Dayton OH - Ohio home equity loan -- 1st Bancorp Mortgage, Montgomery County      Click to request assistance
Dayton OH - Ohio reverse mortgage -- A 1 Mortgage Specialists  , Montgomery County      Click to request assistance
Dayton OH - Ohio home equity loan -- Aames Home Loan  , Montgomery County      Click to request assistance
Dayton OH - Ohio home equity loan -- Advance America, Montgomery County      Click to request assistance
Dayton OH - Ohio reverse mortgage -- Advance America, Montgomery County      Click to request assistance
Dayton OH - Ohio home equity loan -- Alliance Mortgage Group  , Montgomery County      Click to request assistance
Dayton OH - Ohio reverse mortgage -- Allied Home Mortgage Capital Corporation  , Montgomery County      Click to request assistance
Dayton OH - Ohio home equity loan -- Bluemark Capitol LLC, Montgomery County      Click to request assistance
Dayton OH - Ohio reverse mortgage -- Code Credit Union, Montgomery County      Click to request assistance
Dayton OH - Ohio home equity loan -- County Corp Mortgage, Montgomery County      Click to request assistance
Dayton OH - Ohio reverse mortgage -- Fifth Third Mortgage Company Fifth Third Center, Montgomery County      Click to request assistance
Dayton OH - Ohio home equity loan -- Kelley City Mortgage, Montgomery County      Click to request assistance
Dayton OH - Ohio home equity loan -- Kentwood Mortgage Inc, Montgomery County      Click to request assistance
Dayton OH - Ohio reverse mortgage -- Loan Finders Mortgage Service Inc, Montgomery County      Click to request assistance
Dayton OH - Ohio home equity loan -- National City Bank Dayton, Montgomery County      Click to request assistance
Dayton OH - Ohio reverse mortgage -- Superior Mortage, Montgomery County      Click to request assistance
Dayton OH - Ohio home equity loan -- Universal 1 Credit Union Inc, Montgomery County      Click to request assistance
Dayton OH - Ohio reverse mortgage -- Wright Patt Credit Union Inc, Montgomery County      Click to request assistance
Dayton OH - Ohio home equity loan -- Wright Patt Credit Union Inc, Montgomery County      Click to request assistance
Delphos OH - Ohio reverse mortgage -- First Federal Bank, Allen County      Click to request assistance
Dublin OH - Ohio home equity loan -- Ace Mortgage Funding Inc  , Franklin County      Click to request assistance
Elida OH - Ohio reverse mortgage -- Lima Marketplace Mortgage Corp  , Allen County      Click to request assistance
Germantown OH - Ohio home equity loan -- Advantage Bank Germantown Main Ofc  , Montgomery County      Click to request assistance
Member of the CouncilGuysville, OH    Lyle Wolding - FHA HECM Loan Specialist | Phone: (813) 300-4000   Contact Lyle Wolding
Kettering OH - Ohio reverse mortgage -- National City Mortgage  , Montgomery County      Click to request assistance
Lagrange OH - Ohio home equity loan -- Cleveland Center Federal Credit Union, Lorain County      Click to request assistance
Lancaster OH - Ohio reverse mortgage -- American Home Mortgage, Fairfield County      Click to request assistance
Lancaster OH - Ohio home equity loan -- Beneficial Mortgage, Fairfield County      Click to request assistance
Lancaster OH - Ohio home equity loan -- Buckeye Finance Co, Fairfield County      Click to request assistance
Lancaster OH - Ohio reverse mortgage -- Fairfield Federal Www.Fairfieldfederal.Com, Fairfield County      Click to request assistance
Lancaster OH - Ohio home equity loan -- Fairfield Mortgage Co, Fairfield County      Click to request assistance
Lancaster OH - Ohio reverse mortgage -- Fairfield National Bank, Fairfield County      Click to request assistance
Lancaster OH - Ohio home equity loan -- Fairfield National Bank, Fairfield County      Click to request assistance
Lancaster OH - Ohio reverse mortgage -- Fairfield National Bank, Fairfield County      Click to request assistance
Lancaster OH - Ohio home equity loan -- Fairfield National Bank, Fairfield County      Click to request assistance
Lancaster OH - Ohio reverse mortgage -- Fairfield National Bank Main Office Lancaster, Fairfield County      Click to request assistance
Lancaster OH - Ohio home equity loan -- Guardian Finance Company, Fairfield County      Click to request assistance
Lancaster OH - Ohio home equity loan -- Jericho Mortgage, Fairfield County      Click to request assistance
Lancaster OH - Ohio reverse mortgage -- Ohio State Lending, Fairfield County      Click to request assistance
Lancaster OH - Ohio home equity loan -- Peoples Bank, Fairfield County      Click to request assistance
Lancaster OH - Ohio reverse mortgage -- Standing Stone National Bank, Fairfield County      Click to request assistance
Lancaster OH - Ohio home equity loan -- The Community Bank, Fairfield County      Click to request assistance
Lancaster OH - Ohio reverse mortgage -- U S Bank, Fairfield County      Click to request assistance
Lima OH - Ohio home equity loan -- All Mortgage Co  , Auglaize County      Click to request assistance
Lima OH - Ohio reverse mortgage -- American General Financial Services, Auglaize County      Click to request assistance
Lima OH - Ohio home equity loan -- Ameridream Mortgage  , Auglaize County      Click to request assistance
Lima OH - Ohio reverse mortgage -- Beneficial Ohio Inc  , Auglaize County      Click to request assistance
Lima OH - Ohio home equity loan -- Broadview Mortgage Co  , Auglaize County      Click to request assistance
Lima OH - Ohio reverse mortgage -- C & G Mortgage  , Auglaize County      Click to request assistance
Lima OH - Ohio home equity loan -- Empire Equity  , Auglaize County      Click to request assistance
Lima OH - Ohio reverse mortgage -- Home Loan USA  , Auglaize County      Click to request assistance
Lima OH - Ohio home equity loan -- Lima Superior Federal Credit Union  , Auglaize County      Click to request assistance
Lima OH - Ohio home equity loan -- Ohio Home Finance  , Auglaize County      Click to request assistance
Lima OH - Ohio reverse mortgage -- Roebuck Mortgage , Auglaize County      Click to request assistance
Lima OH - Ohio home equity loan -- Sky Bank  , Auglaize County      Click to request assistance
Lima OH - Ohio reverse mortgage -- State Bank & Trust Co  , Auglaize County      Click to request assistance
Lima OH - Ohio home equity loan -- State Bank & Trust Co  , Auglaize County      Click to request assistance
Lima OH - Ohio reverse mortgage -- Wells Fargo Home Mortgage  , Auglaize County      Click to request assistance
Mentor OH - Ohio home equity loan -- Home Lending Source - Dianna Turk, Lake County      Click to request assistance
Nelsonville OH - Ohio reverse mortgage -- Advance America, Athens County      Click to request assistance
Nelsonville OH - Ohio home equity loan -- Nelsonville Home & Savings, Athens County      Click to request assistance
North Lima OH - Ohio home equity loan -- First Ohio Mortgage of Lima  , Mahoning County      Click to request assistance
Reynoldsburg OH - Ohio reverse mortgage -- Abundant Life Mortgage  , Franklin County      Click to request assistance
Vandalia OH - Ohio reverse mortgage -- Midwest American Mortgage  , Montgomery County      Click to request assistance
Washington Township OH - Ohio home equity loan -- 1st Mortgage  , Montgomery County      Click to request assistance
Waynesfield OH - Ohio reverse mortgage -- Midwest Mortgage  , Auglaize County      Click to request assistance

 

Contact Ohio Reverse Mortgage Services

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About Reverse Mortgages

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

 
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About Reverse Mortgages

 

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

False Beliefs

  • "The lender could take my house." The homeowner retains full ownership. The Reverse Mortgage is just like any other mortgage; you own the title and the bank holds a lien. You can pay it off anytime you like.
  • "I can be thrown out of my own home." Homeowners can stay in the home as long as they live, with no payment requirement.
  • "I could end up owing more than my house is worth." The homeowner can never owe more than the value of the home at the time the loan is due.
  • "My heirs will be against it." Experience demonstrates heirs are in favor of Reverse Mortgages.

Virtually anyone can qualify. You must be at least 62, own and live in, as a primary residence, a home [1-4 family residence, condominium, co-op, permanent mobile home, or manufactured home] in order to qualify for a reverse mortgage.

There are no income, asset or credit requirements. It is the easiest loan to qualify for.

A reverse mortgage is similar to a conventional mortgage. As an example:

  • The bank does not own the home but owns a lien on the property just as with any other mortgage
  • You continue to hold title to the property as with any other mortgage
  • The bank has no recourse to demand payment from any family member if there is not enough equity to cover paying off the loan
  • There is no penalty to pay off the mortgage early

The proceeds from a reverse mortgage are tax-free and can be used for any legal purpose you wish:

  • daily living expenses
  • home repairs and improvements
  • medical bills and prescription drugs
  • pay-off of existing debts
  • education, travel
  • long-term care and/or long-term care insurance
  • financial and estate tax plans
  • gifts and trusts
  • to purchase life insurance
  • or any other needs you may have.

The amount of reverse mortgage benefit for which you may qualify, will depend on

  • your age at the time you apply for the loan,
  • the reverse mortgage program you choose,
  • the value of your home, current interest rates,
  • and for some products, where you live.

As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be (up to certain limits, in some cases). The reverse mortgage must pay off any outstanding liens against your property before you can withdraw additional funds.

The loan is not due and payable until the borrower no longer occupies the home as a principal residence (i.e. the borrower sells, moves out permanently or passes away). At that time, the balance of borrowed funds is due and payable, all additional equity in the property belongs to the owners or their beneficiaries.

There are three reverse mortgage loan products available, the FHA - HECM (Home Equity Conversion Mortgage), Fannie Mae - HomeKeeper®, and the Cash Account programs. Over 90% of all reverse mortgages are HECM contracts.

The costs associated with getting a reverse mortgage are similar to those with a conventional mortgage, such as the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other normal closing costs. With a reverse mortgage, all of these costs will be financed as part of the mortgage prior to your withdrawal of additional funds.

You must participate in an independent Credit Counseling session with a FHA-approved counselor early in the application process for a reverse mortgage. The counselor's job is to educate you about all of your mortgage options. This counseling session is at no cost to the borrower and can be done in person or, more typically, over the telephone. After completing this counseling, you will receive a Counseling Certificate in the mail which must be included as part of the reverse mortgage application.

You can choose 3 options to receive the money from a reverse mortgage:

1) all at once (lump sum);

2) fixed monthly payments (for up to life);

3) a line of credit; or a combination of a line of credit and monthly payments. The most popular option, chosen by more than 60 percent of borrowers, is the line of credit, which allows you to draw on the loan proceeds at any time.

Keeping money in a reverse mortgage line of credit in most states will not count as an asset for Medicaid eligibility as this would be considered a loan and not a resource for Medicaid spend down. However transferring the money to an investment or to a bank account would represent an asset and would trigger a spend down requirement. Please note however that distinguishing between what portion of reverse mortgage proceeds might be counted as a loan and what portion as an asset is not a simple black and white decision. It is best to get an opinion from an elder attorney in your state.

If a senior homeowner chooses to repay any portion of the interest accruing against his borrowed funds, the payment of this interest may be deductible (just as any mortgage interest may be). A reverse mortgage loan will be available to a senior homeowner to draw upon for as long as that person lives in the home. And, in some cases, the lender increases the total amount of the line of credit over time (unlike a traditional Home Equity Line whose credit limit is established at origination). If a senior homeowner stays in the property until he or she dies, his or her estate valuation will be reduced by the amount of the debt.

At the death of the last borrower or the sale of the home, the loan is repaid from equity in the home. Any remaining equity (which is often the case) goes to the heirs. Almost all reverse mortgages are the HECM loan which is guaranteed by FHA mortgage insurance. If there is not enough equity to cover the loan, the insurance satisfies the loan by paying the deficit. With a HECM loan, the bank will never come after the heirs to satisfy the mortgage obligation.