When my dad's condition began to worsen we realized that we were going to have to deal with some issues we had hoped would be put off for a few more years. He realized that his time was short and his number one concern was making sure mom was taken care of and could continue to live in their house once he was gone.
I had heard the term "reverse mortgage", but didn't know anything about it. We were introduced to Josie Mazzone from Bank of America's Home Loan division who specializes in reverse mortgages. She's done something in excess of 400 of them and really knows the product.
We discovered that a reverse mortgage was exactly what we needed to provide the funds necessary for ongoing care while at the same time ensuring that mom could stay in her home as long as she wanted. The process was remarkably easy, and because of the government-backed nature of this loan (it's through the FHA), there's very little that has to be done to qualify.
Of course, there are certain requirements that must be met in order to be eligible to take advantage of this program, but Josie can explain all that to you. You can click on the link in this post, or the link in the ad section for her contact information. Because this is a federal program and Bank of America has a national reach she can take applications anywhere in the country.
Please take a moment to check out the service she's offering.
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5 comments:
What if you out-live your reverse mortgage?
The owner never has to leave the home, even if the outstanding loan exceeds the value of the home. That's where the government loan guarantee comes in. If the home was sold at that point the bank gets paid off by a combination of the home proceeds and the FHA. The owner (or their heirs) wouldn't get anything.
Josie can explain it better than me.
Everything I have read on reverse mortgages strongly suggests getting advice from someone OTHER THAN THE LENDER.
The "government loan guarantee" sounds a lot like the subprime loans...too good to be true.
http://www.youtube.com/watch?v=tyUehEPOfiY
learn the truth and more,,,....start here. To compare to subprime is plain ignorant, they are not even CLOSE!!!!!
In fact, Nightingale, as part of the loan process you're required to receive counseling on the product from an outside non-profit agency that makes sure you understand how the product works and the benefits/drawbacks involved. It's a very careful process and really has no comparison to the sub-prime market.
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