What Is Home Equity Conversion Mortgage Counseling
I am sure, that you have lots of personal questions about what is home equity conversion counseling
, and those things I cannot handle in this article. You have to remember, that some seniors have met marketers, who have tried to sell reverse mortgages, which exceed the needs of the seniors. The official reverse mortgage counselor gets the authority from the Federal Government and, this is important, he will not sell anything, he only guides you.
1.What Is Home Equity Conversion Mortgage Counseling, Do You Need A Home Equity Conversion Mortgage?
This is the basic question. If you need more disposable income and your only source for extra money is from the equity of your home, you have several choices. They depend on your other needs. Are you willing to sell the house and to move to other area? If yes, you can sell the house and pick a smaller one. This leaves you cash money for your purposes. And so on.
If you wonder, what is home equity conversion mortgage counseling, the counselor can tell you about other choices to get the cash money. The market includes many options, which are impossible to go through here, but the counselor can tell you about them.
2. What Is Home Equity Conversion Mortgage Counseling, The Differences Between Lenders.
The market of the home equity conversion mortgage has lots of companies, which offer these products and the supply varies from state to state. The counselor is an expert, who has met many people, who have the same background and needs, than what you have.
If you end up to take the reverse mortgage loan, the counselor can recommend certain companies to you, when he knows your details. This is very important, because in this way, you get an objective inside about the lender situation.
3. What Is Home Equity Conversion Mortgage Counseling, How You Get The Money?
It is your choice to tell the lender, how they will pay you, as a lump sum, as monthly payments, as a credit line or as a combination of all these. The alternative, which you choose, is not lifelong. You can change the payment method later on.
You may also ask, how much you can get against your home? It all depends on many things. Principally the older you are, the more expensive your home is, the lower is the interest level, the more you will get. Only the counselor can make the detailed calculations for you according to your information.
So as you see the counseling is very, very useful. But because this whole thing is your business, you have to prepare carefully and to make a list about the things you want to know. Prepare some notes from the meeting also, because you will not remember all details about what is home equity conversion mortgage.
by: Juhani Tontti
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