Just to submit support to the Yuma Sun for printing the information on Tuesday explaining the HECM loan for those interested in using some of their home equity without repayment in their lifetime. The article is accurate and can be used to inform seniors about this great program. No lender will claim title to your home in the Reverse Mortgage process.
What about “trailer houses”???
Since many Reverse Mortgage lenders refuse to refinance manufactured homes, it is necessary to report that we are happy to do most of them, singles, doubles and triples. The HECM HUD standards include mobiles all the way down to June, 1976 after which manufacturing was overseen by HUD government standards, so there is a wide envelope for refinances here at Patriot Lending USA. Yes, there are some complications in complying with foundation standards and often, upgrading (tiedowns) is required to make them compliant. No payments on this mortgage required in your lifetime as long as you live there as your primary home, pay taxes and insurance and maintain the home.
A MANUFACTURED HOME (FORMERLY KNOWN AS A MOBILE HOME) IS BUILT TO THE MANUFACTURED HOME CONSTRUCTION AND SAFETY STANDARDS (HUD CODE) AND DISPLAYS A RED CERTIFICATION LABEL ON THE EXTERIOR OF EACH TRANSPORTABLE SECTION. MANUFACTURED HOMES ARE BUILT IN THE CONTROLLED ENVIRONMENT OF A MANUFACTURING PLANT AND ARE TRANSPORTED IN ONE OR MORE SECTIONS ON A PERMANENT CHASSIS. Manufactured homes are considered for HECM refinance if constructed after June 15, 1976.
General Information About FHA Insured HECM posted on United States Federal Housing Association webpage for your review :
What is a Reverse Mortgage?
Reverse Mortgage was originally introduced in 1988 for homeowners, aged 62 and older.
Nobel Prize economist recipient Robert C Merton explains how Reverse Mortgage is wise for families.
Full Transcript of Steve Chen’s Interview with Bob Merton
Steve: Welcome to the 11th podcast for NewRetirement. Today, we’re going to be talking with Nobel Prize winner Robert Merton, a nationally recognized economist and professor at MIT about the retirement planning landscape, why do we face an impending crisis and what kinds of changes can materially improve retirement outcomes for people.
Raising children has never been inexpensive. But the costs go well beyond daycare and college today, extending far into young adulthood—and that could pose a problem for parents’ retirement plans.
Parents spend $500 billion annually on their adult children—about double what they put into their retirement accounts, according to a study released on Tuesday by Bank of America Merrill Lynch and aging consultancy Age Wave. Nearly 80% of U.S. parents give some financial support to their early-adult children, from helping them with groceries to shelling out substantial sums for weddings, first homes, or even granchildren’s college educations.
By Jamie Hopkins
In my book, “Rewirement: Rewiring the Way You Think About Retirement,” I lay out a detailed ten-step process that everyone can use while doing retirement income planning. This is also the same process that is taught to thousands of financial advisers in the Retirement Income Certified Professional education program.