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Are you finding it difficult to sell your home in this current economic climate? Are you not receiving what you know your home to be worth at appraisals? Unfortunately, many borrowers are experiencing the same fate as you with a declining real estate market. This real estate is due to various factors including constant industry bailouts and rising costs of gas, oil and good. The S&P/Case-Shiller home-price index reported that the top 20 cities was down 25 percent as of November 1 of last year compared to when it peaked in 2006. According to a report from the Federal Housing Administration (FHA) the Home Equity Conversion Mortgage (HECM) or reverse mortgage program is expected to have a $798 million dollar budget shortfall for the fiscal year 2010 due to the constant decline in home prices.
Even the new housing market is experiencing a 20 percent decline coupled with homeowners’ inabilities to sell their current home. If you are over the age of 62 you may be experiencing the same market woes. You may want to sell your home due to health reasons or a lifestyle change but are unable to. Whatever the reason you want to be sure you have the money available to continue living your life.
Luckily the reverse mortgage program allows you the opportunity to use the equity in your current home, which is a major investment in your retirement nest egg, to generate income for your household. The reverse mortgage program is an alternative source of income for the social security program, which is facing difficulties. Rather than being bombarded by mortgage bills, the reverse mortgage allows you to receive payments, the way you want. Payments do not have to be made unless you move from your primary residence, the home used in the reverse mortgage loan or you pass away.
Even with the yearlong loan limit increase to $625,500 some borrowers are still experiencing receiving less money out of their home than it is worth. The Obama administration is constantly making changes to ensure your investment is protected. Unfortunately, the real estate market as a whole is causing homes to not sell as they once did.
Your home’s value is determined by a percentage of the property value upon appraisal. You may still be able to receive up to 65 percent of the value of your home, regardless of the value but the amount you actually receive may be less due to the slump.
If you would like an information packet please call (866) 683-3690 or view our online Reverse Mortgage Information.
Tags: Falling Home Values Hurt aarp Market, Falling Home Values Hurt Reverse Mortgage Market
