AARP Reverse Mortgage Lenders List . March 1995 . . . .
Price: $1.95
REVERSE MORTGAGE LENDERS LIST (By State) AARP March 1995
Prepared by the AARP Home Equity Information Center This list identifies lenders who are presently offering various types of reverse mortgages (RMs) as of March, 1995. As you will see, most lenders offer the FHA-insured Home Equity Conversion Mortgage (HECM). We will update this list periodically to reflect any changes in lender activity. In the three states where lenders are not presently active (Mississippi, South Dakota and Texas) lenders do not make RMs across state lines. This list also includes information on the independent RM counseling agencies (ICA) who, in most cases, also serve as initial points of for local fixed-term (FT) RM lenders in their areas. It is not practical to list all HUD-approved counseling agencies on this list as they now number over 700. Contact the participating FHA/HECM lenders listed under your state directly for information on the geographic areas they serve and on counselors in your area.
Home Equity Conversion Home Equity Conversion (HEC) enables older homeowners to convert the accumulated equity in their homes into cash, without having to move or make regular loan payments. The major types of HEC are reverse mortgages, sale leasebacks, property tax deferral, and deferred payment loans. Reverse Mortgages Reverse Mortgages (RMs) provide cash advances every month or whenever requested by eligible borrowers. These advances do not have to be repaid (principal plus interest) until a future time — usually when the last surviving borrower dies, sells, or moves from the home. In some cases, reverse mortgages now provide monthly cash for as long the borrower lives, even if the borrower has to move out of the property. Generally, the older the borrower and the greater the property value, the larger the amount of equity a homeowner can borrow. Reverse mortgages are now available in 47 states (all but Alaska, South Dakota and Texas), plus the District of Columbia and Puerto Rico. These loans are offered by private, public, and federally-insured lenders. Following are the basic types of RMs available, and the states in which these plans are offered: Fixed Term, Uninsured RMs provide monthly cash payments to a borrower for a predetermined length of time, generally from three to ten years, as selected by the borrower. Repayment is required at the end of the loan term. Minimum ages for eligible borrowers range from 65 to 70. They are now available for properties located in parts of Arizona, California, Massachusetts, Minnesota, New York and New Jersey. Self-Insured RMs provide monthly payments for as long as either borrower lives, even if both of them have to move out of the home. Minimum ages for eligible borrowers generally range from 60 to 70. Two private companies now offer these plans in California, New Jersey, Pennsylvania, and soon in New York; these plans also include an immediate or deferred annuity purchased with loan proceeds. The annuity provides monthly income for life, but it is taxable and affects eligibility and benefits from public programs such as Supplemental Security Income (SSI) and Medicaid. Federally-Insured RMs are now offered under a national pilot program known as the Home Equity Conversion Mortgage or HECM program. This plan is the most widely available in the U.S. today, and is described in greater detail below.
Informational Brochure 8-1/4" X 11", 16 pages + 4 page fact sheet AARP American Association of Retired Persons Good condition, some soiling on cover (see photo) 4 page Home equity conversion and reverse mortgages fact sheet included
You
can feel confident & secure ordering 24 hours a day because you are
protected by PayPal and, because we are a PayPal Verified Merchant.
Shipping: We gladlycombine shippingto
save you money. Save 25% on shipping for each additional eligible item
you buy. We We usually ship the same day we receive cleared payment.
(But always within 3 business days). Special shipping request? No
problem. (If you need it super, super quick we can use expedited
shipping if you are willing to pay the postage). Just let us know.
And, feel confident that your shipment will be packaged carefully so it
arrives to you safely.We gladly ship WORLDWIDE(postage is a little pricey, but we try to ship the least expensive way).
We are located in San Jose, California (Silicon Valley in the San Francisco Bay Area) United States.
Return policy: If you are unhappy with your purchase please return your item withing14 days. The item will be refunded. (You pay return shipping fees). We want you to be satisfied!
