Comments on: Demonizing Reverse Mortgages http://reversemortgageloanblog.com/2008/01/21/demonizing-reverse-mortgages/ News and discussion about Reverse Mortgages Sat, 30 Apr 2011 21:05:04 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: Corwin Grant http://reversemortgageloanblog.com/2008/01/21/demonizing-reverse-mortgages/comment-page-1/#comment-1481 Corwin Grant Thu, 10 Apr 2008 17:07:28 +0000 http://reversemortgageloanblog.com/2008/01/21/demonizing-reverse-mortgages/#comment-1481 There are many mortgage brokers who are underhanded and who would take advantage of the elderly. However, this product is used effectively by many elderly people who don't have enough income but have equity in their home. www.foreclosureslam.com There are many mortgage brokers who are underhanded and who would take advantage of the elderly. However, this product is used effectively by many elderly people who don’t have enough income but have equity in their home.

http://www.foreclosureslam.com

]]> By: Lee Matthews -- Financial Concepts West http://reversemortgageloanblog.com/2008/01/21/demonizing-reverse-mortgages/comment-page-1/#comment-905 Lee Matthews -- Financial Concepts West Thu, 31 Jan 2008 14:45:54 +0000 http://reversemortgageloanblog.com/2008/01/21/demonizing-reverse-mortgages/#comment-905 "Most of the folks that I know that understand reverse mortgages don’t find them less flexible than HELOC’s. What about this flexibility?" Here is an example. You can use a HELOC as an interest cancellation account to accerate a home's equity and payoff a home many years sooner than listed on the mortgage amortization schedule. A home, after all, is not an asset until it has been paid off "free and clear" -- until that time, it is just another liability... Today’s Real Estate market means that folks can no longer count on appreciation to build home equity. Those who realize that they need to pay down their current mortgage debt are looking for alternate ways to aggressively (yet safely) build equity. And they've discovered a perfect online system to do that; they can focus on their wealth accumulation goals while accelerating their equity simply by using a Home Equity Line of Credit to ‘power’ the Money Merge Account™ financial solutions program. A typical 30 year loan (of whatever type) can be paid down in 1/3 to 1/2 the time — it's a great way to save *huge* amounts of income by eliminating a mortgage amortization front-end interest load. (On a million-plus dollar home, I've personally seen where the Money Merge Account™ program will save the homeowner $750,000 in interest charges!) And the best thing – homeowners don’t have to refinance their existing mortgage or, in most cases, make any adjustments to their lifestyle. It is unfortunate that most of us were never taught to follow three essential principles: (1) Avoid paying interest, whenever possible, (2) Use other people’s money, whenever possible and (3) Find and use a financial system that will guide you, especially if you have the tendency to go off-track. The Money Merge Account™ software and the program’s counselors use these principles to keep each homeowner focused on their wealth accumulation goals. I’d be happy to provide further details… “Most of the folks that I know that understand reverse mortgages don’t find them less flexible than HELOC’s. What about this flexibility?”

Here is an example. You can use a HELOC as an interest cancellation account to accerate a home’s equity and payoff a home many years sooner than listed on the mortgage amortization schedule.

A home, after all, is not an asset until it has been paid off “free and clear” — until that time, it is just another liability…

Today’s Real Estate market means that folks can no longer count on appreciation to build home equity. Those who realize that they need to pay down their current mortgage debt are looking for alternate ways to aggressively (yet safely) build equity.

And they’ve discovered a perfect online system to do that; they can focus on their wealth accumulation goals while accelerating their equity simply by using a Home Equity Line of Credit to ‘power’ the Money Merge Account™ financial solutions program.

A typical 30 year loan (of whatever type) can be paid down in 1/3 to 1/2 the time — it’s a great way to save *huge* amounts of income by eliminating a mortgage amortization front-end interest load. (On a million-plus dollar home, I’ve personally seen where the Money Merge Account™ program will save the homeowner $750,000 in interest charges!)

And the best thing – homeowners don’t have to refinance their existing mortgage or, in most cases, make any adjustments to their lifestyle.

It is unfortunate that most of us were never taught to follow three essential principles: (1) Avoid paying interest, whenever possible, (2) Use other people’s money, whenever possible and (3) Find and use a financial system that will guide you, especially if you have the tendency to go off-track. The Money Merge Account™ software and the program’s counselors use these principles to keep each homeowner focused on their wealth accumulation goals.

I’d be happy to provide further details…

]]> By: foreclosurefish http://reversemortgageloanblog.com/2008/01/21/demonizing-reverse-mortgages/comment-page-1/#comment-785 foreclosurefish Thu, 24 Jan 2008 00:57:06 +0000 http://reversemortgageloanblog.com/2008/01/21/demonizing-reverse-mortgages/#comment-785 Isn't it amazing how media can turn a human interest story into a broad statement about an entire category of mortgage products? Even interest-only and stated-income mortgages have their place in the market, if used correctly. It's not the specific type of mortgage that's the problem. It's how it is used, either appropriately or not. The only bad mortgage products are the ones that have been tested in the market and were discontinued due to poor performance or having no use to enough homeowners. Reverse mortgages are a smaller market than others, but definitely a useful one, in the right circumstances. Isn’t it amazing how media can turn a human interest story into a broad statement about an entire category of mortgage products? Even interest-only and stated-income mortgages have their place in the market, if used correctly.

It’s not the specific type of mortgage that’s the problem. It’s how it is used, either appropriately or not.

The only bad mortgage products are the ones that have been tested in the market and were discontinued due to poor performance or having no use to enough homeowners. Reverse mortgages are a smaller market than others, but definitely a useful one, in the right circumstances.

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