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Reverse-Mortgage-Basics

Learn The Reverse Mortgage Basics

An increasingly popular retirement tool, the reverse mortgage has become a staple in modern times for older Americans seeking a more secure retirement. Knowing the reverse mortgage basics can help you better understand your options with these popular home loans.

Originally introduced in 1989 as an FHA-insured loan for people age 62 or older, a reverse mortgage was designed to allow homeowners to access a part of their equity without having to sell their home or make any payments until after their death.

In a reverse mortgage, the bank actually issues payments to the borrower, and it is based upon an approved portion of equity that can be borrowed. The loan only needs to be repaid if the borrower dies or moves and sells the home.

As a safeguard, it’s not possible to owe more than the value of your home with a reverse mortgage, regardless of how much money you may have initially borrowed with the loan. If the balance is less than what you borrowed after you die or relocate, the difference is paid out to you or your heirs.

What are the reverse mortgage rules?

The National Reverse Mortgage Lenders Association, NRMLA says that there are some simple rules for these loans.

  • You must be age 62 or older.
  • You must own the home and have a low mortgage balance with a good percentage of equity.
  • The home must be your primary residence.
  • You can use the funds as you see fit.
  • You must be able to prove that you can maintain the home and pay property taxes and homeowner’s insurance.
  • You must receive credit counseling from a third-party provider before signing the loan.

How are the loans disbursed?

If you have a fix-rated mortgage, the amount borrowed is paid out in a lump sum. In other situations, you can get monthly payments or a line of credit that you can borrow against. In some situations, the payout amount or line of credit can increase by a small percentage as you grow older.

A reverse mortgage is a loan that should be carefully considered first. It’s imperative that you gain advice from an experienced financial advisor before you make a large borrowing decision. Consider any implications it could have on your estate and your finances so you can make a well informed borrowing decision.

 

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    The Bible says this false Messiah who seats himself in the Third Temple will be thee antichrist that will bring about the Great Tribulation, though the Jewish people believe he will bring about world peace. It will be a false peace for a period of time. You can watch interviews of Jewish Rabbi’s in Israel speaking of these things. They have their plans set in place. It is only years away!

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    He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.

    Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666.

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    In December of 2017, Donald Trump made history by recognizing Jerusalem as the captial of Israel. Why is this big news? Because by this the Jewish people of Israel are now able to press forward in bringing about the Third Temple prophesied in the Bible.

    The Jewish people deny Jesus as their Messiah and have stated that their Messiah has been identified and is waiting to be revealed. They say this man will rule the world under a one world religion called “spiritualism”.

    They even printed a coin to raise money for the Temple with Donald Trumps face on the front and with king Cyrus'(who built the second Temple) behind him. On the back of the coin is an image of the third Temple.

    The Bible says this false Messiah who seats himself in the Third Temple will be thee antichrist that will bring about the Great Tribulation, though the Jewish people believe he will bring about world peace. It will be a false peace for a period of time. You can watch interviews of Jewish Rabbi’s in Israel speaking of these things. They have their plans set in place. It is only years away!

    More importantly, the power that runs the world wants to put a RFID microchip in our body making us total slaves to them. This chip matches perfectly with the Mark of the Beast in the Bible, more specifically Revelation 13:16-18:

    He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.

    Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666.

    Referring to the last days, this could only be speaking of a cashless society, which we have yet to see, but are heading towards. Otherwise, we could still buy or sell without the mark amongst others if physical money was still currency. RFID microchip implant technology will be the future of a one world cashless society containing digital currency. It will be implanted in the right-hand or the forehead, and we cannot buy or sell without it! We must grow strong in Jesus. AT ALL COSTS, DO NOT TAKE IT!

    Then a third angel followed them, saying with a loud voice, “If anyone worships the beast and his image, and receives his mark on his forehead or on his hand, he himself shall also drink of the wine of the wrath of God, which is poured out full strength into the cup of His indignation. He shall be tormented with fire and brimstone in the presence of the holy angels and in the presence of the Lamb. And the smoke of their torment ascends forever and ever; and they have no rest day or night, who worship the beast and his image, and whoever receives the mark of his name.” (Revelation 14:9-11).

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