Carol DeGrace's (cdegrace) Blog

Mortgage and Lending - 1st Colonial Community Bank - 149276
Last time, we learned about who can qualify for a reverse mortgage (see Reverse Mortgages - Part 1).  This time we are going to discuss payment options and how much money someone can get with a reverse mortgage. ~ You will never have to make another mortgage payment ~ Payment Options When you fin...
In this installment on reverse mortgages we will discuss a few items; The expected costs of a reverse mortgage, If an appraisal is needed, and Who holds title to your home. Expected Costs of a Reverse Mortgage The costs of a reverse mortgage are very similar to that of a typical purchase or refin...
Reverse Mortgage Counseling One of the wonderful things about reverse mortgages, is that everyone obtaining a reverse mortgage must go through counseling. Counseling is a time of education where you can ask as many questions as you like. You can also uncover some things that maybe you did not thi...
Is My Reverse Mortgage Taxable? Money received from a reverse mortgage is not taxable as additional income. Remember, this is a loan you are taking out. This is already your money, so to speak. A reverse mortgage does not affect regular social security income. A reverse mortgage also does not aff...
There are several main questions asked regarding the end of a reverse mortgage loan. These questions are; What happens if I owe more than my house is worth? How long will my reverse mortgage last? What will I owe when my mortgage is due? What happens if I have to leave my home? What happens when ...

Carol DeGrace

NMLS # 149276
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