Charlotte, NC (PRWEB) February 27, 2009
If you're over 62 and a homeowner you have a unique opportunity to get significant, spendable value from your home, even if you still hold an existing mortgage. Recently, LendingTree launched a reverse mortgage service for interested senior homeowners looking to talk with lenders who can help them consider using the equity they have built in their home.
Senior homeowners have spent years, often decades, building up equity in their homes. An increasingly common practice of homeowners over the age of 62 is to obtain a reverse mortgage (also known as a HECM, a home equity conversion mortgage) which gives qualified senior homeowners a proven solution to help fund their retirement needs. In addition, and importantly to most independent seniors, a reverse mortgage allows them to live in their home as long as they wish.
Reverse mortgages may be a good option to consider for some, but before moving forward, it's important to fully understand how they work. The following helpful advice comes from the LendingTree Smart Borrower Center.
- Reverse mortgage candidates must be at least 62 years of age, have significant equity in their property, and be looking for a reverse mortgage on their primary residence only.
- Anyone who intends to apply for a reverse mortgage is required by law to complete a 45-minute counseling session with a HUD (Housing and Urban Development) approved counselor*.
- The sum from a reverse mortgage can be paid to you in a couple of different ways; all at once in a single lump sum of cash; as a regular monthly loan advance or as a credit line that lets you decide how much cash to use and when to use it; or you may have the option to choose a combination of any of these payment plans.
- The amount of cash you can get from your home's equity is determined by a number of factors including your age, your home's value and location, and current interest rates.
- Reverse mortgages may have tax consequences, could affect eligibility for assistance under Federal and State programs, and may have an impact on the estate and heirs of the homeowner.
Keith Moore, Senior Vice President of Emerging Businesses for LendingTree.com said, "One of the defining characteristics of LendingTree is our dedication to helping consumers. With baby boomers nearing and entering retirement age, a larger population than ever before is now eligible for reverse mortgages and LendingTree, as always, is here to help. LendingTree is exactly the resource for consumers looking to obtain all types of home, car, and education loans - and we're pleased to expand our offerings to benefit senior homeowners."
For more information about reverse mortgages, visit the LendingTree Smart Borrower Center.
About LendingTree, LLC:
LendingTree, LLC is the nation's leading online lending exchange, providing a marketplace that connects consumers with multiple lenders that compete for their business. Since inception, LendingTree has facilitated more than 25 million loan requests and $185 billion in closed loan transactions. LendingTree provides access to lenders offering mortgage home loans, mortgage refinance loans, home equity loans/lines of credit, auto loans, personal loans and credit cards via http://www.lendingtree.com/http://www.lendingtree.com and 800-555-TREE.
Launched in 1998 with headquarters in Charlotte, N.C., LendingTree also owns and operates LendingTree Loans sm, GetSmart.com, and HomeLoanCenter.com. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE).
- Call HUD to find a local counselor at: 1.800.569.4287