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Use Existing Equity in Active Adult Communities

Jim Chapman CommunitiesJim Chapman Communities is making it even easier for retiring active adults to purchase new homes. The builder, with help from preferred lenders, is using reverse mortgage programs to do so. This allows buyers to use existing equity on their current homes to purchase their retirement homes and helps to ease retirees into a new way of living.

Buyers looking for age-restricted communities have several Jim Chapman Communities to choose from in the Cobb, Forsyth and Gwinnett areas. Brookhaven of East Cobb is one of these lovely communities and is ideally located in Kennesaw. (Continued…)

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Stop Reverse Mortgage Scams Dead in Their Tracks by Asking Questions

Keep Your Money Safe by Asking QuestionsNo doubt that scammers love to prey on the older generation. And one of the most popular scams running currently is the reverse mortgage, or “home equity conversion mortgage” (HECM) scam. It has gotten so bad that these scams have the attention of the FBI, and Ilyce Glink of the Equifax Finance Blog has an important article about how you can protect yourself and your loved ones from it, “

How to Avoid a Reverse Mortgage Scam.”

HECM scams target older people, and offer everything from free homes to refinancing help. They get the victims signed up for reverse mortgages offered from questionable or shady institutions and then pocket the proceeds. Similar scams use the elderly as pawns to get reverse mortgages on homes they do not legally own, then similarly enjoy the profits while the victims suffer

foreclosure and eviction. Even if the victims can prove they were not complicit in this form of fraud, they still end up suffering rock-bottom credit scores and in

debt. (Continued…)

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Seniors May Get Better Information When Applying for Reverse Mortgages

revers mortgagesIn the 50+ housing market, seniors may find themselves with new, unfamiliar options, including reverse mortgages. Available for homeowners ages 62 and older, reverse mortgages are generally only available for homebuyers who have significant equity in their homes. In some cases, homeowners have lived in their homes for many years, but reverse mortgages sometimes work for new home purchases, too.

Unfortunately, the reverse mortgage industry has not always proven to be forthcoming with all the information homeowners need to make informed decisions. The

Equifax Personal Finance Blog contains details that may help in the recent article, “

Reverse Mortgages: What’s New.”

Equifax’s real estate expert, Ilyce Glink, reports that concerns surrounding reverse mortgages have grown so much that the Federal Reserve Board has proposed new protections and disclosures. This is not to say that reverse mortgages are bad; it’s just to say that borrowers need to go into the transactions fully informed.

With the new rules in place, reverse mortgage lenders will be required to provide more accurate, timely, balanced information in their (Continued…)

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Financing Your Retirement Home by Firing Your Broker?

For 50-Plussers, the last few years have been a roller coaster in terms of retirement savings – too often on the downward slope of things, unfortunately. And while the downward slopes are the most fun on a real roller coaster, they’re the scariest when you’re counting on your investments to fund your retirement.

There’s been a lot of talk, and a good deal of controversy, about reverse mortgages. While the government-backed loans, which pay seniors cash based on the equity in their homes, have proven sound in certain situations, they are not available for houses above certain values ($625,500 in 2009). For these homeowners, proprietary – or  privately held – reverse mortgages can provide higher loan amounts but come with higher costs.

What’s someone in his or her 50s – too young for a reverse mortgage and hoping never to need one – to do? A thousand financial advisors probably have a thousand answers to that question. But one answer emerged recently on the

Equifax Personal Finance blog and it merits a second look. It’s called “

A Rescue Plan for Your Retirement Portfolio.”

The advice was posted by Dan Solin, author of The Smartest Retirement Book You’ll Ever Read” and two more “The Smartest…” titles on 401ks and investments. And while the startling advice seems a little daunting, it comes with plain and simple instructions. Solin shares facts that demonstrate this approach will earn you more money in the long run. He doesn’t say so explicitly, but it stands to reason that making more money on your investments will make buying that retirement home much easier when the time comes.

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