The compelling facts on a Ct Reverse Mortgage

Reverse Mortgage in CT : Advantages and disadvantages

CT Reverse Mortgage is an alternative loan offered to american seniors aged 62 and above who are in need of cash to fund their lifestyle after their retirement or when they just won't have enough to live on.

These seniors borrow a portion of the equity they have in their homes and are only liable to make repayment after they pass or move out. Their cash payouts by the reverse mortgage company in ct can either be in a lump sum, monthly payments, extension of a credit line or a combination of the three. In the event of your death, your heirs would be responsible for paying the total debt, which is often done by selling or refinancing the house.

Major advantages of a CT Reverse Mortgage

Immune to foreclosure :

Perhaps the best feature in a ct reverse mortgage, as far as CHM Hub is concern, is that borrowers are protected from being evicted from their home. Their home will never be foreclosed even if there are defaults because the reverse mortgage schemes are covered by federal insurance, which of course will be charged later the borrower decide to sell the house or move out. Having said that, borrowers must not fall behind their taxes and do not let the property slip into disrepair.

No financial worries :

You can keep receiving payments for as long as you live. Your spouse will keep receiving the payments if he or she is still alive. You never have to sell your home even if you outlived the equity. The income you receive is tax-free.

Major disadvantages of a CT Reverse Mortgage

Short term risk :

Unless borrowers are prudent in spending their cash from a reverse mortgage, the funds can be easily exhausted due to excessive spending. Reverse mortgages only works for those who have a long term mindset in the structuring their budget or the loan will only serve as a short term solution.

Complicated Process:

Firstly to withdraw your funds there must be a written request to the lender taking care of your account. It will take several meetings and rounds of official documents to get the loan amount approved. You will need to request for a payment plan change when you need additional funds. This is a time consuming process.

CHM Hub Tip :

Those facing long term medical care that costs beyond their means, reverse mortgage is the way to go. And for those who still can afford the monthly payments, try a home-equity loan or sell the home and buy a cheaper, smaller one.

Information on reverse mortgages is actually provided free of charge by the Department of Housing and Urban Development (HUD).

Refinance Your Connecticut Home Mortgage Into A FHA Mortgage

By Christoper Rivers
Finally! There's great news for Connecticut homeowners. FHA loan requirements have evolved for Connecticut mortgage loans. The changes were long overdue and the changes are mostly for rising Connecticut adjustable rate mortgages. You may be one of the many homeowners that have been looking to refinance your Connecticut home loan, so this lifeline may have come just in time for you. Before you go and give out your vital information you need to know the new FHA guidelines.

Here are some of the major changes and program terms:


The program is only valid until December 31st, 2008.
Your current mortgage must be a non-FHA adjustable mortgage that has already reset or increased.
If you have fallen behind on your mortgage due to the increase in the payment since it started adjusting you can still qualify.
Your mortgage payment must show that the 6 month's prior to your mortgage payment changing you had on-time mortgage payment history.
If there is sufficient equity in the home FHA will insure mortgages that include missed mortgage payments.
If the loan amount that you need exceeds FHA mortgage amount limits or LTV limits then you may qualify for a second mortgage.

This change is long overdue because many Connecticut adjustable rate mortgages have interest rates and payments that have reset. Reset simply means that the rate and monthly payment has adjusted upward (or downward in some cases) based on a number of factors determined by a group of banks or lending institutions.

Most Connecticut homeowners were protected to some degree because of a adjustable rate mortgages that prevents your monthly payment from increasing too much at once. However, that cap can range from two to five percent higher you're your current interest rate. If you never worried about the rising interest rate then now is the time to reconsider.

The best mortgage program that you can get to lock in your mortgage payment is a FHA loan. With a low FHA mortgage loan you can have a FHA loan prime rate and you will have FHA homeowner's assistance program if you hit a tough patch and need some relief on a couple of payments. Don't take unnecessary risks by going with a lender that can be closed next week when you can take advantage of a FHA government home loan that will give you the stability and monthly savings you need.

Chris Rivers, a Connecticut FHA Lender, specializes in offering low FHA interest rates for Connecticut refinance mortgages even if you have late payments on your mortgage. When you need to refinance your Connecticut adjustable rate home mortgage into a fixed FHA rate mortgage with great credit scores then use a Connecticut FHA Mortgage.
Get your FREE list of Connecticut mortgage lenders for homeowners with mortgage lates and low, bad or no credit.

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