Using A Reverse Mortgage To Pay for Long term Care and Avoid A Nursing Home

Finally this type of adviser has the ultimate scope of the mortgage market, not only can they offer mortgage advice from the whole of market (lenders with mortgage adviser routes) but can also offer an advice only process if they identify a high street direct deal is more suitable. The 'Independent' statement indicates that the adviser must offer the consumer a fee based service if required. This means that rather than the adviser taking commission as payment for the mortgage advice, the consumer can opt for paying a broker fee and any commission is rebated to the consumer. The benefit of the fee based service is the consumer knows the adviser will not be swayed by higher commission mortgage products when selecting a suitable mortgage, however these days this is highly unlikely as the mortgage adviser must prove to the regulator why a particular mortgage is most suitable. Some occasions where the commission is quite considerable this would mean the consumer could receive more money than the broker fee paid and therefore would be better off taking the fee based approach.

Mortgage is a way of obtaining money for various purposes on credit. Mortgage refers to an agreement based on which an individual can borrow money from an organization by keeping property as collateral. Often, a mortgage is taken for getting money to build a home or open business. The catch here is that if the loan is not repaid in time, the individual loses his ownership of the collateral.

Next, the money that you will receive from a Reverse Mortgage MUST go towards paying off your mortgage. Any money that is left over will be available to you with no restrictions, but only after your current mortgage is paid off in full. This should be a goal for Reverse Mortgage applicants who have a large first mortgage or home-equity loan. An obvious benefit of using the Reverse Mortgage to remove the current mortgage is the added income you will receive from removing your monthly mortgage payments. Reverse Mortgages never require you to make a monthly payment for the rest of your life, while you are a resident of the home.

So an IOM is if truth be told, only cheaper if you if you decide not to make the second payment, some people do go down this route, gambling on the expectation that by the time it comes to pay the lump sum off, house prices would have risen enough to pay off the mortgage and have enough left over to scale down into a smaller house. It's easy to forget the fact that all other property prices will have increased also, risking any profit you had created not being enough to even scale down. The only time gambling on house price inflation is expected to work is if the property is a buy-to-let, as you would be profiting on and covering the rent, and could then sell the property to repay the capital, another factor is that if interest rates are as low as they are at present, those on IOMs don't by and large realise they should be making further payments into the investment vehicle to make paying the lump sum off easier in the future. An IOM also results in you in reality paying more cash over the 25 years than a Repayment Mortgage; those on a Repayment Mortgages are paying capital which reduces interest over time, IOM capital is unchanging as the capital is not being reduced. Which leads to the final downside of an IOM, the property will not gain any equity during the time of the mortgage.

This type of mortgage broker offers the least consumer protection, they will simply ask a set of questions to narrow the customers requirements and thus filtering the number of mortgages available. They then present the customer with a small list of possible mortgages for the consumer to choose one appropriate. The consumer protection here is based on the script of questions the broker asks. The script is a process determined prior to the consumer appointment, and is impersonal. Therefore specific personal circumstances are unlikely to be assessed. It also assumes that the customers answers are factually correct and the final choice is made solely by the consumer. Although no advice is offered these brokers do handle the arranging of the mortgage on the consumers behalf, and therefore dealing with all the chasing and removing stress from the process.

Whole of market advice By far the best coverage these advisers can offer mortgages from all the UK mortgage lenders (having mortgage adviser/broker routes). The vast amount of mortgages available through these advisers is likely to cover the individual circumstances of a consumer. Whole of market mortgage advisers offer advice through conducting a full fact finding interview, affordability assessment, discussion on the consumers future plans and aspirations and then can arrange the mortgage through the lender thus alleviating the stress which comes when purchasing a house.

What you will notice is that in the first few years on your payments, a tiny amount of your payments are going to the principal balance, most of the payment is going towards interest. That just how mortgage loans are set up due to the length of time it takes to pay off a mortgage. Now look at this, lets say you have some extra money and want to start cutting out some of the years on your mortgage payback. Lets say you have had your mortgage around 2 years now, and you have just made your 23rd house payment. So on your next payment(the 24th payment based on your amortization schedule)all you have to do is send in your regular payment, and in different envelope mail in the next principal payment amount for the next payment, or for the next 10 payments.

I got to the seminar and after about three minutes I knew this guy was not messing around. You could tell immediately he was a seasoned student of marketing and had been working with the best people in the business. For a marketing geek like me, I appreciated the seminar in the same way a sports fan appreciates a good game. It was everything a seminar should be; part rock concert, part sales event, part educational junket, and it had all the motivational components a good seminar should have. He had folks like Chris Gardner, Tony Robbins, and Todd Duncan as speakers. All amazing people that you should hear speak if you have the chance.

So what is Mr. Marshall's certification process like? How long do you think it takes to complete the certification process and posses the ability to use the designation Certified Mortgage Planner®? A week, a month, three months? Well, not exactly. It takes one day by attending a conference. And if you look at how he advertises the one day conference (certification process), he specifically uses the term "earn" in reference to obtaining the designation. He indicates attendees will be earning their designation. He also refers to those that complete the one day conference, as graduates. But no where in his literature does he mention any of the following terms: exam, pass, fail, application process, evaluation process, accreditation, compliance procedures, re-certification, course completion, etc. He does however advertise that if you purchase the VIP attendance package, and I am quoting here, you "Get Certified For Free!" You can find this info on his website. There are other organizations, such as The CMPS® Institute, which also provide a mortgage planner certification. The CMPS Institute® provides a designation known as Certified Mortgage Planning Specialist(TM) to qualified mortgage professionals.

They should re-invest some of the large profits they've made off their students, to help legitimize their students, regulate them, and weed out the bad ones. Instead of having a one day certification conference managed by high paid consultants, which costs students a lot of money, why not have an actual educator teach them, test them, and actually certify them? Why not put quality control procedures in place? Why not require CMPs® to provide disclosures to their customers that explain what they actually do for a living? Why doesn't Mr. Marshall send out mystery shoppers to test the capabilities of his mortgage planners and then take action on what he learns? Why not provide a website or forum for borrowers to provide feedback and grievances about individual Mortgage Planners? Why not provide an encrypted seal of approval for Mortgage Planners to use on their email signatures and websites, which he has the ability to take away if they don't meet expectations? Perhaps he is engaging in these activities? But he is certainly not telling anyone about them, that's for sure.

Be aware that if you complete a form on a mortgage Web site concerning wanting more information prepared to be flooded with calls or emails from mortgage brokers wanting your business. There are a lot of Web sites that are only "lead" sites. They get your information and then sell that information to mortgage brokers across the nation. Only submit information on the Web site of the mortgage broker that you know you will be working with.