September 11, 2009
Reverse mortgages are available to homeowners age 62 and older. There is no minimum income or credit score requirement.
A provision in the economic stimulus package raised the maximum home value that can be counted for reverse mortgages from $417,000 to $625,500. However, the full value of the home is not available to the reverse mortgagor and a formula must be used to determine the amount that is available.
In addition to the regular closing costs, an origination fee of 2% on the first $200,000 of the loan balance will be charged and a 1% fee on any amount above $200,000 will be added. Also, a mortgage insurance premium of about 2% and a monthly service charge fee will be included.
Contact an estate planning law firm for further information.
Wilson & Wilson Estate Planning & Elder Law, LLC helped me navigate a very tumultuous time in my life. Sandra and her team were so gentle with me and the processes that needed to take place for a timely distribution. They worked tirelessly to ensure I was supported throughout the process. Although no one is actually prepared for the death of their loved one Sandra made going through it less painful. I’m forever...
Bill Wilson and his staff are amazing! We have known Bill for over 25 years and have trusted him to handle our different legal situations. From his expertise in our estate planning to seeking his advice on handling our elder relative's estate, we are confident we have the best protection by using Bill. My family and I are truly thankful for his knowledge and patience when dealing with such personal and tough conversations...
GOD has blessed me with alot but by people's standards maybe not that much; however Attorney Sandra Schildgen made me feel like a Billionaire! It is also noteworthy that from the front office and assistant personnel gave that feeling "we are family". I look forward in continuing our relationship in the future. GIVE Wilson & Wilson your business.
Mr. Wilson has helped our family VERY MUCH. His "down to earth" honesty and integrity made what could have been a difficult situation easy to get through. AND, we felt his rates were reasonable for the personal service we received. HIGHLY RECOMEMDED.
Wilson & Wilson has the experience, knowledge and professionalism to handle complex estate planning needs.They address all the details and devise a tailored plan providing asset protection, growth and wealth management.
I can’t say enough about the way Sandra, Kayla and Jennie handled my legal needs. The Medicaid process for my husband was very complicated for me but this team of professionals handled all of it and kept in touch with me through the entire process. Every concern and question I had was promptly addressed and I am very satisfied with the final outcome from the appeal Sandra filed for us. In addition to...
Our experience with Wilson and Wilson in updating our estate planning documents was great. Sandra and Kayla were wonderful to work with. Sandra took the time to make sure we understood the language and elements of each document. She is very knowledgeable thorough understanding and open to suggestions and changes. The work was completed in a minimum amount of time. We feel fortunate to have had such a great worry-free experience working with...
We just received the refund from the facility today. Thank You so very much for all your help with my Mom's file. You and the staff at Wilson & Wilson Estate Planning & Elder Law LLC are outstanding people. It is an Honor to have your law office represent us. I would like to keep in touch with you for future family business.
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