Countrywide Reverse Mortgage

Posted by Charles D

February 20, 2009

I get many emails asking about the best reverse mortgage company and also about the big names. I have decided to begin a series on all of the major lending institutions that focud on reverse mortgages. Everything you need to know about the Countrywide Reverse Mortgage from the Countrywide website.

Countrywide offers reverse mortgage products through Countrywide Bank, FSB. Education is critical and Countrywide is committed to helping seniors make informed decisions and understand their home loan choices. Each reverse mortgage program is designed to add flexibility to your finances by supplementing your monthly income to help you effectively manage your expenses. To help you decide whether this loan program is right for you, we’ve provided this comprehensive yet easy-to-understand online guide. It covers the key elements of reverse mortgages and answers many of the questions you may have, including:

Because Countrywide supports informed decisions, they are committed to giving you the information and tools you need to help you make the right decision for your particular circumstances. Besides this online guide, which contains the basics about reverse mortgages, their specialists are also available to give you more details and answer any questions you may have.

What is a reverse mortgage?

What are the advantages of a reverse mortgage?

What are the qualification requirements?

What should I know before taking out a reverse mortgage from Countrywide?

As with any decision-making process, the better informed you are, the more confident you’ll feel about your decision. That’s why we not only offer the basic information that you’ll find here, but also Reverse Mortgage Specialists who can provide more details and help you identify whether this financing option meets your particular needs and goals.

The following are some important points to discuss with your Reverse Mortgage Specialist:

Payment Plans — Options and changes

Initial Lump Sums — Advantages, disadvantages, and timing

Credit Lines — Advantages, disadvantages, growth, and access

Itemized Costs — Costs that are deducted from your proceeds

Your Property — Type and condition

In addition to speaking with your Countrywide Reverse Mortgage Specialist, you’re also encouraged to consult with your family, a financial or tax advisor, and other resources to fully explore your options. Important considerations include:

Have you looked into state or local programs that might provide funds for home repair or property tax deferral?

Have you considered other types of mortgage loans such as refinancing, a home improvement loan, or an equity line of credit to obtain needed funds?

Have you investigated social services benefits that may be available such as Supplemental Security Income (SSI), Medicaid, MediCal, Veterans Benefits, and widow/widower benefits?

Have you compared the costs and benefits of selling your home to the benefits you would receive from a reverse mortgage?

Have you considered purchasing a traditional annuity?

Also, a reverse mortgage has implications for estate planning and your heirs. You should carefully consider discussing these with your family members.

The Countrywide Revere Mortgage is so popular because the name of Countrywide is so famous and infamous. Always do your research before you take out any loan.