If you are looking for some extra cash, are 62 years or older and your home is or near being paid off there is no better time to look into getting a reverse mortgage loan . Why? Well first with the current economy home values are dropping like flies. If you are going to take out equity now is the time before the value drops anymore.<br><br>But if they are so lucky, that they own their homes, there is still one good opportunity and that is the equity of the home. When they have paid the mortgage loans monthly, now they can release a part of that equity and to borrow it for their monthly use by using the reverse mortgage.<br><br>If they were to do a fixed rate loan on a home that they owed nothing on, and it was worth $350,000, the home owner would have to take at closing, around $200,000 or more, depending on their age. That is a lot of cash to have on hand. If they only want $75,000, using the hecm Saver would reduce the fees $7,000, and since they didn't want the "extra" money, there is no reason to pay the fees on the larger loan.<br><br>These fees and reverse mortgage guide charges can add significantly to the cost of borrowing against the equity in your home but the good news is that many of the fees are capped. Here's a breakdown of what you can expect to pay although certain programs may be more or less expensive than the fees listed.<br><br>Because the idea is to give more disposable cash to the seniors against the equity of the home, the home will be the main guarantee. However, in some cases it can happen, that the selling price of the home does not cover the total amount of the capital, interests and the costs. In that rare case the missing part will be taken from the mortgage insurance, which a borrower must take, when he signs the contract.<br><br>Although there are three types of reverse mortgages there are only two that are usually referred to. The most common reverse mortgage is formally called a Home Equity Conversion Mortgage (HECM). This type is backed by the federal government's Department of Housing and Urban Development (HUD). The other type is called a proprietary reverse mortgage and is backed by private companies and not federally insured.<br><br>There is a multitude of ways to find the best reverse mortgage leads. You can either pay for them or have them come to you for free. The trick is to understand the internet and how it works. You can have all the leads you can handle for free when you get the education you need. A solid marketing and mentoring group can make the difference. They can help you through the learning curve and be there to answer the hard questions when they come up. Take the next step and get a good education in these free marketing methods. <a href="http://www.thereversemortgageguide.com/">check out this site</a>