It is naive, however, to contemplate securing a reverse
mortgage without noting the curious incentives (some might say distortions) state and federal statutes provide.
Available since 1989, reverse
mortgages enable seniors (62 years and older) to tap the equity in their home to receive payment, either as a line of credit, a monthly stipend or as a lump sum amount.
mortgage is aptly named because the payment stream is reversed.
The cases in which a taxpayer failed to qualify a purported reverse
exchange under Sec.
This new product adds to the innovative collection of reverse
mortgage offerings from SMC, including the recent addition of The Independence Plan(SM) proprietary jumbo loan.
If the seller isn't willing to delay the closing until you dispose of the relinquished property, a reverse
exchange may be an attractive alternative.
Regardless of the form of the acquisition, the reverse
acquisition rule requires the consolidated group whose former shareholders own more than 50% of the new parent corporation's stock to be the continuing consolidated group.
Flex-Margin Advantage allows brokers to increase or decrease the margin on reverse
mortgage loans in increments of 0.
Other practitioners believe that a reverse
exchange is valid like-kind exchange.
Steven Evans joins the Training Department as Reverse
Because the proceeds of a reverse
mortgage constitute borrowed funds, they are not subject to income tax.
Seniors have a vast array of financial needs, and products such as these provide the options they require to fit their particular situation," says John Nixon, Executive Vice President and COO of Reverse
Mortgage of America.