NAMB past president appears on national televisionMortgagePress.comNAMB, Bob Armbruster, NBC, Ann Curry, Reverse Mortgage, Tips, Financing, Seniors
On May 26, National Association of Mortgage Brokers Immediate
Past President Bob Armbruster appeared on NBC's Today Show during a
segment titled, "Housing Financing Alternatives for Seniors."
During his interview with NBC news anchor Ann Curry, Armbruster
offered several tips for seniors, including:
†Consider a reverse mortgage. Seniors who are 62 or older
and owe little or nothing on their home can take out a reverse
mortgage that will pay them a certain amount each month. The loan
does not have to be repaid until the home is sold.
†Understand the type of loan you are getting. There are
many kinds of home equity loans that offer fixed or adjustable
rates, lump sum payments or lines of credit. Each has its
advantages and disadvantages, depending on the borrowers financial
†Borrow only as much as you can afford. Make sure the
monthly payments on your loan fit within your budget. If you cant
make the payments, you could lose your house.
†Dont give in to high-pressure salesman. No reputable
broker or lender will try to pressure you to take out a loan. Walk
away from anyone pressuring you to sign off on a loan.
For more information, visit www.namb.org.