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    Owning a house is often one of the most prized possessions for any individual, as it is much more than simply a roof over your head. It is a secure haven for you and your loved ones and when the need arises it can also act as one of the bets investments that you have made during your active, service life. Most of the other investments of an individual are usually locked away in various funds that are generally on a long term basis. In times of financial emergency, it may therefore, be a big hassle if you require instant funds and cannot encash your long term investments for instant liquidity. Nevada mortgage services A house can then be your biggest asset, which can easily secure a decent amount of loan for you at whatever time you need it. So, if you are sixty five years of age or above, are retired and living in Nevada in a house of your own, then the Nevada reverse mortgage is the most feasible option to ensure financial security for yourself.
    The Nevada reverse mortgage option has been steadily increasing in popularity due to the multiple advantages which it offers to any senior, retired house owner residing in Nevada. One of the major advantages of opting for a Nevada reverse mortgage is that the house ownership remains with the original owner, who is the borrower and hence he can continue to use the property as his primary residence for as long as he desires. Also, the loan amount of the reverse mortgage need not be repaid by the borrower for as long as he is residing on the mortgaged property as the house itself is the collateral for the loan and the amount will be repaid in full by the house itself. The lender will recover his loan amount form the sale of the house once the borrower expires or decides to sell off the house and move on, so there is no financial constraint on the borrower of a reverse mortgage loan.
    The burden of the Nevada reverse mortgage loan does not pass on to the heir of the borrower for the same reason, which is that the house itself will pay off the loan through the sale proceeds itself. The borrower of the loan only needs to pay the regular costs and charges for the house which would be the house tax and the cost of repair and maintenance. Also, the borrower could opt for a lump sum payment of the loan amount or maybe get the loan money in monthly installments. Many retired citizens prefer the installment mode of payment as it implies that there is a regular inflow of cash into the household even after retirement.
    Although there has been a decline in the number of foreclosure filings in Nevada, the state remains the top region with the highest number of foreclosures nationwide. Even with the significant 5 percent decline in the national foreclosure rate, Nevada is set to experience another wave of foreclosures in the next few months because of the number of mortgage delinquencies in the area. According to Forbes report last month, Las Vegas ranks the top riskiest city for homeowners and new home buyers. In addition, the RealtyTrac stated that there were about 60 thousand foreclosure filings during the first half of 2010 alone, that is one in every 17 housing units in the whole of Nevada. With so many properties that sprawled across the state and with its current housing condition, how can the Nevada government provide mortgage assistance to thousands of distressed homeowners in the area? Are the help from the federal government enough in providing mortgage subsidies and support the state’s loan modification programs?
    Nevada mortgage services Nevada received approximately 200 thousand dollars from the Department of Treasury as part of Obama’s Hardest Hit Fund. The state’s housing finance agency, the Nevada Housing Division selected The Nevada Affordable Housing Assistance Corporation in making a strategic plan of creating another proposal to the U.S. Treasury’s Troubled Asset Relief Program. Furthermore, the NAHAC is authorized to implement the Emergency Economic Stabilization Act Program for all the states included in the “Hardest Hit List”. Such government programs were designed to provide mortgage assistance especially to areas with the highest foreclosure rates nationwide. Some of the programs available in the state are the following:
    Principal Reduction Program- It reduces the principal rate of some qualified homeowners. Currently, over three thousand Nevada homeowners had their principal reduced for up to 50 thousand dollars. The program is made to help save the properties of the unemployed, income restricted borrowers, and other financially constraint families.
    Second Mortgage Reduction Plan- Aims to provide assistance to troubled homeowners who have a second lien that interferes with a short sale or the borrower’s application for a loan modification.
    Short-Sale Acceleration Program- It gives assistance to homeowners who can no longer afford their mortgage and must proceed with a short sale immediately to prevent foreclosure consequences.
    Mortgage Assistance Program- The program aims to help low-income families become current in their first mortgage. The government will subsidize 1/3 of the monthly mortgage payment or give 500 dollars to the lenders every month in order to reduce the borrower’s outstanding debt.
    If you need mortgage assistance right now, contact your loan servicer or your mortgage lender immediately. You may also consult a HUD-certified housing and debt counselor or a loan modification expert to assist you in making decisions regarding your foreclosure filing.
    Nevada mortgage services So, if you are an individual, who has enjoyed an independent financial existence during your entire work life, you would not like to ask any family member or friend for any financial help post retirement. In these circumstances the Nevada reverse mortgage is the most feasible option for you to get easy and convenient financial security and assurance of a roof over your head for as long as you live.
    Simon Lowa is an expert in mortgages and retirement solutions.He gives advice to clients who are looking for counsel on reverse mortgage. For more queries about Reverse mortgage,reverse mortgage seniors,reverse mortgage broker and Nevada reverse mortgage [ http://www.visionhomemtg.com/%5D
    nevada mortgage services


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