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Are Heirs Responsible for Reverse Mortgage Debt?

If you are the heir of a reverse mortgage borrower who has passed away, you are not personally responsible for paying off the debt, but you are in a position to decide how the debt is paid. You have several options and should select the one most advantageous for your situation. Here are the options: […]

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Consider All Financial Options Before Raiding Your Retirement Accounts

The coronavirus has spread well beyond being just a health crisis. Fallout from the virus has also forced Americans to grapple with how they are going to pay their mortgages, rent, and put food on the table as unemployment trends hold steady. The U.S. government has responded with an unprecedented economic package totaling trillions of […]

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10 Facts Heirs Need to Know About Reverse Mortgages

If a reverse mortgage borrower sells the home or moves away permanently, the loan becomes due and payable. But the truth is, most reverse mortgage borrowers use the loan to age in place, leaving repayment of the loan to their heirs. As with any mortgage, the borrower could be subject to foreclosure for reasons including […]

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What You Need to Know About Homeowners Insurance

If you have ever had a mortgage, including a reverse mortgage, you know that as a condition of your loan, you must maintain homeowners insurance. This insurance helps protect you should something happen to your home, which serves as collateral for the loan. Pretty straightforward, right? But homeowners insurance cancellations and non-renewals (we’ll explain the […]

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Why You May Need to Act Now While Interest Rates Are Low

Seize the moment! Remember all those women on the Titanic who waved off the dessert cart. – Erma Bombeck One of the biggest stories of 2020 was the record-low mortgage rates that continued to favor borrowers. Mortgage rates fell to record lows 16 times throughout 2020, feeding a home purchasing and refinancing frenzy.1 Driving the […]

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The Fresh Start Initiative

A long time ago, in a galaxy, far, far away, you might have been debt free. Maybe it was before you bought your first car, went off to college, bought a home, or started buying nice things to fill your home. Or maybe it was before you were handed a jaw-dropping medical bill you simply […]

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Aging In The Right Place

Like Dorothy Gale of Kansas from the “Wizard of Oz,” there appears to be no place like home for millions of older Americans. About 90% of people, age 65 and over, would prefer to stay in their own homes as they age — and not go to a nursing home or assisted living facility.1 Unfortunately, this […]

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Ideal Candidates for a Reverse Mortgage

There may be as many reasons to consider a reverse mortgage loan as there are people at least 62 years old — the minimum age to apply for one. That’s because each older American is unique, with diverse financial needs and goals. The first reverse mortgage in 1961 went to a widow whose wish was […]

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Retain Your Home and Age in Place in Uncertain Times

Homeownership offers many advantages, not the least of which is the opportunity for appreciation, an increase in your home’s equity over time. For example, a median-priced home in the Minneapolis/St. Paul area was about $164,000 in 2011. By July 2020, the median home price in the same Twin Cities metro region was $305,000, an increase […]

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Does the Bank Own the House with a Reverse Mortgage?

It’s easy to understand why so many people mistakenly believe the lender takes ownership of the home in exchange for giving the borrower a reverse mortgage. The loan’s many advantages make it seem almost too good to be true. Some of these advantages are: The lender pays off the borrower’s current mortgage, if one still […]

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