article 1

Can You Make Payments on a Reverse Mortgage Loan?

Most people associate a mortgage with a predetermined set of payments, usually monthly, that you are obligated to make to your lender until your debt (principal and interest) has been satisfied. This borrower-to-lender flow of payments is known as a traditional mortgage. A reverse mortgage reverses the process. Instead of making monthly payments to your […]

Read More
article 1

Can You Rent Your House If You Have a Reverse Mortgage?

The main eligibility requirements for a reverse mortgage are relatively few. You must: Be 62 or older. Own the home. Have substantial equity in the home. Live in the home as your primary residence. If you look at the last requirement, which states you must “live in the home as your primary residence,” then renting […]

Read More
article 1

CA Prop 19 Expands Homebuying Opportunities

With the Nov. 3, 2020 passage of California’s Proposition 19, homeowners age 55 and older can now transfer their home’s Proposition 13 tax savings to a replacement home, including a more expensive one, anywhere in California. The tax break, which can be used up to three times, also extends to California homeowners with severe disabilities […]

Read More
article 1

Reverse Mortgage and Medicaid: What You Should Know

Medicare is Awesome, But It’s Not Free – The Medigap v. Advantage Decision Generally, if you have reached the age of 65 and you have paid Medicare taxes (these are the FICA deductions on your paycheck) for at least 10 years, you will likely be eligible to receive Medicare benefits. But Medicare (Part A, hospital […]

Read More
article 1

Can a Family Member Be Added to a Reverse Mortgage?

Can a Family Member Be Added to a Reverse Mortgage? People seem to enjoy making additions of one sort or another. Homeowners might add an extra bedroom to accommodate visiting in-laws.  Golfers might add a solo player to complete a foursome. Or magicians might add a routine to improve their act. Unfortunately, however, you can’t […]

Read More
article 1

How to Fund Your Retirement in a Down Market

As an older American adjusting to the post-pandemic “new normal,” you may not only be looking at half-empty restaurants, airplanes, stadiums and cruise ships, but also a retirement picture that is quite different from last year or even just a few months ago. If you have money invested in an IRA or 401(k), you probably […]

Read More
article 1

What You Need to Know About a Non-Borrowing Spouse

Since their introduction in 1961, reverse mortgages have been continually improved and strengthened, making them an even better financial option for older Americans seeking to live in the home they love while gaining extra cash for their retirement. One standout improvement has been increased financial protection and security for non-borrowing spouses. A non-borrowing spouse is […]

Read More
article 1

Reverse Mortgage Age Requirement: When to Get a Reverse Mortgage Loan

When is the best time to get a reverse mortgage loan? If you are at least 62 (the minimum age for applying), the best time might be now. That’s because, included in a reverse mortgage’s many payout options is the reverse mortgage line of credit. By taking out the line of credit as close to […]

Read More
article 1

How Do I Refinance My Reverse Mortgage?

If you have qualified for a reverse mortgage in the past, you should find the qualifying criteria similar for a refinance of your reverse mortgage. You must: Be 62 or older. Use the home as your primary residence. Have sufficient equity in your home. Demonstrate the financial stability to meet the loan’s ongoing obligations, such […]

Read More
article 1

25 Home Activities to do During the Coronavirus Quarantine

Americans are famous for making the best out of bad situations — for finding the silver lining even in the darkest clouds. So even if the coronavirus has temporarily confined us to our homes, this nationwide house arrest doesn’t have to drive us stir-crazy. Indeed, this mandatory time-out may make us realize once again that […]

Read More