What Happens When Mortgage Forbearance Programs End?
As a result of mortgage forbearance programs, millions of American homeowners were able to pause their mortgage payments to help them weather the worst of the health and financial storms caused by the COVID-19 pandemic. As the economy rebounds, many forbearance programs will end, which means the resumption of monthly mortgage payments. Although the suspension […]Read More
How A Reverse Mortgage Can Help You Retire Better
Imagine waking up to find you no longer have a mortgage and there’s $50,000, $100,000, or $250,000 more in your bank account than you expected. This scenario isn’t just a castle in the sky. In fact, it plays out every day. The way it happens is with a reverse mortgage, and more than one million […]Read More
10 Facts About Reverse Mortgages That People Tend to Overlook
Until you were eligible for Social Security and Medicare, or approaching the age when you would be, you may not have known exactly how these two pillars of retirement worked. You may not have understood, for example, that Medicare isn’t free or that for every year that you delay taking Social Security past full retirement […]Read More
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: […]Read More
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 […]Read More
Does Bad Credit Affect Reverse Mortgages?
You have no job, mounting medical bills, and poor credit. You’re 62, and your home is even older and in need of repairs. You might think you would be the least likely candidate to qualify for a mortgage loan, but you could be wrong. To find out if a reverse mortgage loan is right for […]Read More
Is a Reverse Mortgage Loan Ever a Good Idea?
If you had asked a senior who saw their precious nest egg cut in half in the 2008-09 Great Recession but was able to lean on their reverse mortgage line of credit — until their stocks and bonds had a chance to rebound — they would likely tell you it was a good idea. If […]Read More
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
Reverse Mortgage Quiz: Test Your Knowledge
Interest in reverse mortgages continues to increase as their uses and versatility become more widely known. Here are 25 questions to test your knowledge of reverse mortgages — knowledge that you may be able to put to work to help you live and retire better. 1. AAG is the nation’s leading reverse mortgage lender. Who […]Read More