How A Reverse Mortgage Could Help You Retire Better
Imagine waking up in retirement 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 […]
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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 […]
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Are Heirs Responsible for HECM Reverse Mortgage Loan Debt?
If you are the heir of a Home Equity Conversion 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 best for your situation. Here are the […]
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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: But, in fact, all the features listed above are true. There […]
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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 be eligible for a mortgage loan, but you could be wrong. Find out if a reverse mortgage is right for you. […]
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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 […]
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How Do I Refinance My Reverse Mortgage?
If you were eligible for a reverse mortgage in the past, you should find the loan requirements similar for a refinance of your reverse mortgage. You must: Reasons for Refinancing a Reverse Mortgage Just because you can refinance your reverse mortgage, however, doesn’t mean you should. There should be a clear benefit to refinancing. That […]
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10 Facts About Reverse Mortgages
1. What is a reverse mortgage? A reverse mortgage is a home equity loan exclusively designed for seniors 62 or older. Unlike a traditional home equity loan that you begin paying back soon after the loan closes, you have the option of not repaying a reverse mortgage until you actually leave the home or fail […]
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