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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. While this might surprise some heirs at first, they have nothing to fear. Indeed, […]

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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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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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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 […]

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10 Facts About Reverse Mortgages

What is a reverse mortgage? Is there more than one kind of reverse mortgage? What is the meaning of the term, “federally-insured” HECM? Are reverse mortgages safe? What are some of the ways people are using their reverse mortgages? How much money can I get from a reverse mortgage? What are the different ways I […]

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What is LESA?

Have You Been Properly Introduced to LESA (to Help You Pay Your Property Taxes)? In applying for a reverse mortgage to help you retire better, one of the steps, established by the FHA in 2015, is a financial assessment to determine your ability to maintain your home and regularly pay your property taxes and homeowners […]

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Streamlined Appraisal Process During COVID-19 Period

An essential part of every reverse mortgage loan is the home appraisal, which is used to determine the value of the home on which the loan approval and loan amount are largely based. Due to the social distancing measures now in place to limit the spread of COVID-19 and to protect the health and safety […]

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