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Asked by someone from TX on 5/27/2015
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
It works the same way as a Conventional Mortgage. You sell your home, pay the Lender what's owed them, and keep the rest for yourself. To estimate how much equity you'll have left after 10 years, use the Amortization Schedule provided to you by your Loan Officer. It estimates how the Reverse Mortgage works for you until you're 100, assuming ... (Read More)
Asked by someone from NJ on 5/21/2015
Steve Chen
Steve Chen,  says
You may be able to, but she needs to have turned 62 - here's another answer to a similar question: http://www.newretirement.com/answers/10209/when-do-i-apply-for-x-husbands-benefits.aspx (Read More)
Asked by someone from CT on 5/18/2015
Steve Chen
Steve Chen,  says
It appears you need to wait until he is 62 - here's another answer on this topic. http://www.newretirement.com/answers/10209/when-do-i-apply-for-x-husbands-benefits.aspx (Read More)
Asked by someone from VA on 5/16/2015
Steve Chen
Steve Chen,  says
Social Security is based on your top 35 earning years, so if you've already put that time in AND the final 7 working years would not push up those levels (or if you've already had 35 years above the maximum income taxation limit) - then it shouldn't matter. You can run some scenarios here: ... (Read More)
Asked by a 71 year old man from MO on 5/14/2015
Steve Chen
Steve Chen,  says
You can go back and add that to your profile and the calculator will adjust it's estimates automatically: https://www.newretirement.com/retirement-calculator/default.aspx (Read More)
Asked by a 61 year old man from IN on 5/14/2015
Steve Chen
Steve Chen,  says
Both spouses are now covered by reverse mortgages originated in 2015 even if one of them is a "non-borrowing spouse" http://www.newretirement.com/blog/2015/02/05/new-options-for-reverse-mortgage-non-borrowing-spouses/ (Read More)

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