The maximum reverse mortgage lending limit is increasing for 2020, allowing retirees with substantial home equity to get more money than was available in previous years. Reverse mortgage lending limits raised to an all time high. A reverse mortgage enables homeowners age 62 and older to access their home equity in the form of a…
You might be surprised by how many people are interested in learning about reverse mortgages. There are borrowers from every state, from a wide variety of socioeconomic backgrounds and the ages of borrowers range anywhere from 62 to 95 and older and everything in between. One thing everyone struggles with is when is the best…
From improving cashflow to curing loneliness or installing a whirlpool bathtub, there are unlimited ways that people can use a reverse mortgage to improve their lives in retirement. A reverse mortgage allows individuals age 62 and older to convert a portion of their home equity into tax-free loan proceeds. This money can be used for…
If you want to stay in your home and either increase your financial flexibility or improve your everyday cash flow, then you should consider a reverse mortgage. If you decide that the loan is interesting, then you probably want to know how to get the best reverse mortgage. Follow these 7 steps to the best…
In following up with consumers who have visited NewRetirement’s Reverse Mortgage Calculator, it seems that an alarming number of people have a mistaken impression about who owns the home after a Reverse Mortgage has been set up. A Reverse Mortgage can enable you to access extra cash and feel the freedom of owning your home…
Did you know that you can use a reverse mortgage for purchase of a new home? It’s true. It is very popular for seniors to use reverse mortgages to transform equity in their homes into cash without burdening themselves with monthly payments or risking foreclosure. However, it is less known that in 2008, the US…
On this page you’ll find lots of information about reverse mortgages, a link to our reverse mortgage calculator, and examples of reverse mortgage calculations. Use this guide to reverse mortgage calculations to help understand: How Much Money Can I Get from a Reverse Mortgage? Understanding Reverse Mortgage Calculations Why Isn’t My Reverse Mortgage Loan Amount…
Read on to find out “How do you qualify for a reverse mortgage?” Qualifying for a Reverse Mortgage is relatively straightforward. The requirements are clearly specified by the U.S. Department of Housing and Urban Development. Reverse Mortgages are an increasingly popular loan type for older adults. The loan enables the borrower to eliminate monthly mortgage…
Your house is your: Home. Heart. Hopes. Dreams. Legacy. Wealth. Future. So, the decision to get a reverse mortgage is not something to take lightly. They can sound almost too good to be true but getting a reverse mortgage is a huge financial decision. So, how do you know if a reverse mortgage is right…
If you own a home, it was likely one of the smartest lifelong financial moves you have ever made. In addition to providing a safe haven for living your life, it is also a forced savings account and a hard asset that can appreciate over time. However, did you know that it is also a…
Many people are concerned about the costs associated with a Reverse Mortgage, as well as the impact interest rates have on both how much can be borrowed now and the future balance owed. However, if you want or need equity from your home, are not willing to relocate to a smaller home, don’t want to…
Tom Selleck By Alan Light [CC BY 2.0] Wikimedia Commons If you watch TV at all, you have probably seen a commercial featuring Tom Selleck talking about reverse mortgages. No matter what he is saying, there is something about his voice and direct gaze that really does pull you in. In one spot, he is…
Reverse mortgages are loans — a type of home equity loan. You are borrowing your own home equity while retaining home ownership. However, unlike a traditional home equity loan, there are no monthly mortgage payments. The money you borrow and interest accumulated is repaid when you no longer reside in the home.
Reverse mortgages are often talked about as a means to increase cash flow by tapping into home equity in retirement. But have you heard the full story? Do you know there’s more than one type of reverse mortgage? There are many types of reverse mortgages.Does one open the door to financial security for you? There…
The only people you NEED to tell about your decision to get a reverse mortgage are those who are living in your home with you. However, there are many benefits to sharing your decision with other family members — especially potential heirs. Here are 5 reasons why you might want to talk to your loved…
For many people, a Reverse Home Mortgage is a good way to increase their financial well-being in retirement – positively affecting quality of life. And while there are numerous benefits to the product, there are some drawbacks — reverse mortgage disadvantages. Reverse Mortgages are providing improved financial security, a better lifestyle and real financial relief…
Can a reverse mortgage line of credit provide financial security? A reverse mortgage line of credit is exactly what it says it is… It is a line of credit on a reverse mortgage. Mmmm… that doesn’t really clear it up at all, does it? Reverse mortgages can be difficult to understand. We’ll break it down…
Jumbo reverse mortgages – also known as proprietary reverse mortgages – are loans designed and offered by financial institutions that enable owners of high-value homes to access greater amounts of their home equity than is available from the government insured HECM reverse mortgages. And, these proprietary offerings include some additional benefits that should be considered…
Often times, a reverse mortgage transaction involves refinancing an existing “forward” mortgage into a reverse mortgage. However, it’s also possible to refinance an existing reverse mortgage to achieve a different interest rate or loan terms. Is reverse mortgage refinancing a good idea? A reverse mortgage is a loan that enables homeowners aged 62 or older…
The road in retirement can have all sorts of twists, turns and probably some pot holes.If you’re not prepared, these bumps have the potential to derail your financial security. However, you can have a contingency plan for when the path gets rocky. A reverse mortgage can be a spare tire for your retirement — there…
Reverse mortgages have been commonly viewed as a last resort that should be avoided like the plague. This false “loan of last resort” reputation reduces reverse mortgage use among many retirees who stand to benefit from tapping into their home equity. However, several recent developments have transformed these products into viable financial planning tools. New…
For some homeowners over 62 years old, a reverse mortgage can be a great option for improving retirement finances and quality of life. There are, however, quite a few misunderstandings when it comes to these complex financial products. In this article we will debunk a couple myths so you can more clearly decide if a…
A reverse mortgage is a loan. You are borrowing against your home equity. However, unlike traditional mortgages, with a reverse mortgage you do not have to pay back the money borrowed as long as you are living in the home. For many senior households, housing is usually the most costly expense as well as the…
Used wisely, getting a reverse mortgage early in retirement can result in getting more out of both the reverse mortgage and your investments at the same time. If used strategically, reverse mortgages can be valuable financial planning tools to help retirees cover a variety of lifestyle expenses and can also strengthen the spending power of…
According to AAG, the first reverse mortgage was issued in 1961 to a widow in Portland, Maine. A banker, Nelson Haynes of Deering Savings & Loan designed the loan to help the widowed wife of his beloved former high school football coach. The idea behind these loans has always been to help seniors in need. However,…