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Find a reverse mortgage calculator, explore reverse mortgage pros and cons and get reverse mortgage explained.
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.
When you get a reverse mortgage, you are borrowing your own home equity. (Home equity is the difference between what your home is worth and the amount you owe on your home.) So if your home is appraised at $300,000 and you still owe $50,000 on the mortgage, then you have $250,000 in home equity.
Use a reverse mortgage calculator to estimate your own loan amount. These systems estimate the amount of money you get with an equation using the appraised value of your home, the amount of money you owe on the home, your age and current interest rates.
The government raised reverse mortgage lending limits to an all time high. Does this mean more money for you? It depends…
Do the pros outweigh the cons? Get unbiased info on disadvantages advantages and – details on fees, interest rates, loan amounts and more…
If you are struggling to figure out how does a reverse mortgage work, you are not alone. One thing is clear: reverse mortgages are NOT clear. A recent NewRetirement poll indicated that 46% of respondents had the facts wrong about reverse mortgages. This article focuses on explaining the basics of how does a reverse mortgages…
Reverse Mortgage Calculator: Understand How Reverse Mortgage Calculations Work, and Find Out How Much You Can Get from a Reverse Mortgage.
Do you know your reverse mortgage facts? More and more people are becoming aware of reverse mortgage as an option for tapping their home’s equity. Maybe you heard about the loan on a personal finance blog or from Tom Selleck on late-night TV. However, what is really true? With all of the buzz about retirement…
Your house is your: Home. Heart. Hopes. Wealth. Future. The decision to get a reverse mortgage is a big one. Use this checklist to make the right choice…
Given the right information, many seniors may actually find that a reverse mortgage is a good financial decision for their situation.
The government-insured reverse mortgage program has undergone major changes in the last few years to better protect borrowers, including one that limits how much money borrowers can get in the first year of the loan. What?!?!??? Less money? How limited is access to your own home equity? Why is limiting how much money you can…
Reverse mortgages provide older homeowners with an additional source of cash flow to supplement, and even enhance, their retirement savings. Depending on a borrower’s age, there are several ways that older retirees can maximize their reverse mortgage potential. A reverse mortgage allows homeowners age 62 and older to convert a portion of their home equity…
If you interested in getting money out of your home and your home is worth more than the average, you should know about the jumbo reverse mortgage.
Did you know you can use a reverse mortgage for purchase of a new home. Is this the right way to buy into your dream retirement location?
Can a reverse mortgage line of credit give you a more carefree retirement? Get the inside scoop on this somewhat complicated financial strategy.
This is the most complete online guide to all of the costs associated with reverse mortgages including reverse mortgage interest rates.
Generally speaking, the uses of reverse mortgages are endless. And, you get to choose the best way to manage or spend the money from the loan. Most seniors use a reverse mortgage to help close a gap between their retirement expenses and their retirement income. Reverse mortgages eliminate monthly mortgage payments and give you access…
You might be surprised by how people use a reverse mortgage — bathtubs, a cure for loneliness, convertibles and more… Is this loan right for you?
One of the biggest draws for reverse mortgages is their ability to help older adults remain in their homes, while also providing them with some additional cash flow via their home equity. But while not everyone’s home may be physically equipped to suit their aging needs, certain features of reverse mortgages can help cover some…
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…
Life is full of the unexpected. And if you are a retiree, or soon-to-be retiree, you are probably looking for a backup plan to insure you won’t run out of money in retirement! Does your retirement plan need a safety net? The stock market fluctuates, illnesses occur, family emergencies happen and people are living longer…
Managing all of the responsibilities of an estate after death can be incredibly stressful. If your family member had a reverse mortgage and you are the heir, it is important to quickly figure out what to do about the reverse mortgage after death. The heirs of reverse mortgage borrowers have a set of duties, even…
Many folks think that getting a reverse mortgage means they are selling their home to a lender for a reduced value and that the lender gets the benefit of the future appreciation of the home. This could not be farther from the truth. Reverse mortgages are not scams. They are loans — a business agreement…
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…
Reverse mortgages were originally designed and still aim to help seniors in need. However, reverse mortgages in 2021 are safer, stronger and better than ever before. These loans have evolved so that they now have many official protections in place to make sure that borrowers are secure. And, more and more borrowers are using the…
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…
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?…
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