Reverse Mortgages News, Information and Guidance

Disappointed by Your Reverse Mortgage Amount? Do This to Make the Most of this Loan!

A reverse mortgage is a loan that lets the borrower access their home equity.  However, many people are very disappointed by their potential reverse mortgage amount. How much money can you really get?  Is the amount you can access worth it? Potential Reverse Mortgage Borrowers Are Often Disappointed If you were disappointed by your reverse…

reverse mortgage for purchase

Use a Reverse Mortgage for Purchase of a New 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…

7 Tips to Help People Who Are Retired Stay in Their Homes Longer

Nine in 10 older Americans want to remain in their own homes as they get older. But most people aren’t planning ahead when it comes to making sure their houses are equipped to provide their desired lifestyle in retirement, research shows. In fact, while 96% of Americans age 50 to 80 say it’s important to…

using a reverse mortgage

Forget the 401k: This Is the Real Secret of a Secure Retirement

You probably intended to save more for retirement than you actually did.  Maybe you  have a 401k or an IRA.  Maybe you don’t.  The reality is that whatever savings you have scrimped together, it is probably not enough to pay for your golden years. Feeling the pinch?  You are not alone.  According to IRI data,…

reverse mortgage mistakes

Are Reverse Mortgages a Colossal Mistake?

Reverse mortgages are loans — a type of home equity loan. You are borrowing your own home equity while retaining home ownership but 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.

jumbo reverse mortgage

Jumbo Reverse Mortgage and Proprietary Reverse Mortgage Loans

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.  Unlike the standard HECM reverse mortgage, jumbo reverse mortgage products generally do…

reverse mortgage 2017

What Is New for Reverse Mortgages in 2017

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. …

reverse mortgage checklist

Reverse Mortgage Checklist: Big Questions to Ask if You Are Considering this Loan

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…

reverse mortgage interest rates

The Complete Guide to Reverse Mortgage Interest Rates and Fees

Many people are concerned about the costs associated with a Reverse Mortgage, as well as the impact of current and future interest rates. However, if you want or need equity from your home, are not willing to relocate to a smaller home, don’t want to or are unable to face regular loan payments, and are…

how does a reverse mortgage work

How Does a Reverse Mortgage Work?

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…