It used to be that reverse mortgage borrowers were seniors who were at the end of their financial rope. However, according to experts, the types of people who are applying for reverse mortgages is evolving. While people still get the loans to make ends meet, these days reverse mortgage borrowers are more likely to be…
Reverse Mortgages News, Information and Guidance
Reverse mortgages are widely advertised on TV, radio and online. But, are they a good idea for you? Who can you believe? And, how do you get good information? A new study from Ohio State University sheds light on these topics. Researchers recently surveyed 30,000 seniors who received reverse mortgage counseling between 2006 and 2011….
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 tell your loved ones…
If you are retired or nearing retirement, you have probably asked yourself, “what is a reverse mortgage and how does it work?” Reverse mortgages can be confusing. Here are some straightforward answers about what they are, how they work, who qualifies and much more… What is a Reverse Mortgage? Let’s start with the basics: what…
Many people say that reverse mortgages are just too good to be true. However, over 1 million retirees have secured these loans and a recent study from Ohio State University finds that the vast majority of people who get a reverse mortgage are “satisfied” or “very satisfied” with their decision. When you get a reverse…
A reverse mortgage is a federally insured loan for home owners who are 62 years and older. Use this guide to reverse mortgage calculations to help you understand how much money you can get, what are the payment options, and the different types of loans. How Much Money Can I Get from a Reverse Mortgage?…
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…
Reverse mortgage television commercials abound, but it is hard to get straightforward — easy to understand — answers in response to your reverse mortgage questions. Here are some of the most common reverse mortgage questions people have and some very surprising answers: Is it a Loan? This is one of the most common reverse mortgage…
Most of us are concerned about our retirement financial security. We have not saved enough. Healthcare is expensive. Social Security doesn’t nearly cover our costs. We are living long lives. However, many of us do have one very big source of wealth. According to the US Census Bureau, 79% of older Americans own their homes. …
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…
