Category: Reverse Mortgages

Here’s How Your Home Can Write You a Monthly Check for the Rest of Your Life

The oddly named ‘tenure payment’ is a fixed monthly payment you can getfor as long as you live in your home. Reverse mortgages have been gaining greater attention from financial planners because they can be incorporated into retirement income plans. One of several strategies enables homeowners to use a reverse mortgage to receive monthly cash…

Reverse Mortgages and Repairs to Your Home — What You Need to Know

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…

reverse mortgage purchase guidelines

Can Your Wishes Come True? New Reverse Mortgage Purchase Guidelines Make it Easier to Buy a New Home

Reverse mortgage purchase guidelines were recently eased, making it much easier to use this loan type to buy a newly constructed home. A Home Equity Conversion Mortgage, more commonly known as a reverse mortgage for purchase or an HECM for Purchase (or even H4P) is a specific type of reverse mortgage loan that lets you…

reverse mortgage definition

Reverse Mortgage Definition: Your Guide to What is a Reverse Mortgage Plus a Complete Dictionary to All Reverse Mortgage Terms

Reverse Mortgage Definition:  A reverse mortgage is a type of home equity loan for homeowners over 62 years old. With no monthly loan payments, you accrue interest instead of paying it down. When you get a reverse mortgage, you are borrowing your own home equity. (Home equity is the difference between what your home is…

reverse mortgage borrowers

Experts Say that Reverse Mortgage Borrowers are Getting More Sophisticated

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 mortgage

New Research: The Real Story on What to Look for When Considering a Reverse Mortgage

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.…

Considering a Reverse Mortgage? Do These 5 Things Now

The Department of Housing and Urban Development (HUD), the agency that administers the HECM reverse mortgage program  announced changes that will: Reduce the amount homeowners can borrow Increase mortgage insurance premium fees for some borrowers Make it harder to qualify for the loan. (Because the loan amounts are smaller, some people with an outstanding balance…

reverse mortgage changes

Big Changes to Reverse Mortgage Program – Reduced Loan Amounts and Higher Fees

After Oct. 2, 2017, HECM reverse mortgage maximum loan amounts will decrease In an effort to further strengthen the long-term viability of the Home Equity Conversion Mortgage (also known as the HECM Reverse Mortgage), the Department of Housing and Urban Development (HUD) announced plans this week that will ultimately make these loans more expensive for…

reverse mortgage questions

Real Life Reverse Mortgage Questions and Shockingly Surprising Answers

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…

Considering a Reverse Mortgage? Does that Make You Super Smart or Completely Crazy?

Reverse mortgages are loans but they work very differently from most other ways of borrowing money.  If you are considering a reverse mortgage, you know that these loans can be really confusing. It is difficult to know if it is a good choice for you or not. People who are thinking about getting a reverse…

New Reverse Mortgage Calculator: How to Assess Your Suitability for these Loans

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. If a reverse mortgage is right for you, it can offer great financial relief. Reverse Mortgage…

retirement expenses

Innovative Uses of Reverse Mortgages: Smart and Sophisticated Ways to Tap Home Equity for Greater Wealth

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…

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

Reverse mortgages actually give you 4 big benefits — not one — all helping you with retirement. How to Get the Best Reverse Mortgage Loan Amount Getting a mortgage is one of the biggest financial decisions you’ll ever make. Shop around to find the best rate and lowest fees. Click here to quickly find out…

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…

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,…