Reverse Mortgages News, Information and Guidance

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…

reverse mortgage calculators

What You Need to Know About Reverse Mortgage Calculators

Reverse mortgage calculators can be useful tools as we figure out ways to fund retirement. Most of us do a lot of research before buying any kind of anything. We hold things up to a mirror, try things on, get free trials, research alternatives, comparison shop and more. Using a reverse mortgage calculator is easy…

jobs after retirement

Little Known Truths About Reverse Mortgages

In simple terms, owning your home can give you superb options for funding your retirement. A reverse mortgage eliminates any current monthly mortgage payments and can give you access to cash. Hungry for straightforward details about reverse mortgages? Curious as to whether you should consider one? Here are 3 little known truths — often misunderstood…

should I get a reverse mortgage?

Should I Get a Reverse Mortgage?

More and more seniors are asking themselves: “Should I get a reverse mortgage?” A reverse mortgage is a loan against your home that you do not have to pay back as long as you live there. You or your estate pays the money back plus interest when you die, sell your home, or permanently move…

Reverse Mortgage

The New Retirement Plan That Banks Don’t Want Seniors Knowing

You may be surprised to find out how much money seniors can receive through a Reverse Mortgage. Still unknown to many, this brilliant retirement method is helping senior citizens across the country by eliminating their monthly mortgage payments and putting cash in their bank account through what’s called a “Reverse Mortgage Loan”. You can bet…