Reverse Mortgages News, Information and Guidance

reverse mortgage

Why Home Equity is Your Strongest Weapon Against the Economy

Economic hardship is not news to many seniors. Most of us feel stress about our finances. At the top of our concerns? We believe that we will run out of savings in retirement. In fact, the majority of Americans feel this worry. According to the latest findings from Northwestern Mutual’s 2016 Planning & Progress Study,…

best time to get a reverse mortgage

When is the Best Time to Get a Reverse Mortgage? Wait or Act Now?

You might be surprised by how many people are interested in learning about reverse mortgages.  There are borrowers from every state, from a wide variety of socioeconomic backgrounds and the ages of borrowers range anywhere from 62 to 95 and older and everything in between.  One thing everyone struggles with is when is the best…

how to use a reverse mortgage

10 Expected and Unexpected Ways to Use a Reverse Mortgage

From improving cashflow to curing loneliness or installing a whirpool bathtub, there are unlimited ways that people can use a reverse mortgage to improve their lives in retirement. A reverse mortgage allows individuals age 62 and older to convert a portion of their home equity into tax-free loan proceeds. This money can be used for…

Is Tom Selleck Telling the Truth About Reverse Mortgages?

Tom Selleck By Alan Light [CC BY 2.0] Wikimedia Commons If you watch TV at all, you have probably seen a commercial featuring Tom Selleck talking about reverse mortgages.  No matter what he is saying, there is something about his voice and direct gaze that really does pull you in. In one spot, he is…

HELOC vs HECM

Over 62? Which is Better a HECM or HELOC for Tapping Home Equity in Retirement?

If you are like many retired American homeowners, you may have seriously considered accessing your home equity through a  Home Equity Line of Credit (HELOC). Utilizing a traditional HELOC can be a great short term solution to bridge the gap on unexpected expenses, consolidate higher interest debt, or make home improvements.  However, this type of…

Reverse Mortgage Popularity

Where Are Reverse Mortgages Most Popular?

Reverse mortgages are available — and hugely popular — for retirees living almost everywhere in the United States, but you might not know if the loans are the norm where you live because people are often secretive about their personal finances. You might not know it, but reverse mortgages are hugely popular throughout the United…

reverse mortgage

Reverse Mortgage Limits: The Government Limits How Much Money You Can Get in the First Year

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…

new reverse mortgage

The New Reverse Mortgage: This is Not a Loan of Last Resort

Reverse mortgages have been commonly viewed as a last resort that should be avoided like the plague. However, several recent developments have transformed these products into viable financial planning tools. This false “loan of last resort” reputation reduces reverse mortgage use among many retirees who stand to benefit from tapping into their home equity. New…

reverse mortgage after death

What to Do About a Reverse Mortgage After Death: Reverse Mortgage Heirs Responsibility

Managing all of the responsibilities of an estate after death can be incredibly stressful.  If your family member had a reverse mortgage, it is particularly important for heirs 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 if they…

reverse mortgages explained

Reverse Mortgages Explained: What is the Real Truth About These Loans?

You probably want reverse mortgages explained in a clear straightforward way.  The loans can seem incredibly confusing and many retirees have had slightly negative views about them. However, popular opinion is swinging and reverse mortgages may turn out to be the red wine of financial products — something once considered bad that is now thought…