Reverse Mortgages News, Information and Guidance

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…

decision to get a reverse mortgage

Should You Tell Family or Heirs About Your Decision to Get a Reverse Mortgage?

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…

what is a reverse mortgage and how does it work?

What is a Reverse Mortgage and How Does it Work?

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…

reverse mortgage trade offs

What Are You Giving Away When You Get a Reverse Mortgage?

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…

reverse mortgage calculations

Reverse Mortgage Calculations: How Much Money Can I Get? What Are the Payment Options?

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?…

What is a Reverse Mortgage Line of Credit?

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 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…

reverse mortgages

Are These Good Reasons to Avoid a 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. …