Reverse Mortgages

Find a reverse mortgage calculator, explore reverse mortgage pros and cons and get reverse mortgage explained.

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.

When you get a reverse mortgage, you are borrowing your own home equity. (Home equity is the difference between what your home is worth and the amount you owe on your home.) So if your home is appraised at $300,000 and you still owe $50,000 on the mortgage, then you have $250,000 in home equity.

Use a reverse mortgage calculator to estimate your own loan amount. These systems estimate the amount of money you get with an equation using the appraised value of your home, the amount of money you owe on the home, your age and current interest rates.

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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…

November 7, 2017
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…

September 17, 2017

The Pros AND Cons of Reverse Mortgages

There are many strong reasons to get a reverse mortgage. There are also some downsides. While these loans are very popular, getting one is a huge financial decision. Before talking with a lender, explore the pros and cons in great detail. Here are 3 quick key considerations: Con: It’s a loan. You pay fees and…

September 12, 2017

You Probably Qualify for a Bigger Reverse Mortgage Now

Interest rates have fallen and that means that most reverse mortgage borrowers now qualify for more money. (And, you pay less in interest.) Get a new estimate of your reverse mortgage loan amount right now! All the great benefits of the loans still apply: You still own your home: A reverse mortgage is just a…

September 11, 2017
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…

September 3, 2017
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.…

September 2, 2017

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…

September 1, 2017
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…

August 30, 2017
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…

July 10, 2017
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…

June 26, 2017
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…

May 8, 2017

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…

April 9, 2017
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. …

March 27, 2017

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…

February 13, 2017

7 Tips to Help People Who Are Retired Stay in Their Homes Longer

Nine in 10 older Americans want to remain in their own homes as they get older. But most people aren’t planning ahead when it comes to making sure their houses are equipped to provide their desired lifestyle in retirement, research shows.In fact, while 96% of Americans age 50 to 80 say it’s important to be…

February 1, 2017
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,…

January 30, 2017
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…

November 28, 2016
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…

November 22, 2016

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,…

November 14, 2016

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…

August 31, 2016
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…

August 22, 2016
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…

June 24, 2016
reverse mortgage comparisons

Your Retirement: 3 Areas Where Backwards is Better

We are always trying to move forward in life.  However, in retirement, there are at least three areas where you might want to hit reverse and go backwards: Reverse Aging: Where is that fountain of youth anyway? While creams and potions promise to reverse aging, there are actually a few things proven to make us…

June 4, 2016
how do reverse mortgages work

How Your Home Can Function as a Pension Plan for Your Retirement

Ah, the good old days of defined benefit pension plans. Pensions used to be common and a wonderful source of retirement income. But these benefits are increasingly rare.If you are feeling the stress of funding retirement, it is likely because you simply lack the guaranteed pension income that your parents probably had.  You have worked…

May 16, 2016

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