Reverse Mortgages

A reverse mortgage is a loan that enables homeowners aged 62 or older to borrow against the equity in their home without having to sell the home, give up title, or take on a monthly mortgage payment. These loans  are very popular but are often misunderstood.  A common reverse mortgage misconception has to do with…

If you watch TV, you have probably seen commercials that promote the various benefits of reverse mortgages. Usually, it’s a well-known celebrity spokesperson, explaining how reverse mortgages work and how to become eligible for these loans. But what you have heard in these ads may be misleading. The Consumer Financial Protection Bureau (CFPB) recently conducted…

A reverse mortgage can be used to tap into home equity, and can allow aging Americans to remain in their homes. The proceeds of a reverse mortgage, including the line of credit option taken by many reverse mortgage borrowers today, can also be used for a very important purpose: home improvements. Whether updating features to…

If you’ve never seen a reverse mortgage commercial featuring the familiar face of a celebrity, you’re probably in the minority. Reverse Mortgage lenders have long elected to work with famous faces to help them get the word out about reverse mortgage products. It’s a common practice. Baby boomer celebrities represent brands across all product and…

A reverse mortgage is a loan taken against the equity that you have in your home. If eligible, older Americans can use a reverse mortgage to help them offset mounting costs or simply provide an additional revenue stream in retirement. What is a reverse mortgage? The financial tool enables qualifying homeowners aged 62 or older…

Tax season can seem like an overwhelming time of year. As you’re busy gathering all the receipts, statements and other necessary documentation on your retirement assets, you might want to consider how alternative investments, like getting a reverse mortgage, can impact your retirement taxes. In recent years, reverse mortgages have been garnering greater acknowledgement within…

Living longer than expected, insufficient savings, higher cost of living and medical expenses are just some of the things making it difficult for many older Americans to pay for retirement. Securing a reverse mortgage is one solution many people are exploring.  A reverse mortgage allows homeowners who are 62 or older to borrow their home…

The reverse mortgage Financial Assessment, which was originally supposed to take effect March 2, 2015, has been pushed back several weeks to allow both lenders and prospective borrowers more time to prepare for the upcoming rule change. Now, borrowers who get a reverse mortgage on or after April 27, will be subject to the Financial…

In short time, homeowners who are considering taking out a reverse mortgage will run into a few changes. But industry experts say these changes are nothing to fear. In an effort to better protect borrowers and the reverse mortgage program, the Department of Housing and Urban Development (HUD) has issued new guidelines that will impact…

Reverse mortgages are complex financial tools that, when utilized to their full potential, can be instrumental in helping you plan for retirement. But not used under the right circumstances, they have recently made headlines for consumer complaints about them. What are the biggest reverse mortgage complaints? In February, the Consumer Financial Protection Bureau (CFPB) highlighted…

For many years, non-borrowing spouses of reverse mortgage borrowers had few protections when the borrowing spouse passed away. That’s because the reverse mortgage, and its terms, apply only to those people who are named on the home title. For some non-borrowing spouses, that has meant they are left to repay the loan, or leave the…

This year, reverse mortgages will undergo yet another transformation in a long line of recent program changes designed to make these loans safer retirement planning mechanisms for the borrowers they serve. Starting on April 27, 2015, borrowers age 62 and older will be subject to a financial assessment before they can take out a reverse…

Reverse mortgages can help you build wealth. How could a reverse mortgage be a great financial planning tool? A little-known feature of reverse mortgages is being recognized by financial planners as a way for people 62 to have an additional revenue stream in retirement. Nearly 78% of all older adult households do not have sufficient…

Ever wonder how you can use a reverse mortgage to improve your quality of life? This video explores and explains the many ways you can use the money from your reverse mortgage loan. While there are many pros and cons to reverse mortgages, the most important consideration for you is probably whether or not you…

Recent updates to the government-insured reverse mortgage program mean loan amounts are changing—for better or worse. How do the changes play out for your situation? A reverse mortgage is a loan that enables homeowners aged 62 or older to borrow against the equity in their home without having to sell the home, give up title,…

The aging population is facing a housing crisis in America, and it’s coming fast. Such are the findings of a landmark study and report released by the Harvard Joint Center for Housing Studies and AARP last month. The annual study showed that 1 in 3 people over age 50 in the U.S. were carrying a…

Like all financial products, reverse mortgages can be subject to scams. These loans, which are available only to people who are 62 or older, have been the target of scammers in the past who have conned people into using a reverse mortgage when it is not in their best interest. But used appropriately, a reverse…

Hardly a day goes by without a new list of the best places to retire as well as a story about how making ends meet in retirement is increasingly difficult.  If both of these types of stories are of interest to you, you might want to know more about a reverse mortgage for purchase. Many…

A common question from retirees is: “how does a reverse mortgage work?”  You can read articles about the topic, but we hope that this video will help you understand this complex product.  Watch below for a clear explanation of a reverse mortgage and find out how reverse mortgages compare to other home equity products. About…

Reverse mortgages have long been heralded as an option for people who are “house rich” and “cash poor.” But today that tune is changing. Not only are reverse mortgages being recommended for people who have more home equity than they do savings, but also for those who, quite the opposite, have plenty of money invested…

Reverse Mortgage Facts: Reasons these loans are growing in popularity. Reverse mortgages are not for everyone. But, as more and more Americans retire, they are likely to be more and more popular as a way for people to tap into their largest asset as they age. Until recently, reverse mortgages have been portrayed by the…

We all worry about money and our financial future. And if you are approaching retirement, then your concerns are probably heightened. In today’s financial environment, few things are sure. In retirement, you require your existing assets to be stable and predictable, since you are not making money from work (or making less from work). For both…

Reverse Mortgage Counseling Can Help You Make the Best Decision for You Reverse mortgage HUD counseling is not only required but is an important part of securing a reverse mortgage. Here is your guide for how to find an approved counselor and what to expect from the counseling. What is the purpose of reverse mortgage…

A reverse mortgage is not a one-size-fits-all product, but it can be a useful way for many people in retirement to offset mounting costs or simply provide an emergency resource by using home equity. However, there have been some perceived cons — downsides — to the product, some of which have raised the attention of…