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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Top Ways for Retirees to Lock In Home Equity—and Grow It, Too

For many retirees, the most important aspect of their retirement portfolios is stable investments. But what if you could find an investment that not only grows, but is also guaranteed by the federal government? Enter: reverse mortgages, and specifically the line of credit option available through the federally-insured Home Equity Conversion Mortgage pr oduct. The…

May 5, 2014

Paying Back Your Reverse Mortgage in Advance: The Pros and Cons

One of the biggest benefits to the home equity conversion mortgage program is that, unlike conventional mortgages or home equity loans or lines of credit, you are not required to make monthly payments toward the balance of the loan. The federally-insured HECM program requires that loans be repaid when the borrower dies, leaves the home,…

May 1, 2014

New Reverse Mortgage Calculator: How to Assess Your Suitability for these Loans

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. If a reverse mortgage is right for you, it can offer great financial relief. Reverse Mortgage…

March 15, 2014

Unique Ways To Utilize a Reverse Mortgage

The government-insured reverse mortgage product can be used in a variety of ways to help seniors age in place during retirement. Here are three little-known ways that seniors can use reverse mortgages: Purchase a New Primary Residence (HECM For Purchase) – One of the best features of the HECM program is the ability to purchase a…

March 14, 2014

Reverse Mortgage Misconceptions

Over time, many people have developed misconceptions about reverse mortgages based on inaccurate media coverage. The truth is reverse mortgages have never been safer and they’re a viable retirement option when they are understood. Here are several common misconceptions about reverse mortgages as well as the truths behind them. Misconception: The bank (or government) owns your…

February 4, 2014

New Rules to Make Reverse Mortgage Qualification More Difficult

The U.S. Department of Housing and Urban Development will be instituting major changes to the Reverse Mortgage program. Changes taking effect this month, effective September 30, 2013 include: Limits to the amount of money that you can access in the first year of the loan A new mortgage insurance fee structure which may mean higher…

September 11, 2013

The Latest News About Upcoming Reverse Mortgage Changes

The Reverse Mortgage Stabilization Act was signed into law on August 9th. As we’ve reported earlier, this new law gives the Department of Housing and Urban Development (HUD) the authority to strengthen the HECM Reverse Mortgage program by making significant, but not overly drastic adjustments. We expect HUD to announce these changes before the end…

September 3, 2013

What Happens if You Have a Reverse Mortgage and a Tornado or Other Disaster Destroys Your Home?

The devastation in Oklahoma from the massive tornados is overwhelming. It is a human tragedy with entire neighborhoods flattened. Catastrophes like this serve as an important reminder to make sure you have the proper preparations in place should a natural disaster strike your home. Evacuations plans, emergency supplies and communication protocols are important. Equally important…

May 31, 2013

Reverse Mortgages and Long Term Care

Your decision to get a Reverse Mortgage should probably involve an analysis of your long term care plans. Research indicates that at least 70 percent of people over 65 will need long term care services at some point in their lives.  Many people secure a Reverse Mortgage in order to fund long term care services…

April 23, 2013

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