Getting a reverse mortgage works like a regular mortgage—you apply and then wait for the lender to approve you. Along with the qualifications we just went over, lenders will evaluate your finances to make sure you can afford to pay for other expenses you’ll still be on the hook for, li...
The location and condition of your home. Your home’s appraised value. During the application process, you must include all individuals listed on the title. Lenders may also ask you to get legal advice regarding a reverse mortgage. Proof of having received this advice may be required. Reverse...
In short, working with a reputable reverse mortgage lender can help ensure that the borrower is making an informed decision and is protected from fraud and predatory lending practices. It can also provide peace of mind and a better overall experience throughout the process. When considering a rev...
As aging baby boomers retire and require additional funds, older homeowners ages 62 and over can consider a reverse mortgage, which converts part of the equity in a home into cash without having to sell the home. The loan is repaid when you die, sell your home or when your home is no...
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we’re trying to figure out how to apply for food stamps after losing everything we’d saved in our IRAs to pay off a mortgage that’s worth more than the house we no longer own… That’s how there are two laws of economics working, depending on th...
Just as I was feeling the most depressed about being back home, my best friend in Germany rang up to ask advice on how she should celebrate her upcoming big birthday. “I’m trying to decide between going to New York or renting a house in Tuscany.” I knew she was serious and that ...