“A reverse mortgage can make sense for some seniors, mainly those who answer yes to these questions: Do you need additional income to pay your bills? Do you plan to stay in the home? And are you OK with passing on the property to your heirs with a debt they’ll need to pay off?
If you own your home and are at least 62 years of age, a reversemortgageallows you to take out a loan against the equity in your home that you don't have to repay during your lifetime, so long as you're living in the home and haven't sold it. If you want to increase the amou...
If you embark on the reverse mortgage path, it’s key to know that your loan balance goes up over time as interest and fees accumulate. However, remember you (or your heirs) never owe more than the value of your home when the loan actually comes due. How do You Qualify for a Revers...
Areverse mortgage, also called aHome Equity Conversion Mortgage(HECM), is a type of loan that works in the opposite direction to other mortgages – instead of the homeowner paying monthly installments to the lender, the lender pays monthly installments to the homeowner, or opens up a credit lin...
Here are the disadvantages of a reverse mortgage worth considering: Your Heirs Can’t Keep The Home Without Paying Off The Loan If you want to leave your home to your children or other heirs, it is best to find a different option than a reverse mortgage for meeting your financial needs. ...
While a reverse mortgage isn’t right for everyone, every one should at least know the real facts to determine if a reverse mortgage is right for their situation. Don’t go the plumber for your health problems. And don’t go to the media, politicians, a real estate agent, your neighbor...
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Refinance: If the surviving spouse has enough income and good credit, they may qualify for a traditional mortgage to pay off the reverse mortgage. Stay in the home:If the reverse mortgage balance exceeds the value of the home (known as being "underwater"), selling the home or letting the...
Yes, there are costs. And reforms to the program were needed, adding security for non-borrowing spouses. However, the sad truth is that reverse mortgage funds are not always used properly. That is the real concern. If a homeowner has a monthly cash flow issue, then establishing monthly payo...
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