When you do leave the house or pass away, the property can be sold and the proceeds used to pay off the reverse mortgage. The sale price can be equal to the mortgage balance or up to 95% of the home's appraised value, whichever is less. (The mortgage insurance you've been paying w...
and outline alternatives to getting a reverse mortgage. The counselor also will review your finances, and offer guidance and resources to help you decide which option is best for you.
Also similar to a traditional mortgage, homeowners who take out a reverse mortgage put up their house as collateral for the loan—that means you lose your house if you don’t live up to the terms of the loan. Can we talk for a second about how risky that is? Why in the world woul...
A reverse mortgage is a type of loan that allows homeowners ages 62 and older to borrow against their home’s equity for tax-free payments. Thereverse mortgage lendermakes these payments to the homeowner. The homeowner doesn’t have to repay the reverse mortgage until death, or when they per...
This is the only option with a fixed interest rate. Equal Monthly Payments: Receive steady monthly payments for as long as you live in your home. Line of Credit: Similar to a credit card, draw funds as needed and pay interest only on the amount you use. Term Payments: Get fixed ...
A reverse mortgage is an increasingly popular way for Canadians aged 55 and older to access the equity they’ve accrued in their homes. Reverse mortgages can provide financial flexibility and peace of mind, particularly for retired homeowners living on fixed incomes. But there’s a lot to ...
A reverse mortgage is a flexible way to cover a wide range of financial needs. Here's what you can use it for.
Dr. Kareem TannousReal Estate & Mortgage Broker at Alliance Realty & Financial Services, Inc. Jeff JohnsonOwner of Simple Homebuyers AboutChristopher Boston Christopher Boston is a Senior Manager of Content Strategy and SEO at MoneyGeek. For over half a decade, they have crafted hundreds of artic...
for you or a family member that may benefit from a reverse mortgage, please feel free to reach out to one of our personal mortgage advisors who would be happy to spend time answering your questions. Our experts are ready to help you decide if a reverse mortgage is the right choice for ...
One of the questions often asked is who qualifies for a reverse mortgage. Potential borrowers also ask what are the reverse mortgage requirements. To apply for a reverse mortgage, you need to be 62 years of age, own your home outright or have a low mortgage balance that can quickly be pai...