A reverse mortgage is a special type of home loan that allows older homeowners to access the equity they have built up in their homes and defer payment of the loan until they pass away, sell, or move out. The loan proceeds are generally provided to the borrowers as lump-sum payments, monthly payments, or as […]
A question from a daughter wanting to know more about reverse mortgages for her mother. Question – So this is a real estate question – not for my business but for my family. My mom needs to retire and she can only retire without a mortgage but doesn’t have the money to buy outright. She’s […]
Think of getting a reverse mortgage the same as getting a regular mortgage for your house except that the qualification process is much easier and making a house payment is optional. A reverse mortgage allows senior citizens to turn a portion of the equity in their property into cash. Since the standard mortgage method is reversed, […]
Smart Ways to Use Reverse Mortgage A Reverse Mortgage or Home Equity Conversion Mortgage, HECM, has made huge changes which makes it better with the new rules passed by HUD earlier this year, as a way for some to significantly improve retirement income security. Home equity is probably the most valuable asset owned by most retirees […]
Congresswoman Maxine Waters (D-CA) wants better transparency for those seniors over 62 that have reverse mortgages, specifically HECM – Home Equity Conversion Mortgage. There have been may issues on what happens to non-borrowing spouses once the other spouse, the borrower, dies. She argues that by factoring in the age of the youngest borrower in […]