Baby boomers have taken a hard hit in the recession. They have watched their retirement investments plummet and their housing values go in the same direction. For senior citizens, age 62 or older, that have a free and clear home without a mortgage or one that still has equity in it, the U.S. Department of Read more…
The HECM (Home Equity Conversion Mortgage) is the FHA’s reverse mortgage program applicable to seniors over the age of 62. The reverse mortgage plan allows participants to withdraw money out of their home’s equity. The reverse mortgage is a direct opposite of the conventional mortgage option in that homeowners essentially are not required to pay Read more…
When you take out a reverse mortgage, you are essentially opening up access to the money you’ve already invested in your home. After meeting the qualifications, your lender will assess your home and determine how much you can take out as a reverse mortgage using your home as collateral and then will offer you several Read more…
Have you heard about the benefits of a reverse mortgage but aren’t sure if you qualify? A reverse mortgage allows you to access money you’ve already invested in your home, something many senior citizens find incredibly helpful. By accessing the money you’ve already invested, you may be able to stay in your home longer, handle Read more…
One of the stipulations when qualifying for a reverse mortgage is that your home must appraise at a particular value and must pass inspection, proving to be in good enough condition for the government to be confident you are a low lending risk. This is highly ironic, since many seniors want to open a reverse Read more…
Are you considering taking out a reverse mortgage but aren’t sure if this is the right option for you? Consider the following reverse mortgage pros and cons and determine if you would benefit. Reverse Mortgage Pros Reverse mortgages offer many benefits that seniors appreciate. If you take out a reverse mortgage, you can expect to reap Read more…
Older adults are, sadly, often the targets of scams, because they are often too trusting, yet they also worry about maintaining their lifestyle on a fixed income. Scam artists and predatory lenders that appear to be legitimate and consumer-friendly can often be just the opposite. To protect yourself and your loved ones from reverse mortgage Read more…
Once the turn of the century occurred, reverse mortgages began to gain popularity. According to statistics from the U.S. Department of Housing and Urban Development, the period from 2000 to 2008 saw a 1,500% increase in reverse mortgages. Seniors over the age of 62 are looking for options to gain some extra cash or to Read more…
If you’re thinking about taking out a reverse mortgage but aren’t quite sure if it’s a safe bet, check out these frequently asked questions and answers. What is a Reverse Mortgage? A reverse mortgage-sometimes called a HECM or Home Equity Conversion Mortgage-is a loan that allows you to take out the money you’ve already invested Read more…
Senior citizens are often coerced into reverse mortgages failing to realize other options are available. A Home Equity Line of Credit (HELOC) is an alternative to a reverse mortgage and under the ideal conditions it could be the right choice for a borrower. What is a Reverse Mortgage? A reverse mortgage is similar to a Read more…
Interest rates move in curves: up, down, up and down again. When should you refinance? Every time the rate hits Read more...
One of the biggest purchases you will probably make it your life is your home. Your home may also be Read more...
The home loan business has experienced significant changes since the real estate crash of 2008. Most notably it has become Read more...
1. What is HUD? HUD stands for the United States Department of Housing and Urban Development. It’s a government agency Read more...