Found 6 Articles.
Reverse mortgages are booming. The number of reverse mortgages issued is growing at a rapid rate (though the actual number still is fairly small), and mortgage options available are increasing. More options give older homeowners more potential benefits but also increase the potential to make mistakes. The industry’s preferred term for reverse mortgages is Home […]
Reverse mortgages suddenly are booming. The number of reverse mortgages insured by the federal government surged by 77% in 2006. Areas with high home prices and a high percentage of older people see the greatest number of the mortgages issued. Several factors are behind the increase in reverse mortgages. The aging population increases demand, as […]
American seniors can take equity out of their homes without moving. They also don’t have to make payments during their lifetimes while they live in their homes. Reverse mortgages were almost unknown when I first wrote about them more than a decade ago. Now, they are much better known but are greatly misunderstood. Only 8,200 […]
Managing the equity in appreciated homes and second homes has become a pleasant and unexpected challenge for many. Especially on the coasts, residential real estate values soared the last five years. Suddenly owners, especially long-time owners, have properties that are more valuable than they imagined. For many families, real estate wealth exceeds the value of […]
The use of reverse mortgages is climbing as more seniors learn how to use them to raise cash from their home equity. The loans are not for every senior American, but they can be a valuable source of cash for strapped homeowners. Fewer than 20,000 reverse mortgages were originated in 2003. That’s a tiny part […]
Home equity is the most valuable asset of many older Americans. Even after the big bull market, Americans real estate holdings (primarily through their homes) are more valuable than their stocks. But that real estate wealth doesn’t help pay bills. You can sell a small part of a stock portfolio to pay medical bills or […]