Found 22 Articles.
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Reverse mortgages are loans available for people who are 62 or older that allow them to tap their home equity while still residing in their homes and without having to make regular loan payments. In a reverse mortgage, the lender gives money to the homeowner as either a lump sum, fixed regular payment, or a […]
The FHA announced new rules on reverse mortgages that change the cost structure and also limit the cash available to some homeowners. Here are the details. So, why the new rules? Well, this program has been a money-suck for the Federal Housing Authority. Almost one in five, 18 percent, of reverse-mortgage loans taken out from […]
I’ve discussed in Retirement Watch some situations in which a reverse mortgage can be a good financial tool. But there are other situations in which reverse mortgages aren’t appropriate. A recent settlement reported in the Boston Globe describes one of those cases. A couple was urged to take out a reverse mortgage and use the […]
The New York Times explored reverse mortgages and concluded that they are becoming respectable, though it referred to them as “a necessary evil.” The big news in the article is that many local and community banks are entering the reverse mortgage market. So, don’t think you’re restricted to the large banks or the firms who […]
Proper use of a reverse mortgage can extend the life of your wealth. Changes were made in reverse mortgages in 2013. The changes allow new strategies, and recent research revealed a few creative ways to use them. Today’s low interest rates also create an opportunity that will disappear when rates rise. Many of you should […]
Most people know generally about reverse mortgages. But not much attention is paid to what happens at the end of a reverse mortgage. This story purports to tell the story, but it raises a lot of questions for me. A reverse mortgage allows a senior adult or couple to tap their home equity while remaining […]
Reverse mortgages can be powerful cash generators in those post-career years, when used properly. Anyone who might be interested in using a reverse mortgage in the next few years should consider lining one up now. This is a good reverse mortgage shopping time because interest rates are bottoming. Though you don’t make regular loan payments […]
Over the years, reverse mortgages have grown in popularity among senior Americans. A reverse mortgage allows a homeowner age 62 or older to tap the equity in the home without having to make payments for as long as he or she lives in the home. The federal government guarantees most reverse mortgages that are made […]