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Many seniors considering a reverse mortgage bring along a negative mindset from their experience with (or what they have heard about) adjustable rates on standard mortgages. Some begin the process by expressing a strong preference for a fixed-rate reverse mortgage, which may or may not meet their needs.
Also, keep in mind that to get the reverse mortgage you’ll typically first have to pay off the existing mortgage with the reverse mortgage funds. (Read about reverse mortgage restrictions and requirements.) Reverse mortgage lenders provide a finite number of payments and you could run out of money if you take out a reverse mortgage at this time.
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A reverse mortgage allows a retired homeowner to tap into the equity of a paid off home. In the right circumstances, a reverse mortgage can be a source of badly-needed cash in an individual’s.
If you are considering a proprietary reverse mortgage, make sure you understand your options for receiving your money, as they may differ from the options for HECM loans. If you or your parents are considering a reverse mortgage, make sure you get all the facts first. We have several resources to help you learn more about reverse mortgages.
With reverse mortgage changes on the way. with an adjustable rate borrower being able to access to the $70,000 balance in later years. Read the WSJ article.
Then you see a late-night television commercial about something called a reverse mortgage. “You know. unless otherwise requested. To read more, go to http://wapo.st/michelle-singletary.
“But the tool they sell is one whose time is coming, and people who refuse even to consider a reverse mortgage in the coming years may do themselves a disservice.” Read the New York Times article.
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and if they have a mortgage that’s sucking up a lot of their income, they can use the reverse mortgage to get cash now, or to pay off their mortgage,” he said. Read the Business Insider article.
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What is a Reverse Mortgage? A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) 1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. 2 After obtaining a reverse mortgage, borrowers must continue to pay property taxes and insurance and maintain the home.