The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program, which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more.
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Regulators and academics have given mixed commentary on the reverse mortgage market. Some economists argue that reverse mortgages allow seniors to smooth out their income and consumption patterns over time, and thus may provide welfare benefits.
With a reverse mortgage you can turn the value of your home into cash without having to sell the property, move out of it, or repay a loan every month. Before entering into a reverse mortgage agreement educate yourself, consult with trusted advisors and understand the pros and cons.
What is a Reverse Mortgage
These frequently asked questions are arranged in the order in which they occur during the loan origination process. If you read all the questions from beginning to end, you will be traveling through the entire process. For answers to frequently asked questions about the following, click on the term: Qualification Special Requirements Q: Are there any special requirements to get a reverse mortgage?
Watch out for these drawbacks of using a reverse mortgage to fund retirement. By FMF + More One of the retirement planning resources that has gained interest in recent years is the reverse mortgage. For many retirees, it seems like a solid idea.
A type of mortgage in which a homeowner can borrow money against the value of his or her home. No repayment of the mortgage (principal or interest) is required until the borrower dies or the home is sold.
For homeowners 62 years and older, a reverse mortgage may seem like an excellent way to tap into home equity, generating much-needed retirement income. After all, the loan typically doesn't have to be repaid as long as the last surviving borrower lives in the home or until the home is sold.
Are unsuitable reverse mortgages to seniors a form of financial elder abuse? Some experts think so. Learn what they had to say in my report from the San Francisco Seventh Annual Conference on Elder Abuse. The dangers of reverse mortgage products are hidden and difficult to understand. Here they are.
Did You Know With a Reverse Mortgage Loan, Homeowners 62 Or Older Don't Have To Make Payments During The Loan? Call (800) 976-6211 Today.
Water, water everywhere and nary a drop to drink. For decades, retirees looking to convert their biggest asset -- home, sweet home -- into income were forced to choose between either selling their house or taking out a home equity loan, which sentenced them to an unwelcome schedule of high-interest monthly payments.
For years, manyolder Americans who were short on cash turned to reverse mortgages to solve their money troubles -- only to find themselves deeper in debt or, worse, losing their homes. New federal rules have made reverse mortgages safer, but there are still some major pitfalls.
Work with the largest reverse mortgage lender in America! Talk to us to find out if a reverse mortgage can help you.
Many Americans struggle to make ends meet during their retirement. A third of all retirees now get 90 percent or more of their income from Social Security, according to figures from Boston College's Center for Retirement Research. For those who are fortunate enough to own their homes, a reverse mortgage can be an option that can supplement Social Security and other income sources.
The only solace for Isabel Santos as she spends her evenings huddled over stacks of yellowed foreclosure notices is that her parents are not alive to watch their ranch-style house in Pleasant Hill, Calif., slipping away.
Reverse Mortgage Guides is a reverse mortgage education site. It helps explain many of the pros and cons of HECM reverse mortgages for homeowners. We publish articles and tools for seniors who are considering a reverse mortgage. Those who want to become fully educated before making a decision.
A reverse mortgage lets you tap into the equity of your home, but includes ongoing responsibilities to maintain the property and pay expenses like taxes and insurance.
A reverse mortgage is a special type of loan that allows older homeowners to borrow against the equity (wealth) in their homes. Here’s how a reverse mortgage works: It is called a “reverse” mortgage because, instead of making payments to the lender, you receive money from the lender.
A reverse mortgage is a special type of home equity loan that allows you to receive cash against the value of your home without selling it.
