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HECM, Reverse Mortgage and More

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The terms of the senior reverse mortgage loan do not change; you only need to check with your service provider. If your children are heirs and can manage to pay the mortgage loan from other funds, then they can keep the house after you die. Otherwise, if they are not listed as heirs then certainly they will have to move from the home. Payment of this loan depends on whether […]

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Retirees and senior citizens can find themselves facing hard financial times. They can discover that their savings simply aren’t enough to cover the retirement period. Moreover, they could develop a health condition which their insurance doesn’t cover. In such cases, extra cash becomes highly necessary. An effective way of getting some is by using the reverse mortgage. This is a home loan which is provided to elderly homeowners who are […]

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Senior citizens can sometimes find themselves facing difficult financial times. This could be due to excess debt, waning health or the lack of enough savings to maintain their lives in retirement. An effective way of eliminating this need for money is a reverse mortgage. This is a home loan which is provided to senior citizens which allows them to convert the equity held in their homes into cash. It is […]

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If you are a senior citizen living in your own house and need some extra money, you can use a reverse mortgage to get it. This is essentially a loan that homeowners over the age of 62 can get. It allows them to use the equity in their houses to get some cash. In this financial arrangement, the borrower gets paid by the lender and not the other way around. […]

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One of the premier vacation destinations in the world, Hawaii is undoubtedly a dream expedition for many individuals. With its golden sands, active volcanoes and glimmering ocean, this beautiful island provide an unforgettable experience, both spiritually and physically. It not only offers a new breath of life but an escape from the hustle and bustle of the city. However, with such beauty to behold, it is understandable that an excursion […]

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A senior reverse mortgage enables homeowners aged 62 and above to access a part of the equity in their homes. An individual is eligible for a senior reverse mortgage if the home against which he or she obtains the facility is his or her primary residence. The homeowner also must continue to pay insurance and property taxes and maintain the home in a manner that meets the guidelines of the […]

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A senior reverse mortgage is one of the best ways to fund yourself to either improve your lifestyle, pay off your debts or even to buy a vacation home. Whatever your objective is, it is not just you who will be benefited from it but your family as well. There is a myth flowing around that makes people hesitant, and it’s a misconception that your heirs will suffer in an […]

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In December 2017 the FHA announced that there would be a significant increase in the mortgage limit for a HECM reverse mortgage. The increase would be from the previous level of $636,150 up to $679,650. This increase would take effect on January 1st, 2018 and will go all the way through to December 31st,2018. This would arguably be the most meaningful mortgage limit change since 2009. The higher FHA mortgage […]

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Sophisticated cities and they can help you get through old age without much financial strain. The most popular kind of reverse mortgage in the US is HECM (home-equity-conversion-mortgage). This kind of reverse mortgage is only available to homeowners older than 62 years. The property must also be their principal home, and they should also have strong equity in the home or own it all together. In order to fully determine […]

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Everywhere and anywhere we observe around us; we notice changes taking place. Just think about any industry or business, you will discover that change has always been and will remain the only constant thing in life. In the midst of all these changes, money is one thing that has not lost its status. Regardless of your location, occupation, age or gender, money is something that is indispensable. When we were […]

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