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A senior reverse mortgage is a loan available to homeowners who are 62 years or older, and it allows them to convert part of the equity in their home into cash. In other words, it’s the opposite of a traditional home loan, and you will receive money instead of paying money to a lender each month. And your loan amount increases over time instead of shrinking after every monthly payment. […]

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A senior reverse mortgage is a type of mortgage that works opposite that of regular mortgages. In reverse mortgages, the homeowner borrows against the value of his home and keeps the title to the home. The reverse mortgage lender pays the homeowner, either in the form of a line of credit, a lump sum, or a fixed monthly payment, or a combination of these.  Until the homeowner-borrower sells the home, […]

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What is a senior Reverse Mortgage? Reverse Mortgage is a type of financial agreement which provides a home-loan available to home owning elderly individuals, generally aiding their retirement income by lending money against the value of his/her home. The borrower accepts funds as fixed monthly payment or a line of credit. This type of mortgages grants elders for accessing the home equity they already have established in their homes at present, […]

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After working a lifetime to be debt free, I figured there must be a viable solution.One solution I found that is gaining in popularity is the Insured Reverse Mortgage or the Home Equity Conversion Mortgage (HECM). I know what you might be thinking: “The bank could take my home!” At one time I thought the same thing. That’s just a myth and fortunately, it’s just not the case! In fact, […]

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Interest rates for senior reverse mortgages are in an entirely different field than the reverse mortgages fees. The first ones are a tab more complicated to understand. Reverse mortgage Interest rates are important because these define how much you are going to get and will give an insight of how much you will have to repay. You need to do a lot of research before going with senior reverse mortgages […]

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In this modern era, much of the focus lies on wealth creation and ensuring financial stability for a comfortable retirement. Who wouldn’t want to be old and rich, right? However, the retirement process is much more than just the money you’ve saved up. Majority of the seniors only concentrate on constructing secure retirement portfolios for their retirement plan –understandably- but fail to take into account other factors such as family, […]

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A Reverse Mortgage helps people over 62 years of age to receive monetary benefits by mortgaging their home equity. With Reverse Mortgage, seniors can use the proceeds in various ways such as buying another house, starting a new business, getting a vacation, pay for medical expenses, improve lifestyle or increase financial strength. One the Reverse Mortgage has been finalized, the only thing left is to decide how to receive the […]

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Apparently anyone can get into this, especially at the time when a parent takes a mortgage but dies leaving behind a reverse one. In this scenario you will need to know what happens to the debt. The options to take when dealing with a reverse mortgage as heir: – You can keep that home: If you intend to keep the home, you will have to clear the loan. You will […]

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Owning a car as a senior is a very big milestone in making the old age life better. The most experienced and careful people on the roads are the retirees, and this has earned them a good reputation among insurers because of their lower accident rates and high safety. However, many seniors have low income from their pension plans and superannuation. This makes them find it hard purchasing insurance covers […]

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With a senior reverse mortgage, there are two types of a loan. There is a fixed reverse mortgage interest rate, and an adjustable rate reverse mortgage loans. To choose the best option for you between the two types is not very straightforward. There are reasons one might take an adjustable rate reverse mortgage that makes a lot of sense. Fixed interest rate reverse mortgages are excellent since they give you […]

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