logo

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 […]

Read more

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 […]

Read more

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 […]

Read more

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, […]

Read more

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, […]

Read more

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 […]

Read more

Would you like to get a senior reverse mortgage, but confused on whether to use a reverse mortgage broker, bank or lender? Some seniors prefer to use an independent reverse mortgage broker to find the best deal, while others go directly to banks and other lending institutions. Either method can work for you. Note that all these entities are governed by the same sets of guidelines under the Federal Hosing […]

Read more

Not all senior reverse mortgage lenders are the same. Finding the right type of mortgage can mean saving thousands of dollars during the life of the loan. Also, the right type of lender can guide you and educate you throughout the process so that you have a pain-free experience. You can choose to select a reverse mortgage lender before deciding on getting a home mortgage or once you are clear […]

Read more

A senior reverse mortgage loan is complex and has a number of requirements. Before applying or when applying for a reverse mortgage, one needs to seek some clarifications. This article states and explains some of the most important questions regarding a reverse mortgage. The explanations provide answers to questions that potential borrowers may have regarding the people they are working with, the time it takes to benefit from the proceeds […]

Read more

A mortgage agreement which grants home-loans to elderly citizens against the market price of the borrower’s home is known as the senior Reverse Mortgage. The loan value is usually given to the homeowner in a mode of monthly fixed payment. With this mortgage system, the borrower can live in the house till his/her death, taking no burden of any regular mortgage payment. Instead, the monthly interest is accumulated with the […]

Read more