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As a homeowner with significant equity on your property, the challenge of repaying outstanding loans doesn’t have to cause a lot of stress in the long term. The U.S. Department of Housing and Urban Development(HUD) allows homeowners to convert part of their home equity into cash and receive monthly payments without having to relinquish their property ownership or move out of their house. What exactly is senior reverse mortgage? A […]

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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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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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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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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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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 […]

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