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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 is a special type of loan where a homeowner borrows money from a lender using a mortgage-equity as security. This amount could be as a line of credit/ regular-income stream, a lump-sum or combination of all/any of these options. The interest of the loan is calculated and charged like the other loans. However, you need not repay the loans while living in your home. This means […]

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Did you know that there’s a better way for you to pay your medical expenses during retirement? For Older Americans, paying healthcare has been a huge issue. The cost of healthcare continues to rise. Financial experts say that the cost of an average couple aged 65 is between $260,000 to $565,000. But gladly, you can have a better medical care plan with this reverse-mortgage. In this article, we are going […]

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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 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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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 […]

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Homeowners who have attained the age of sixty-two years and above can benefit a great deal from senior reverse mortgages. It provides you with the opportunity of living in your home with no month to month payments and offers a chance for improved cash flow. Unlike the more conventional mortgage systems, with reverse mortgages the borrower’s loan isn’t due until or unless they stop using their home as the primary […]

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Many things are said about a senior reverse mortgage that scares seniors from getting one. It is essential for everyone to get the facts right to gauge if reverse mortgage fits their situation. This way many people will get to benefit from a senior reverse mortgage. With that said the following are ten reasons that you shouldn’t be afraid of a reverse mortgage. 1.The title of your property stays in […]

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