Reverse Mortgage
Reverse Mortgage Facts for Seniors
A reverse mortgage, sometimes known as a Home Equity Conversion Mortgage (HECM), is a unique type of loan for homeowners aged 62 and older that lets you convert a portion of the equity in your home into cash. But unlike a traditional home equity loan or second mortgage, you don’t have to repay the loan until you either no longer live in the home as your principal residence or you fail to meet the obligations of the mortgage.
Reverse Mortgages
If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. But take your time: a reverse mortgage can be complicated and might not be right for you. A reverse mortgage can use up the equity in your home, which means fewer assets for you and your heirs. If you do decide to look for one, review the different types of reverse mortgages, and comparison shop before you decide on a particular company.
Source: https://www.consumer.ftc.gov/articles/0192-reverse-mortgages
What is a Reverse Mortgage?
Reverse mortgage loans are commonly used to pay for home renovations, medical and daily living expenses. Homeowners who have an existing mortgage often use the reverse mortgage loan to pay off their existing mortgage and eliminate monthly mortgage payments.
Source: https://reverse.org/what-is-a-reverse-mortgage/
Understanding the Pros and Cons of Reverse Mortgages for Seniors
Reverse mortgages have received a lot of press in recent years. Of course, there are pros and cons to using this option, and it may not be appropriate for everyone. Interestingly enough, two large organizations advocate their use, especially for seniors who need help funding their plans to age in place.
Reverse Mortgage
Reverse mortgages can provide much-needed cash for seniors whose net worth is mostly tied up in the value of their home. On the other hand, these loans can be costly and complex, as well as subject to scams. This article will teach you how reverse mortgages work, and how to protect yourself from the pitfalls, so you can make an informed decision about whether such a loan might be right for you or your parents.
Reverse Mortgage 