A reverse mortgage allows older homeowners to tap their home equity. You have several options for how to receive the money. Learn how a reverse mortgage works.
A mortgage rate modification could make sense if your mortgage payments or current rate are higher than you'd like.
Pros and cons ; Pros: Money can be used for any purpose · Most are backed by the Federal Housing Administration (FHA) · Interest rates are typically lower than a home equity loan ; Cons: You must be 62 or older to qualify · Erodes equity of home over time · Can be more expensive than a traditional mortgage
All senior homeowners should know and understand the main pros and cons of reverse mortgages before turning their home equity into spendable cash.
A reverse mortgage is a type of loan reserved for those 62 and older. Here’s how it works, how you can get one and what to be wary of.
Explore current FHA interest rates, learn about FHA loans and who they're good for, and see our list of the best mortgage lenders for FHA loans.
A single-purpose reverse mortgage offers regular advance payments of a borrower's equity for a contractually specified purpose.
Find out more information about the reverse mortgage rates and fees. The charges are dependent on what options you select.
In a reverse mortgage, you get a loan either as a lump sum, in monthly payments or as a line of credit. You repay it when you sell the house or die.
A reverse mortgage initial principal limit is the amount of money a borrower can receive from the loan. It's usually much lower than the home's value.