Paying back a reverse mortgage can be done by selling the home, using savings, obtaining a new mortgage, or giving the lender a deed in lieu of foreclosure.
If you're a senior with lots of home equity, a reverse mortgage could provide a lot of cash. There are some serious considerations, however.
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.
Who Is Eligible? You must own a home. The home can be paid off or have an existing mortgage.
A reverse mortgage could help you cover your monthly expenses if you have limited retirement funds, but it has pros and cons. Learn more.
Whether you're the borrower on the reverse mortgage or an heir, you'll need to pay it back. Here's how to repay a reverse mortgage.
Reverse mortgage debt could add a wrinkle to a divorce filing. A divorced couple can refinance the reverse mortgage or sell the home to pay off the debt.
Is a reverse mortgage right for you? Here are the positives and negatives to this unique type of loan.
All senior homeowners should know and understand the main pros and cons of reverse mortgages before turning their home equity into spendable cash.
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