A reverse mortgage could help you cover your monthly expenses if you have limited retirement funds, but it has pros and cons. Learn more.
All senior homeowners should know and understand the main pros and cons of reverse mortgages before turning their home equity into spendable cash.
Who Is Eligible? ; You must own a home. The home can be paid off or have an existing mortgage. ; At least one homeowner must be 62 or older. ; You must be able to meet the financial obligations of the loan.
Reverse mortgages and home equity loans allow you to access your home’s equity, but how they impact your finances is vastly different.
A reverse mortgage allows you to draw upon the equity in your home to fund living expenses, health expenses or to simply live a more comfortable retirement.
These frequently asked questions are arranged in the order in which they occur during the loan origination process. If you read all the questions from beginning to end, more… Reverse Mortgage FAQs
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.
Is a reverse mortgage right for you? Here are the positives and negatives to this unique type of loan.
Reverse mortgages can be a valuable financial tool, but their complexity has enabled fraudsters to perpetrate scams and schemes on older adults.
Typically, a reverse mortgage loan is more expensive than other home loans.