Reverse mortgages might be attractive options for seniors with limited incomes and financial uncertainty. However, these types of mortgages are complicated financial products that often have signif...
Table of Contents ; Single-Purpose Reverse Mortgages · Why Get One? · Costs · Researching Your Options · FAQs · The Bottom Line
Table of Contents ; How a Reverse Mortgage Works · 1. Traditional Refinance · 2. Home Equity Loan · 3. Home Equity Line of Credit · 4. Sell Your Home or Downsize · 5. Sell Your Home to Family Members · 6. Sell Off Other Assets · FAQs · The Bottom Line
Reverse mortgages can help fund your retirement, but make sure you wait to take out the loan and select the right payment option to avoid outliving yours.
Discover the three different types of reverse mortgages available to qualifying homeowners age 62 and older.
Table of Contents ; What Is a Reverse Mortgage? · Beware of High Costs · Kids Might Not Inherit the Home · Impact on Medicaid Benefits · Other Potential Pitfalls · FAQs · The Bottom Line
Table of Contents ; Adjustable-Rate Payment Plans · Option 1: Tenure Payment Plan · Option 2: Term Payment Plan · Option 3: Line of Credit (LOC) · Option 4: Modified Tenure Plan · Option 5: Modified Term Plan · Option 6: Fixed-Rate Payment · FAQs · The Bottom Line
This rule of thumb isn't unique to reverse mortgages; it also usually doesn't make sense to get a new forward mortgage (like a refinance loan) on a home you're about to sell. The reason?...
If you own your home and are at least 62 years of age, a reverse mortgage provides an opportunity to convert some of your home equity into cash. In the most basic terms, a reverse mortgage...
JUNE 28, 2012 Reverse Mortgages Report to Congress 2 REPORT TO CONGRESS ON REVERSE MORTGAGES, JUNE 2012 Table of Contents EXECUTIVE SUMMARY. 5 E.1 Key Findings. 7 E.2 The CFPB’s Role. 10...