When Does a Reverse Mortgage Become Due for Payoff?
Under what circumstances would a reverse mortgage become due for payoff? One is when the last borrower moves out for more than a year, passes away or the home is no longer their primary residence. Another scenario would be if the property taxes or…
What are the Eligibility Requirements for a Reverse Mortgage?
What are the eligibility requirements for a reverse mortgage? For an FHA Reverse Mortgage, the youngest borrower must be at least 62 or at least 55 for a “Jumbo” non-FHA reverse mortgage. They must have 50-60% in home equity – or more – and…
Why is it Called a Reverse Mortgage?
Let’s examine exactly what the term “reverse mortgage” means… and how it works differently from a traditional mortgage. When you make a payment on your traditional mortgage, the balance goes down a painfully small amount each month. But, with a reverse…
How do Homeowners Use Reverse Mortgages?
Senior homeowners are finding that a reverse mortgage can be a cost-effective way of addressing some of their biggest financial concerns. For example, a reverse mortgage improves cash flow in retirement – free of income tax – allowing homeowners to…
What are the Common Misconceptions about Reverse Mortgages?
Here are some of most common misconceptions about reverse mortgages. You do not have to give up the title of your home – you remain the owner – and you don’t have to own your home outright to qualify for a reverse mortgage. A reverse mortgage is not a…
What is a Reverse Mortgage?
There are lots of misconceptions about reverse mortgages, particularly among senior homeowners. A reverse mortgage can help senior homeowners who are equity rich – but need the liquidity of additional cash flow – to help fund their retirement. A…