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Reverse Mortgages Can Affect Medicaid & SSI Benefits – Know the Facts!

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Those who are 62 and older who are looking to supplement their retirement income through a reverse mortgage should also consider the implications this decision could have on their eligibility for Medicaid or Supplemental Security Income (SSI). An important and common factor that Medicaid and SSI share is asset level limits, and depending on which payment route a borrower chooses...
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How Capital Gains and Proposition 13 affect Reverse Mortgages

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How would capital gains tax and California’s Proposition 13 affect my ability to get a reverse mortgage for purchase? Prop 13 and the Reverse Mortgage for Purchase A Home Equity Conversion Mortgage (HECM) for Purchase, sometimes called an “H4P,” is a product that allows a borrower that’s at least 62 years of age to take out a reverse mortgage in...
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Dave Ramsey Hates Reverse Mortgages: Is He Telling the Whole Truth?

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The plain and simple answer is a little bit, but not really.  Dave Ramsey does a hit piece on reverse mortgages in which he does point out some of the less popular aspects of reverse mortgages, but he has no problems either exaggerating or just shows his ignorance about the product. Souce: https://www.daveramsey.com/blog/how-reverse-mortgages-work Is Dave Right About Reverse...
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AARP Reverse Mortgage | What is AARP’s Role in Reverse Mortgages?

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The American Association of Retired Persons (AARP) is a large, independent, nonprofit organization dedicated to helping people ages 50-plus to achieve independence—including financial independence. While the organization, which serves 37 million older Americans and counting, doesn't offer reverse mortgage products directly, it does weigh in on them in some very important ways. Here’s where AARP comes into play for retirees who may...
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Live Well Reverse Mortgage Review 2019

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Across the reverse mortgage lender landscape, there are a variety of company types: banks and non-banks; large national lenders; and small regional ones. Over time, many large banks have exited the reverse mortgage business, while independent non-bank lenders today comprise most of the reverse mortgage volume. Still, there are changes that take place within the lender landscape from...
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Understanding Reverse Mortgage Principle Limit & Maximum Claims

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I am 87 and received a HECM Loan, maximum claim $250,000 on June, 2006. Credit limit due to age and other factors was due to reach maximum claim in 2012.Withdrawals were denied beginning in June 2010, when the balance was around $225,000 and no withdrawals have been allowed since The server has been getting compound interest each month and HUD...
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Using a Reverse Mortgage Purchase for New Construction

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CAN YOU HAVE A CONTRACTOR BUILD A BRAND NEW HOME FOR YOU AND FINANCE IT WITH A REVERSE MORTGAGE UPON COMPLETION ? THANK YOU -BOB Good Afternoon, The short answer to your question is, yes you can.  However, there are several things that you really need to keep in mind when you undertake such an action and...
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