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What is a Reverse Mortgage? | Learn How it Works & If it's Right for You

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'About Reverse Mortgages' Category Archives

What is a Reverse Mortgage? Explained in Simple Terms!

A reverse mortgage is a loan for homeowners age 62 and older that requires no monthly mortgage payments. The loan is repaid when the borrower passes away, leaves the home permanently or sells. Funds available are distributed as a lump sum, line of credit or structured monthly payments. What it is:  A loan against your home’s equity A loan...
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How Does a HECM Loan Work? Know the Facts! (Updated 2019)

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In the world of mortgages, one term is a must-remember for senior homeowners: Home Equity Conversion Mortgage, also known as a HECM, or “heck-um.” A breakdown of HECM loans and how they work reveals just how helpful they can be for qualified senior homeowners who are 62 years of age or older. Here are some common questions and answers for...
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How to Get a Reverse Mortgage if You Still Owe on Your Home

In this article, you’ll learn: How to eliminate your monthly forward mortgage payment with a reverse mortgage What expenses you’ll still be accountable for after eliminating your mortgage payment How you can still make payments without worrying about a monthly deadline How to get the best deal / highest principle lending limit The ability to tap into the value...
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Why Reverse Mortgages Have 2 Notes & 2 Trust Deeds

Borrowers are often confused when they get to the point where they are ready to sign their final documents for their reverse mortgage loan and they are presented with a First and Second Trust Deed Note and also Two Deeds of Trust (or mortgage, depending on what state in which the property is located). Then to make matters worse, the amount on the Note and Deed...
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The Absolute TRUTH About Reverse Mortgages

A recent comment from our reader: To whom it may concern: I have read so many reverse mortgage info. It sounds like it’s not really to help you but for the bank to help themselves. It’s designed to make you think they are helping you, but the truth is you are really giving away your home. You are selling...
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How Safe is a Reverse Mortgage? The Answer Will Surprise You!

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The decision to take out a Home Equity Conversion Mortgage (HECM) is a big one, and you may be wondering how safe this government-insured loan program is. While reverse mortgages aren't right for everyone, the HECM program has several built-in protections designed to keep borrowers safe. Safeguard #1- Federal guarantee One of the program’s biggest protections is that it...
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Why You Should Use a Reverse Mortgage to Fund Long Term Care

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The goal of home care—similar to the goals of some reverse mortgage borrowers—is to help people remain in their homes, and reverse mortgage proceeds can help pay for care services. Many prefer being cared for in the comfort of their own home rather than in some sort of care facility, and it can be less expensive, as well. Paying for...
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