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'About Reverse Mortgages' Category Archives

History of the Reverse Mortgage – 1969 to Present Day Facts

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[arlo_toc] Bringing it to the Senate Reverse mortgages have been through many changes in their short, 57-year (depending on who you ask) lifespan.  As the story goes, a small, local bank wrote the first reverse mortgage in 1961 to a woman in Portland, Maine.  The bank owner wanted to help the wife of his high school football coach stay in...
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4 Ways You Can Lose Your Home With a Reverse Mortgage

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A reverse mortgage can be a powerful tool for an American senior aged 62 or older to create a new source of cash flow from his or her home equity. With a Federal Housing Administration-insured Home Equity Conversion Mortgage (HECM), the borrower still retains ownership of the property while continuing to live there over the course of the...
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What Suze Orman Says About Reverse Mortgages (2011-Present)

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Personal finance experts often address reverse mortgage questions and concerns from the general public, which typically involves a discussion of the pros and cons of these financial products.  Suze Orman, known for years of experience providing personal financial expertise, including hosting the Suze Orman Show on CNBC for over a decade, has often answered questions and provided her opinions on reverse...
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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 achieve 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 significant ways. Here's where AARP comes into play for retirees who may be...
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Why Higher Rates Can Make the Best Time for Reverse Mortgages

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Why would someone use a reverse mortgage while rates are up?! Due to inflation, interest rates have been climbing since early this year and borrowers receive less money on the loan at today’s rates than they did even a year ago.  However, it may still make sense for seniors to consider a reverse mortgage over moving, and here’s why.  Senior equity...
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Using a Reverse Mortgage to Combat Inflation

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Have you considered a reverse mortgage but worried about inflation and rising interest rates?  I recently had a borrower tell me that he was considering one but felt that he may have missed his opportunity before rates started to increase due to recent Fed rate hikes and inflation. He stated that he probably would not benefit now, with all the...
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How to Get a Reverse Mortgage if You Still Owe on Your Home

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In this article, you’ll learn: How to eliminate your monthly forward mortgage payment with a reverse mortgage What expenses will you still be accountable for after eliminating your mortgage payment How can you still make payments whenever you choose How to get the best deal & highest principal lending limit The ability to tap into the value of your home...
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10 Reasons Why Someone Would Get a Reverse Mortgage

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Unlock the value in your home with the federally-insured Home Equity Conversion Mortgage (HECM) program, designed specifically for homeowners aged 62 and older.  This non-recourse loan offers a secure way to access your home's equity without the obligation of monthly payments. While reverse mortgages may not be the perfect fit for everyone, they hold powerful benefits for certain individuals.  Here...
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How Reverse Mortgages Finally Became Safe

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The decision to take out a Home Equity Conversion Mortgage is big, and you may wonder how safe this government-insured loan program is.  While reverse mortgages aren't suitable for everyone, the HECM program has several built-in protections to keep borrowers safe. Safeguard #1 - Federal guarantee One of the program's most significant protections is that the FHA insures...
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Here are 3 Reverse Mortgage Examples in 2024

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Is there an example of how a reverse mortgage works? We get this question all the time from borrowers, family members, and even others in the lending industry and other professional industries who don't understand the product.  Almost everyone seems to have an opinion on reverse mortgages, often based on virtually no factual knowledge. Often, people base their opinions...
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