'About Reverse Mortgages' Category Archives

Should Use a Reverse Mortgage to Fund Long Term Care?

March 1, 2019     no comments

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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5 Tips to an Easy Reverse Mortgage Process

March 1, 2019     no comments

A reverse mortgage is a loan that allows people 62 and older to borrow money from the equity they have built in their home. Taking out a reverse mortgage is a big decision and should involve careful thought and communication with those close to you. To help in obtaining a reverse mortgage, here are five tips to make the process...
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5-Step Guide to the Reverse Mortgage Loan Process

March 1, 2019     2 comments

You’ve done all your research on what a reverse mortgage is, and you’ve decided that this is the right loan for you. Now the question is, what do you do next to get the loan started? Many senior homeowners get to the point where they know they want the loan, but they do not know how to proceed or how...
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Make Repayments for an Increased Line of Credit or Tenure!

February 12, 2019     2 comments

My interest and Mortgage insurance are adding $1,100.00 to my principal each month because my rate has gone up 2% in the last year---my Line of credit has $60,000 and grows by $245.00 a month. I would like to start putting my prepayments on the unpaid principal. My loan states that I can specify if I want to have the...
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Comparison of Reverse Mortgages & Home Equity Loans

February 6, 2019     2 comments

Borrowers are still asking, "Which is better, a Home Equity Line of Credit from our Bank or a Line of Credit on a Reverse Mortgage?". And there is not just one answer the works for everything when comparing the Home Equity Line of Credit or HELOC to the Home Equity Conversion Mortgage (HECM or "Heck-um") when accessed as a line...
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15 Questions You Should Ask Before Accepting a Reverse Mortgage

January 14, 2019     8 comments

Looking into a Reverse Mortgage? Here are the questions you should ask: What exactly is a reverse mortgage? A reverse mortgage is a loan insured by the federal government that allows you to convert a portion of the equity you’ve built up in your home into tax free single lump sum disbursement, line of credit or monthly payout.  Read...
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Reversemortgage.org Releases New Consumer Guides

March 22, 2018     no comments

New Consumer Guides Walk You Through the Reverse Mortgage Process More than one million American homeowners have been served by Federal Housing Administration-backed reverse mortgages via the Home Equity Conversion Mortgage program. Now in its 27th year, the HECM program continues to enhance its consumer protections as lenders strive to improve the customer experience for both reverse mortgage borrowers and...
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A Look Into The Reverse Mortgage Process and Timeline to Closing

July 11, 2017     no comments

I understand there are many variables involved in 'how long' it takes, some of them due to applicant errors and misunderstandings.... but I would appreciate an average of start to finish for a reverse mortgage loan? I assume when the quotes arrive they will include 'next step' but what is the typical processing time to complete this type of transaction?...
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Reverse Mortgage Meaning: Common Terms Explained

May 31, 2017     no comments

Reverse Mortgage Meaning Video When it comes to exploring reverse mortgages and how they could be helpful to your situation you first should have an understanding of the terms that will be used throughout the process. These terms will help you fully understand how a reverse mortgage works. Here are a few terms that may be helpful in...
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The New Reverse Mortgage Era Is Here.

May 19, 2017     no comments

Are you looking to tap into your home equity as a way to boost monthly cash flow or save for a rainy day? The new reverse mortgage can help. Reverse mortgages have been around for decades to help retirees improve their financial situations as their incomes decline. Under the federally insured Home Equity Conversion Mortgage (HECM) program, these loans...
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