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The reverse mortgage line of credit is still the most popular option for senior borrowers when choosing how to access their funds with their reverse mortgage. According to AARP, borrowers have recognized this choice at about 66% of the time when obtaining a reverse mortgage as being the right choice for them. The credit line option allows borrowers a... Read Full Article
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I am close to 62 years old and am looking to purchase a home with a reverse mortgage. After escrow is closed will I get either a line of credit or payments from this transaction? With a purchase reverse mortgage, most borrowers use all their eligible funds when they purchase the home and there are no funds left over to... Read Full Article
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Reverse Mortgages Can Be Solution to Major HELOC Resets There will soon be big changes for many Home Equity Line of Credit (HELOC) borrowers that could amount to huge increases in payments. But there’s a solution that may also be available for those who qualify: a reverse mortgage line of credit. In the next few years, many homeowners who have... Read Full Article
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If you’re thinking about taking out a reverse mortgage, it’s important to understand all of its unique features. Did you know that the federally-insured home equity conversion mortgage (HECM) program has a loan payment option that actually grows over time, thereby increasing your borrowing capacity? The HECM program allows homeowners aged 62 and older to access the home... Read Full Article
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A Look into the "Reverse Mortgage LOC" VS "HELOC" (Traditional Home Equity Line of Credit) You may have heard of reverse mortgages, and the retirement option they can offer to individuals or couples who are “house rich, cash poor.” For those looking to tap into their home equity in retirement, a reverse mortgage can be a useful tool to allow this. A... Read Full Article
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If I do a reverse mortgage, can I pull all the money up front as a lump sum or do I have to have a line of credit, and is there cost to pulling out all the money up front? Hi David, HUD changed the program a little while back so that borrowers are capped at what they... Read Full Article
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If I take an initial lump sum is it possible to obtain further equity in a lump sum after a number of years or would I have to pay the loan off and get a new loan? HUD allows you to take your loan as a fixed rate or an adjustable rate loan. The fixed rate loan is a closed-ended... Read Full Article
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New Reverse Mortgage Product Offers Certainty of Fixed Rate, Flexibility of Payment Plans For the first time ever, a new reverse mortgage is available that offers borrowers all the certainty of a fixed-rate loan as well as the flexibility of multiple payment options all in one product. In years past, borrowers who opted for a fixed rate reverse... Read Full Article
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Billions of dollars worth of home equity lines of credit (HELOCs) are about to amortize this year, and if you’re one of those borrowers who has one and you’re aged 62 or older, don’t panic—you might be able to use a reverse mortgage to pay off your loan. According to a recent report from Moody’s Investor Services, around $30... Read Full Article
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I would like to know how a "line of credit" would work compared to a HELOC. I owe a 2nd on my home for approx. 9,000.00. The first will be paid off in Dec. 2012. My home NOW is worth approximately $210,000.00. The 2nd is with Chase Home Equity. I would like to ONLY borrow enough at times on the... Read Full Article
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