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A reverse mortgage is a loan, and as with any type of loan there are benefits and there can be downsides. Here, we will address some of the pros and cons associated with reverse mortgages for those qualifying individuals who are age 62 or older. The reverse mortgage is a home loan that allows qualifying borrowers to borrow against their... Read Full Article
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When used correctly, a reverse mortgage can add stability to your retirement years. But as with any financial product, it is not always the best program for everyone. We have created our "Reverse Mortgage Pros and Cons" guide to help you make an informed decision about reverse mortgages and if the program is suitable for your long-term retirement goals. If... Read Full Article
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Like many Americans in retirement, you may find yourself wondering about the best financial course to take and how to best use the money and assets you have worked to build over time. You probably have built up your equity over the years and you may even own your home free and clear. For many baby boomers, the home is... Read Full Article
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Reverse mortgage can be valuable retirement tools, but they need to be used responsibly. Like many other financial products, the effectiveness of reverse mortgages is only as good as the judgement of the borrowers who use them. For homeowners age 62 and older, a reverse mortgage can provide an additional source of cash flow to supplement retirement... Read Full Article
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It's funny when you hear someone with a definite opinion, one way or the other about reverse mortgages that is the same no matter who you're talking about or what the circumstances are. The choice of whether or not to get this loan isn’t universally a “good idea” or “bad decision" - there are a lot of different factors that need... Read Full Article
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A reverse mortgage can be a very viable solution for the right homeowner—one who is primarily seeking a way to effectively age in place. Available to people who are age 62 or older and have built up a substantial amount of equity in their homes, reverse mortgages allow borrowers to wipe out their mortgage payments and can also serve as... Read Full Article
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1. You’re 62! Happy birthday! The federally-insured Home Equity Conversion Mortgage program requires borrowers to be at least 62 years of age in order to qualify for the loan. Other basic requirements include owning your home outright or with most of your mortgage paid off, maintaining that home as your primary residence, and staying current on property tax and homeowners... Read Full Article
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I've been told to wait on taking a Reverse Mortgage as a last resort. Why? Let me start by saying that we are a reverse mortgage lender who will be the first to tell you that reverse mortgages are not for everyone. But that's true of any financial product, there just isn't anyone that is perfect for everyone.... Read Full Article
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Margaret has sent the following question in the ask ARLO! blog I have a reverse mortgage and I'm having problems with it. Was it legal for me to get a reverse mortgage without my own lawyer to explain the situation to me? I never knew the pros and cons of a reverse mortgage. I think it's a legal way to Swindle... Read Full Article
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Comment: my partner is 71, I am 75, We own our condo in CA the balance on the mortgage is 52,000 and the approx value is 150,000-160,000. is this program the best choice for us? Hi Rudy, You know, you used the magic words in there, "..the best thing for us". We are of the opinion that reverse mortgages... Read Full Article