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I can almost hear it now... “This is an article written by a guy who does reverse mortgages, there probably won’t be any cons!” As passionate as we are about the reverse mortgage program, there are some drawbacks in some instances and we make certain that we point out the pros and cons to all reverse mortgage applicants. As... 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 savings.... 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. For many baby boomers, the home is the largest asset they have. You probably have built up your equity over the years and you may even own... 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"... Read Full Article
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Can a Reverse Mortgage be a Bad Idea? 4 Reasons A Reverse Mortgage May Not Be Right For You... 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... 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
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I've been told to wait on taking a Reverse Mortgage as a last resort. Why do you think a CPA said that? Is it a loan that is non-reversible? Do you pay interest on the cash in a line of credit when it is spent all the to its end? If a house is paid off & money is tight,... Read Full Article
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Historically, reverse mortgages were thought to be a solution only for people who found themselves “house rich” and “cash poor.” But today, the thinking has changed. Because a reverse mortgage allows the borrower to convert home equity into cash, either in the form of a lump sum payment, monthly installments or as a line of credit, the conventional thinking was... Read Full Article
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When facing the decision to take out a reverse mortgage or sell your home, there are a few factors to weigh. Each option has its own pros and cons and can vary depending on your particular situation. Sell?.... Perhaps the most important thing to consider... Read Full Article
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A reverse mortgage can help improve your financial situation if you are at least 62 years of age, have a substantial amount of home equity and are looking to improve cash flow in retirement. But this type of loan is not for everyone—like any long-term financial decision, it’s important to consider the pros and cons of reverse mortgages before... Read Full Article
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