Reverse Mortgages

Reverse mortgages can offer home owners a convenient way to tap into their home’s equity to make more money available to be used however you wish. The loans have helped many people fund retirement. To get the basics of how reverse mortgages work, continue here. However, if you are married and either you or your…

Thorough planning helps you make the right decisions about a reverse mortgage. A reverse mortgage is a long-term commitment, and one that shouldn’t be entered into lightly. It’s not actually a true mortgage at all, but a loan against the equity that you have in your home. That difference alone is enough to show just…

Homeowners looking to use a reverse mortgage to tap their home equity have a new option that could provide more in proceeds than the government insured HECM reverse mortgage product. Scheduled to roll out in September, the HomeSafe is a private reverse mortgage product — also known as a jumbo reverse mortgage — from Urban…

Mapping your path to a comfortable retirement calls for personalization. At its best, financial planning for this life phase should resemble a shopping trip: you decide your priorities, set your budget, then make selections from an array of offerings based on your needs. As with hitting the stores, tastes and desires in planning for retirement…

The retirement years are supposed to be golden. There’s time for travel, relaxation, trying out new hobbies, and perhaps even starting a whole new career. Financial worries shouldn’t factor in heavily how you choose to spend your retirement. But for many people, that’s exactly what happens. Reverse mortgages for seniors might be the answer. A…

How do you know if a reverse mortgage is right for you? Reverse mortgages have a reputation as a tool for retirees that are tight on funds and more recently as a tool that can help people who have saved more for retirement, but they are not for everyone.
In this infographic, we explore eligibility requirements and all the uses for a reverse mortgage, along with some alternatives in case it is not the best option for you.
Read on to find out how to have a rich retirement.

You may have recently seen a new reverse mortgage ad on TV.  It talks about the new reverse mortgage.  Is it really new?  The answer is both yes and no.  Reverse mortgages have evolved considerably, but they are still a product that help older Americans fund retirement by enabling them to tap into some of…

New changes to the government’s reverse mortgage program will provide more money to most new borrowers as long as interest rates remain low. The Department of Housing and Urban Development (HUD) announced on Friday a new set of principal limit factors. Principal limit factors are the calculations used to determine the amount of money borrowers…

Reverse mortgages are financial products utilized by hundreds of thousands of older Americans. However, it appears that many borrowers are reticent to talk about the loans with their peer group. Boldin recently conducted a small survey of prospective borrowers and found that the majority did not intend to tell friends about the loans and only…

When considering a financial product or loan of any sort, one of the first things to do is find a reputable company or lender to work with. This can be especially important for someone interested in taking out a reverse mortgage, a loan designated for borrowers age 62 and older. The importance of identifying a…

Despite hundreds of thousands of older Americans taking out reverse mortgages and surveys showing that these retirees are happy with the results, some people still have a strong distaste for them. In nearly every case, if you dig a little deeper, much of the hatred for reverse mortgages comes from misunderstanding or lack of knowledge…

New research shows that the reverse mortgage will become an essential must-have tool for retirees. The reality is that many Americans have saved very little for retirement, which will require them to tap the biggest asset: their home. The good news is that seniors in the United States enjoy the highest rates of homeownership, with…

Have you been considering a reverse mortgage loan, but you’re not quite sure if it’s the right fit for you? Home Equity Conversion Mortgages (HECMs) are insured by the Federal Housing Administration and allow qualified homeowners to borrow against the equity they’ve built up in their homes in the form of a non-recourse loan. The…

As you know, some seniors turn to reverse mortgages as a way to fund retirement, free up monthly cash-flow, or buy a new home. But reverse mortgages also come with pros and cons such as ongoing responsibilities of homeownership, upfront costs, or the drawing down of home equity over time that leaves less inheritance for…

Housing prices are on the upswing, and if you’re considering a reverse mortgage, that’s great news for you. The housing crash did a number on many homeowners. But that lost equity is being regained across the country as home prices trend upward. By the end of last year, home prices nationwide were 20% above 2011’s…

Are you one of the millions of Americans approaching retirement and are thinking of moving to a top retirement destination? Whether you are seeking golf, an oceanfront locale or an urban environment with accessible amenities, there are many cities and towns nationwide that are increasing in appeal among retirees. Each year, TopRetirements.com compiles a list of the…

Today’s version of the saying “Strike while the iron’s hot” may apply to getting a reverse mortgage while interest rates are favorable, suggests new academic research recently published in the Journal of Financial Planning. You’ve probably seen commercials and other advertisements touting reverse mortgages, but what you may not realize is that there’s also brand…

Over the past few months, the federally-insured reverse mortgage program has seen a lot of changes—including the introduction of new, consumer-friendly loan products like the HECM MAX5. The Home Equity Conversion Mortgage (HECM) program allows borrowers age 62 and older to access the equity they’ve built up in their homes in the form of a non-recourse…

Interest rates have fallen and that means that most reverse mortgage borrowers now qualify for more money. (And, you pay less in interest.) Get a new estimate of your reverse mortgage loan amount right now! All the great benefits of the loans still apply: 1. You still own your home: A reverse mortgage is just…

If your mom and dad (or just one of your parents) are considering a reverse mortgage, chances are they let you know about it—and you probably have some questions of your own. Read on for a primer for adult children of prospective and current reverse mortgage borrowers. What is a reverse mortgage? Let’s start with…

A reverse mortgage can be a good way to supplement cash flow in retirement, or open a line of credit for unforeseen future expenses. But it’s not for everyone. Here are 5 reasons a reverse mortgage might not be right for you. 1. You are planning to move soon. While there is a fairly new…

For many people nearing retirement age, home equity is usually the single largest component of net worth.  And, it can be a valuable contributor to retirement and financial well being — especially during this pandemic and time of monetary strain. You can tap home equity by downsizing, securing a reverse mortgage or getting a home…

Many retirees consider their home equity as part of their retirement plan. Because it is an investment that has grown over time, it’s often a major consideration as an asset that can be used to help influence cash flow and/or savings in retirement. If you have been considering a reverse mortgage as a way to…

You may be considering a reverse mortgage, or you may already have one. Like any financial decision, it’s a good idea to talk with family about the impact this kind of loan will have on your financial future—and theirs. Here are 5 things your heirs should know about your reverse mortgage: 1. They’ll still inherit…