Posted - February 16, 2021
You have no job, mounting medical bills, and poor credit. You’re 62, and your home is even older and in need of repairs. You might think you would be the least likely candidate to qualify for a mortgage loan, but you could be wrong.
By meeting these essential requirements, you may be able to finally obtain the financial boost you need to pay off high credit card debt, large medical bills, and other expenses — exactly the kinds of liabilities holding down your credit score. While aRead More...
Posted - September 8, 2017
Whether you’re getting started with a reverse mortgage loan, or are just conducting your research, there may be a lot of terms that come up that can be a bit overwhelming. In this infographic, we’ve included only those industry key glossary terms that can be helpful to anyone interested in a reverse mortgage loan. This infographic should get you well on your way to understanding what a reverse mortgage loan is all about. Also, we’ve provided some additional resources to help you get startedRead More...
Posted - July 6, 2017
As a veteran, you may be wondering if a reverse mortgage loan could be right for you when the time comes. The HECM reverse mortgage loan was introduced over 30 years ago to provide seniors with a secure financial tool for retirement. But how does it stack up against a home lending tool like the VA Loan, which you may be more familiar with from your original, traditional mortgage? As we will explore, a reverse mortgage loan, while different from what you may be used to, is aRead More...
Posted - December 1, 2016
A reverse mortgage loan can be an excellent financial resource for retirees. As with any type of financial tool, it is important to have a clear understanding of all of the costs associated, including closing costs and lending fees (finance charges) and applicable interest rates, before proceeding forward. In order to help you understand the true upfront and ongoing costs of a reverse mortgage loan, we have broken these down below.
Please note that the reverse mortgage fees associated withRead More...
Posted - August 17, 2016
Not only can care be provided less expensively in your home but it is also a key for achieving optimal outcomes for many patients.
A reverse mortgage loan can be used to help pay for senior care for you or your spouse. This gives you the opportunity to live safely and comfortably in your home – on your own terms.
Aging in place (living in your own home) and not in a nursing home will help enhance your quality of life by empowering you to:
Continue living in your comfortable andRead More...
Posted - May 16, 2016
In the early 1960’s a new type of mortgage loan was designed specifically for senior homeowners who wished to access the equity in their home while aging in place. This new loan became popular because it fulfilled a need that many borrowers had. Senior homeowners wanted to stay living in their homes for the rest of their lives, and reverse mortgage loans were the perfect solution to help them do just that.
However, unexpectedly at times, some borrowers found that they needed to move awayRead More...
Posted - March 29, 2016
The reverse mortgage loan has continued to evolve since its introduction in 1961 and only grows stronger and safer with each year. This is primarily due to rules and regulations set by the Federal Housing Administration (FHA). The FHA continually updates and regulates reverse mortgages with new guidelines to protect you as a borrower. So what exactly are the current rules and requirements of the reverse mortgage loan product in 2017?
Reverse Mortgage Rules
The reverse mortgage loan
Posted - February 12, 2016
When borrowers hear the definition of a Home Equity Conversion Mortgage Line of Credit (HECM LOC), also known as a reverse mortgage equity line of credit, they are sometimes unsure how it differs from a traditional Home Equity Line of Credit (HELOC). The structures of both loans seem similar. Both are lines of credit secured against your home. Both accrue interest on only the amount that is borrowed. Both rates are usually variable.
However, there are distinct differences that make a reverseRead More...
Posted - February 2, 2016
Every year, millions of people across the nation turn to traditional (forward) mortgage loans in order to finance their home purchases. The typical requirements of these mortgage loans are well known, and many have become comfortable fulfilling them.
Reverse mortgage loans, on the other hand, are far less common. Since their specialized features are not yet fully understood by mainstream media, misconceptions have arisen that lead consumers to believe that they are drastically differentRead More...