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Age Requirements for a Reverse Mortgage

A reverse mortgage may be a great way for homeowners to access the equity they’ve built up in their home over the years.  One of the main factors that goes into determining eligibility and how much money you can receive is age. Home Equity Conversion Mortgage A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a Federal Housing Administration (FHA) insured loan.  A...

Reverse Mortgage in a Retirement Plan

An innovative way that seniors are planning for retirement is by including their home equity into their strategy.  Some choose to do this by utilizing a Home Equity Mortgage Conversion (HECM), also known as a reverse mortgage.  A recent Forbes article discusses how a  reverse mortgage line of credit has long-term benefits that may be able to help seniors well into their retirement years. A...

Selling a House with a Reverse Mortgage

What do you do if you have a reverse mortgage and you now want to sell your home? Some homeowners may think that a reverse mortgage puts the bank in control of their home, but the truth is selling a home with a reverse mortgage is similar to any other home sale with a mortgage.  However, there are a few important differences that you will need to be aware of. A Triggered Maturity Event A maturity...

Traditional Mortgages vs Reverse Mortgages

When it comes to mortgage loans, you are probably more familiar with a traditional mortgage, but a reverse mortgage may be a more favorable option for senior homeowners.  While there are similarities between the two loans, there are also some key differences that may be beneficial for senior homeowners who are looking to improve their current financial situation. What is a Traditional Mortgage? A...

Reverse Mortgage: Know Your Facts

What’s a Reverse Mortgage? A Home Equity Conversion Mortgage, (HECM), commonly known as a reverse mortgage loan, is a Federal Housing Administration (FHA) insured loan1 which allows you to access a portion of your home’s equity without having to make monthly mortgage payments.2 If you are at least 62 years old and have sufficient equity in your home, you may be able to get the cash you need...