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Reverse Mortgage: Increased Home Equity for Senior Homeowners

While 2020 continues to be an unforgettable year for many, one positive takeaway is that senior homeowners have seen an increase in their collective home equity.  According to a recent report, seniors added $134 billion to their already impressive housing wealth which is now at $7.70 trillion.1  As the COVID-19 pandemic continues to impact the financial well-being of American seniors many...

Seniors, Retirement, Pandemic and a Reverse Mortgage

The COVID-19 pandemic of 2020 has impacted everyone in one way or another.  Whether it has been transitioning to working from home, virtual learning for children, and having to socialize responsibly from a distance, the pandemic, for the time being, has altered life as we know it. Seniors and retirees are a group that has been especially hard hit by COVID-19 and have been made to make their fair...

Should My Parents Get a Reverse Mortgage?

Many adult children want to ensure their parents have enough money for retirement.  With the recent stock market fluctuations after COVID-19, seniors may have seen their retirement savings drop in value and maybe looking at other financial solutions while they ride out the ups and downs of the market. A reverse mortgage may be a good option to consider since many senior homeowners have equity in...

Increased Home Values and Reverse Mortgages

With home values on the rise, many senior homeowners may be wondering how they can access the equity in their homes.1 One way to tap into home equity is with a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage. Higher Home Value = More Proceeds When home values increase, the home’s equity has probably increased too; consequently, senior borrowers may be able access these...

Reverse Mortgage Rules

The Federal Housing Administration (FHA) is the government body that oversees the Home Equity Conversion Mortgage loan program (HECM), also known as a reverse mortgage.  They have implemented rules and regulations to ensure borrowers are protected. These rules and regulations are continually reviewed and if necessary, updated. Reverse Mortgage Requirements A reverse mortgage is a way for...