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Reverse Mortgage: What are the Requirements?

To ensure older adults are not taken advantage of, the Federal Housing Administration (FHA) oversees the Home Equity Conversion Mortgage loan program (HECM); and has implemented rules and regulations to ensure borrowers are protected. The FHA continually reviews these rules and regulations and updates them if necessary. A Home Equity Conversion Mortgage loan, also known as a reverse mortgage...

Reverse Mortgage: Finding a Lender

As senior housing wealth continues to grow1, their homes, in many instances, have become their most valuable asset.  If you are looking to access this housing wealth, a reverse mortgage may be an option. A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage loan, is a Federal Housing Administration (FHA) insured loan2 that allows adult homeowners, 62 and older, to access a...

Reverse Mortgage: What Do You Need to Know?

More than 1.2 million homeowners adults have taken out a reverse mortgage loan1 and as interest continues to grow, many people still don’t understand how it works or how they can benefit. If you or someone you know is interested in a reverse mortgage, here are some key facts to help you decide if it could be the right for you. What’s a reverse mortgage? A Home Equity Conversion Mortgage, (HECM)...

Reverse Mortgage: What is a Jumbo Reverse Mortgage?

A recent poll predicts home values will continue to rise in 20221 even as the Federal Reserve plans to raise rates to help combat inflation.2 To help curb the increased costs associated with inflation, older homeowners may be interested in alternative sources of funds by tapping into their home equity. A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, is an attractive...

Can a Reverse Mortgage Help with Medical Expenses?

Before the pandemic, 8.5 percent of older Americans had medical debt, and many were experiencing financial hardships.1 The worldwide Covid-19 pandemic made the financial situation even more difficult for seniors.  Unexpected medical expenses can cause stress, lead to a lower quality of life, and raise concerns about financial security, especially if older adults are on a fixed income. Before the...