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Proprietary Reverse Mortgage Loan

When planning for retirement, many adults look forward to spending their golden years doing things they enjoy—more time with family and friends, hobbies, traveling, and living comfortably in their homes.  To accomplish these goals, they will need to have a way to pay for them. While a Home Equity Conversion Mortgage (HECM) is an attractive financial tool for tapping into your home’s equity, there...

Reverse Mortgage: Long-Term Care

When saving for retirement and calculating personal expenses, long-term care should not be overlooked.  However, it can be hard to know how much may be needed because the amount of care varies by individuals. Some seniors may not need any care, some will require limited care, while others may need significant help. According to new research, about 20% of 65-year-olds will never need any long-term...

Reverse Mortgage Process: The Appraisal

One of the steps in the reverse mortgage process is the appraisal, which establishes your home’s value.  When having your home appraised, there are a few things you should know and prepare for to make the process as stress-free as possible. Why is an appraisal needed? To determine the value of your home and to ensure the home is safe and structurally sound, the Federal Housing Administration...

Reverse Mortgage: Borrower Responsibilities

When deciding if a reverse mortgage is right for you, it is important to know that there are certain requirements a borrower is responsible for during the life of the loan.  By educating yourself on these requirements, you can ensure that you keep your loan in good standing throughout its duration.  It is important to know the requirements because if these obligations are not met, the borrower...

Safeguards for Reverse Mortgage Borrowers

For many senior homeowners, their home is probably one of their largest assets, and it’s a big decision deciding whether to get a loan or tap into their home’s equity when additional income is needed.  A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, maybe the financial option you are looking for with built-in safeguards that protect you as a borrower. Insured by the...