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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...

Reverse Mortgage: What are the Alternatives?

A reverse mortgage is an important financial tool that many seniors implement into their retirement plans.  It can help to supplement your retirement income, consolidate debt, or even set aside funds for an emergency.  However, there are occasions where a reverse mortgage may not be the answer.  It is important to understand your options and consider the alternatives before you take out a loan...

Reverse Mortgage and Retirement Strategy

Reverse mortgages have changed since they were first established in 1961. However, misconceptions continue about the benefits of this important financial tool. Some retirees may find themselves not having enough savings and a significant portion of their wealth is tied up in their homes. Tapping into one’s home equity through a reverse mortgage can help obtain financial stability throughout...