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How is a Reverse Mortgage Loan Calculated?

A common question asked by senior homeowners when they are looking into a reverse mortgage loan is, “How much money can I get?” There are a few factors used when determining the amount of funds a borrower can receive. While no lender will allow you to borrow 100% of your home’s equity, the funds you receive from a reverse mortgage will only be a portion of your equity. To determine the maximum...

Reverse Mortgage: Common Misconceptions

Reverse mortgages are a complex product, and with that complexity, there are some common misconceptions about how they work. Reverse mortgages were created specifically for seniors to provide them with an option to help improve their financial situation in retirement. To help better understand reverse mortgages, here are facts about the most common misconceptions about the product. Myth: Reverse...

Benefits of Refinancing a Reverse Mortgage

Interest rates continue to remain low, but no one knows for how much longer.  Many senior homeowners who have a reverse mortgage on their current home have seen their home values increase and may be able to benefit from refinancing. There could be many benefits to refinancing that you might not realize, including having access to additional cash. Lower Interest Rates It may be beneficial to...

How a Reverse Mortgage Can Help with Aging in Place

Many senior homeowners plan to stay in their current home throughout their retirement, also known as aging in place, but for some the costs associated with remaining in the home may be of concern.  The expenses that may raise concerns are taxes, homeowners insurance, and the costs of maintaining the home. For many, their home equity can be a source of much-needed funds to help with these types of...

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...