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Reverse Mortgage: Be Alert for Scams

Seniors have often been the target of scammers since they tend to be financially stable, trusting, and can be hesitant to say ‘no’.  A common financial product utilized by seniors that scammers attempt to take advantage of is the reverse mortgage.  Studies have estimated that senior financial abuse, at the hands of scammers, could have losses up to $36 billion.  However, financial abuse could be...

Reverse Mortgage: Know the Facts

Many homeowners are currently sitting on a record-setting amount of home equity.  At the end of the fourth quarter of 2020, homeowners 62 and older saw their housing wealth grow to $8.05 trillion.1 As of May 2021, more than 1.2 million seniors had taken out a Home Equity Conversion Mortgage (HECM), commonly referred to as a reverse mortgage.2  If you or someone you know is interested in accessing...

Home Buying with a Reverse Mortgage: HECM for Purchase

Many baby boomers are making plans for the long term and want to age in place but realize their current home may not be well suited for their future needs. Whether it’s wanting to be closer to family, a warmer climate, an active adult community or a home that’s more suitable for retirement living, a Home Equity Conversion Mortgage (HECM) for Purchase may be able to help achieve those goals. The...

Reverse Mortgage: Is it a Good Thing?

If you are interested in tapping into your home equity, but you’re not sure how to go about it, a reverse mortgage may be the answer. You should consider a reverse mortgage if: You want to eliminate your monthly mortgage payment.1 Are you still making monthly payments on your home?  Replacing your conventional mortgage with a reverse mortgage will eliminate your monthly mortgage payment. You may...

Reverse Mortgage:  What Happens When My Loan is Due?

Many seniors have turned to a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage loan, to help supplement their retirement plan.  They were able to tap into their home equity and use the funds immediately to help with daily living expenses, medical bills, or set aside for an emergency. An important part of having a reverse mortgage loan is having a plan in place for when the...