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What happens when a reverse mortgage becomes due?

Many older adults have benefited from a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage loan, to help supplement their cash flow during a down market.  By tapping into their home equity, they were able to 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...

Can a Reverse Mortgage Help with Inflation?

It’s no secret that Americans are experiencing the highest inflation levels since 19821.  In April, inflation was at 8.26%, which is up 4.16% from the same time a year ago2.  With increased costs for food, gas, and utilities, older adults may be concerned about the impact inflation is having on their retirement savings. Meanwhile, senior housing wealth has hit a new peak of $10.6 trillion3 and...

Reverse Mortgage: What to Expect

Once you have decided that you want to proceed with a reverse mortgage, you may wonder, “What do I do next?”  Here are the steps you will need to take to get a reverse mortgage. Finding a lender To begin the reverse mortgage process, you will need to find a lender that is a good fit for you.  It is recommended that you find a direct lender who specializes in reverse mortgages. Consider doing some...

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...