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Reverse Mortgage Alternatives: What Are They, How Do They Work

A reverse mortgage can be a strategic financial tool that many older adult homeowners use as part of their retirement planning to help supplement their income during economic downturns and inflation. Reverse mortgages aren’t always the answer for everyone.  Consider these reverse mortgage alternatives before you move forward with a reverse mortgage loan. Home Equity Line of Credit (HELOC) A HELOC...

Reverse Mortgage: What Your Heirs Should Know

When planning for retirement, many older adults have utilized a reverse mortgage loan to help supplement their overall retirement plan.  It is also recommended to have a plan in place when the homeowner permanently leaves the home.  This may involve their heirs or adult children who need to know what happens and what needs to be done when the last borrower leaves the home. If you or a family...

Reverse Mortgage: What does “Federally Insured” Mean?

While doing your research about a reverse mortgage loan, you may have seen terms like “government-insured” or “FHA-approved” and wondered what the government has to do with the loan.  The only reverse mortgage loan insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM) and is only available through a Federal Housing Administration (FHA)-approved lender.1 What...

Reverse Mortgage: The Appraisal

Part of the reverse mortgage process involves an appraisal to determine your home’s value.  The amount of money you receive from a reverse mortgage is determined by your age and the home’s value. When having your home appraised, there are a few things you should know and prepare for to make the appraisal go as smoothly as possible. The Appraisal The Federal Housing Administration (FHA) requires...

How to Determine if a Reverse Mortgage is Right for You

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a type of loan that allows homeowners (62 or older) to convert part of the equity in their homes into tax-free income. Reverse mortgages can be a great financial tool for many homeowners; however, it is a very important financial decision. So how do you determine if a reverse mortgage is right for you? You may benefit...