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Reverse Mortgage: HECM for Purchase

With the home buying season right around the corner, some older homeowners may be considering purchasing a new home.  They may want to be closer to family, move to a warmer climate, or need a home that is more suitable for aging in place.  A reverse mortgage known as a Home Equity Conversion Mortgage (HECM) for Purchase loan may be an option for buying that new home. The HECM for Purchase is a...

Reverse Mortgage: What are the Benefits?

Senior housing wealth has topped a record $10 trillion in the 3rd quarter of 2021.1 With home values continuing to increase, older adults may be interested in tapping into their home equity with a reverse mortgage loan. A reverse mortgage can help provide needed cash flow to homeowners who are 62 years and older and have equity in their homes. The monthly mortgage payment is eliminated2 If there...

How a Reverse Mortgage Can Help with the Costs of Inflation

Due to soaring energy costs, labor shortages, and supply disruptions coupled with strong demand, Americans have seen the annual inflation rate for the United States accelerate to 7.5% in January of 2022, the highest since February of 1982 and well above market forecasts of 7.3%.1 Many older adults may be concerned about outliving their retirement savings, but high inflation can increase those...

Reverse Mortgage: Aging in Place

When it comes to older adults deciding where they want to live during their retirement years, it’s no surprise they want to stay in their homes and age in place. Traditionally, getting older meant moving from the home where you raised your family and downsizing into a smaller house in a warmer climate.  However, for most older adults, that simply isn’t the case. In a recent survey, data shows...

Reverse Mortgage: The Pros and Cons

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. As with most important decisions, there are pros and cons to consider when deciding whether a reverse mortgage loan is right for you. A reverse mortgage loan, also known as a Home Equity Conversion Mortgage (HECM), is Federal Housing Administration (FHA) insured...