Seniors considering a reverse mortgage often ask “How much money can I get from a reverse mortgage?” or “How much can I borrow?” The amount a borrower can receive from a reverse mortgage, also referred to as a Home Equity Conversion Mortgage (HECM), varies. With a HECM, borrowers cannot cash out on 100 percent of their home equity. Instead, the maximum funds available is calculated by using...

Texas is often associated with football and barbeque, but the Lone Star State is also known for having no income tax and a low cost of living.1 As of December 2018, Texas still ranked among the top 10 states with the lowest cost of living in the U.S. Combining these benefits, along with a wide range of cities and climates to choose from, makes Texas an ideal place to retire. In fact, an estimated...

As of January 2019, more than 1.1 million seniors have taken out a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage.1 In addition, according to a university study, 83% of seniors who took out a reverse mortgage said they were either satisfied or very satisfied with their decision.2 If you or someone you know is thinking of getting a reverse mortgage, it’s important to...

If you are among the 27% of retirees whose debt is negatively impacting your ability to live comfortably,1 your relaxing retirement might be overshadowed by financial stress. Many seniors actually carry their mortgage into retirement. In fact, 44% of Americans between the ages of 60 and 70 have a mortgage when they retire; and, 17% say they may never pay it off.2 A reverse mortgage in retirement...

If you’re researching different ways to access your home equity you may be wondering, “are reverse mortgages a good thing?” A reverse mortgage might be a good option if: You want to eliminate your monthly mortgage payment.1 If you are still paying off your conventional mortgage on your home, replacing it with a reverse mortgage will eliminate your monthly mortgage payment. This may increase your...