A reverse mortgage is a loan for seniors 62 years old or older. The loan may allow senior homeowners to leverage their home equity by accessing a portion of it as cash. Reverse mortgages may help to lessen the financial stress for retirees who are worried about outliving their retirement savings. The first question that many potential borrowers ask is, “how much money do you get from a reverse...

There are many articles that discuss the pros and cons of a reverse mortgage; however, what do you do if you have decided to obtain a reverse mortgage but your circumstances suddenly change? If you have chosen to get a reverse mortgage, or you are in the process of securing one, there are still options available to you should you change your mind. Reasons You May Choose To Get Out of a Reverse...

When researching reverse mortgages, a key question that comes up is what are the fees associated with the loan. Reverse mortgages that are insured by the federal government, specifically the Federal Housing Administration (FHA), are called Home Equity Conversion Mortgages (HECMs).  The fees for HECMs are strictly regulated to ensure borrowers are not overcharged.  A summary of the fees...

The U.S. Department of Housing and Urban Development (HUD) recently announced an increase to the Maximum Claim Amount (MCA) for reverse mortgages effective January 1, 2019.1 The MCA will increase by nearly $50,000 from $679,650 to $726,525. This means borrowers with high home values may be eligible to access more home equity than they have in the past, potentially making it a more attractive...

There is a lot of conflicting information about Reverse Mortgages on the internet. Some experts think that a reverse mortgage loan, also known as a Home Equity Line of Credit (HECM), is a great financial planning tool for senior homeowners while others believe it poses some risks. If you have been looking into financial options you may be wondering, is a reverse mortgage a good idea? The answer...