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Reverse Mortgage: How is the Loan Amount Calculated?

“How much money can I get?” is usually one of the first questions adult homeowners ask when researching a reverse mortgage loan. A few key factors are used to calculate the loan amount that a borrower can receive.  Keep in mind, lenders can’t allow borrowers to access 100% of their home’s equity. The funds received from a reverse mortgage will only be a portion of the home’s equity. To determine...

Reverse Mortgage: Supplement Your Retirement

If you’re looking to supplement your current financial situation, a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage loan, may be able to help.  When strategically used, a reverse mortgage can be a valuable means of complementing one’s finances. A reverse mortgage is a Federal Housing Administration (FHA) insured loan1 for homeowners who are 62 years and older. A reverse...

Reverse Mortgage: Renovate for Aging in Place

With home prices up a jaw-dropping 19% in just the last year, downsizing isn’t as affordable, or profitable, as it once was.1 Older adults may find that while their home values have increased, so have the smaller homes they tend to look at when downsizing. Older adults may decide to stay in their current home to age in place comfortably but may need a few modifications made to their homes. There...

Proprietary Reverse Mortgage Loans

Many older adults are looking to proprietary reverse mortgage loans as a tool to incorporate into their overall financial plan during retirement, but many have also experienced its benefits when the stock market is volatile.  With borrowers saving for retirement through investments, savings, and pensions, they may want to consider alternative sources of money until the economy stabilizes. Tapping...

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...