A reverse mortgage allows homeowners 62 and older to convert a portion of their home equity into usable funds without having to repay the loan for as long as the loan obligations are met.1 The fact that reverse mortgages do not require monthly mortgage payments2 often leaves potential borrowers with questions about when the loan needs to be repaid. The list below provides answers to common...

Texas is a popular retirement spot for many seniors. From the gulf coast to the big cities this enormous state has a lifestyle for everyone. Of the over 28 million people who call Texas home, 12% are over the age of 65.1 A common concern for retirees is outliving their savings. While the cost of living in Texas is lower than many states,2 seniors who choose to retire in in Texas still need to...

A reverse mortgage is a loan that allows homeowners 62 or older to convert a portion of their home equity into cash while staying in their home and maintaining the title.1 This loan can be a wonderful financial tool for seniors to use, but it is important that they are properly educated about the product. The National Council on Aging (NCOA) recently published the list of facts below to help...

Reverse mortgage are federally insured1  home equity loans that allow qualified seniors to access a portion of their home equity as usable funds. Reverse mortgage interest rates are either fixed or variable interest rates. Interest rates for variable rate reverse mortgages are comprised of an index rate plus the lender’s margin. The index rate is not set by the lender; it is based on the London...

A reverse mortgage is not for everyone, but it can be a valuable tool for many retired homeowners. One of the most common misconceptions about this type of loan is that a reverse mortgage is a rip-off. Reverse mortgages are not a rip-off at all; they are a federally insured loan1 that allows homeowners 62 and older to convert a portion of their home equity into usable funds without having to...