Homeowners considering a reverse mortgage loan may be concerned of how it may affect their heirs. Likewise, their loved ones may be worried that a reverse mortgage loan sounds too good to be true. However, reverse mortgage loans can be an excellent financial opportunity for senior homeowners who qualify. Reverse mortgage loans allow homeowners age 62 and older to tap into the equity they have...

Do you know the difference between an active adult, continued care, retirement and independent living community? The American Seniors Housing Association and National Investment Center for Senior Housing and Care Industries, agreed on these standard definitions:1 Active Adult Communities are restricted to adults aged 55-plus years old. These communities often include single-family homes...

As with many financial products, reverse mortgage loans can be complicated to understand at first, so there may be a number of misconceptions about how the product works. Below are a few of the common myths and realities. Does the borrower own the home? Yes. The borrower will retain the title and ownership during the life of the loan. The loan will not become due as long as the borrower continues...

The new reverse mortgage can be beneficial for senior homeowners who have built significant equity in their homes, and need a source of supplemental income. If you are house rich but cash deprived, a reverse mortgage may be able to bridge the financial gap. A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, can help seniors be more financially secure and maintain their...

Of the 40 million Americans who are 65 or older, about 80 percent own their homes.  This is the highest rate of home ownership in all of the age groups and the rate of home ownership for this group has remained steady over the last decade. According to the Consumer Finance Protection Bureau’s study1, the number of older homeowners who have a mortgage has increased during the last decade. The...