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How Does Age of the Borrower Impact Proceeds in a Reverse Mortgage?

Reverse mortgages may be a great way for those 62 years and older to access the equity they’ve built up in their home over the years. For the most part, the older the borrower, the more in proceeds the borrower will receive. To determine how much you’re eligible to receive from the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) loan, you need to look at three things: Age...

Reverse Mortgage Calculator

The Internet is a great resource for finding out more about reverse mortgages, and using a calculator to see how the loan might best fit your situation is a good place to start. Why Should I Use a Reverse Mortgage Calculator? If you’re thinking about getting a reverse mortgage, a calculator can show if you’re eligible and how much you may qualify for. There are plenty of reverse mortgage...

There’s Enough Reverse Mortgage Lenders To Keep Costs Low

The number of active reverse mortgage lenders has declined and is predicted to shrink another 35% this year according to Reverse Mortgage Daily with, most notably, Bank of America exiting the market, and Wells Fargo exiting wholesale. Even with these significant changes, the outlook for consumers is encouraging. There will still be enough Reverse Mortgage lenders in the market to keep costs to...