What is a Reverse Mortgage Loan?

A reverse mortgage can be used to turn a portion of the equity in your home into cash that can be used for many different purposes that may enhance and extend your retirement. If you currently have a mortgage, a reverse mortgage could eliminate your mortgage payment (taxes and insurance must still be paid, and the home maintained), and also allow you to access any additional equity (over and above your mortgage balance), to create

What is a Home Equity Conversion Mortgage (HECM)*?

A HECM reverse mortgage loan is a way to turn a portion of the equity in your home into cash. The proceeds from a reverse mortgage can be used to pay for unexpected expenses, such as nursing home costs or long-term care. It could also provide you with additional cash flow for all the expenses you have. As long as all loan terms are met, the loan does not require repayment until the last surviving

Is the NEW Reverse Mortgage Right For You

Are you like me and worry about what your retirement looks like? Have you ever thought about what your life would be like if you no longer had to make mortgage payments(except property taxes,  homeowners insurance and maintenance) or if  you had a cash reserve available that would allow you to lengthen/increase your retirement cash flow or cover unexpected expenses? The NEW reverse mortgage is a loan available for seniors 62+ who wish to supplement their

Reverse Mortgages Myths and Facts

It’s not every day that one inquires about a reverse mortgage. Consumers don’t have experience with reverse mortgages because unlike forward mortgages they are typically only done once in a homeowner’s lifetime. For this reason, there is a lot of misinformation Myth #1 the bank owns my home.  This is 100% not true.  You retain all ownership to the home.   You simply have a mortgage that is different than you’re used to.  You are not

7 Best Kept Secrets For Financing Home Care

Families need to understand their options when it comes to paying for senior care, but first, it’s important to understand the level of care you need. Senior care in the home can range from a couple of hours of help per week to 24-hour skilled nursing care. You may think that Medicare is the only option for long-term care, but Medicare only covers nursing and clinical care for acute conditions, usually following a stay in

Using a Reverse Mortgage to Purchase a Home and Eliminate Debt

When people think about reverse mortgages they typically think about refinancing their existing home. There is a new philosophy emerging among baby boomers, and that is purchasing a home utilizing a reverse mortgage.  Reverse mortgages can be used purchases and often set seniors up for the best retirement scenario. Scenario:  A senior has a home worth 400,000 and has a mortgage for 250,000.  The house is more space than she needs.  The mortgage note, property