Although the Federal Reserve again raised the short-term interest rate yesterday May 4, 2022, the impact on a reverse mortgage loan is both positive and negative. As interest rates increase, the amount that you qualify to receive at application from the reverse mortgage decreases. However, your current loan balance which needs to be paid off […]
Let us explore three ways that a reverse mortgage can help to transform retirement
It is All about Flexibility The primary benefit that one receives with a reverse mortgage is financial flexibility. It is an excellent way to tap into the equity that has built up in your home over time without having to sell the house. After living in your home for decades, moving is often not desirable; […]
Considering A Reverse Mortgage? Understand These Important Points First
There are many homeowners on a fixed income once they reach a certain age, however, their expenses are not always fixed costs. Sometimes, there is a large medical expense or the need for a new car or a home repair. In the event that someone needs cash flow, and they are 62 or older one […]
What happens to the Home after the last borrower dies?
The misconceptions about loan repayment were far and wide before reverse mortgages became regulated and federally insured financial tools. The lender does not get the home, take title to the home, or own the home or its equity in any way. A homeowner or heir can sell the home ( that has a reverse mortgage […]
What Will My Children Think?
What will my children or heirs think about a reverse mortgage? Below are a few questions to consider while you evaluate your interest in a HECM loan. Do they want to inherit the maximum equity from your home OR do they want you to enjoy the most income possible today? Do they want you to […]