A reverse mortgage loan is a loan designed to help homeowners over the age of 62 with their finances, whether they need extra money to pay the bills or to simply improve their quality of life. In essence, instead of making mortgage payments every month, your lender will pay you money every month. This money [...]
Many homeowners aged 62 and older may choose to apply for a reverse mortgage loan as a way to obtain more financial security and flexibility if they feel that their other sources of income, which could include Social Security benefits, aren't enough. However, recent changes limit how much borrowers can take from their homes and [...]
When you take out a reverse mortgage loan, you'll be provided with monthly payments or a lump sum by your lender against the equity of your home. This allows borrowers to live more comfortably, financially speaking, while still being able to stay in their homes. However, once they pass, surviving family members will either have [...]
Reverse mortgage loans can be extremely helpful to older homeowners. Homeowners who qualify will often take out reverse mortgage loans as a way to provide them with some more financial flexibility. However, lenders must now perform a financial assessment on anyone who applies for a reverse mortgage loan. What is a Financial Assessment? Financial assessments [...]
Reverse mortgage loans have been around for decades and aren’t going away anytime soon. Because this kind of financial tool has been around for so long, there can be a lot of confusion and misinformation about reverse mortgage loans and how they work. In fact, many people consider reverse mortgage loans to be a poor [...]
