You don’t make monthly mortgage payments on a reverse mortgage. You probably wonder how you ever pay the principal back with this type of loan. The good news is that you don’t have to worry about it right now. Eventually you or those that inherit your home will pay the principal back, but for now, you can enjoy your home’s equity, allowing you to age in place.Compare Offers … [Read more...] about When do you Pay the Principal Back on a Reverse Mortgage?
Reverse Mortgages
How Seniors can Benefit From a Reverse Annuity Mortgage
Seniors that own their home can tap into their home’s equity and create a cash flow. It’s made possible with the reverse annuity mortgage, otherwise known as the reverse mortgage. The mortgage product provides seniors with monthly payments or a lump sum payment (they choose). Rather than seniors making payments, the bank makes payments to them. The loan does accrue interest … [Read more...] about How Seniors can Benefit From a Reverse Annuity Mortgage
What is a Reverse Mortgage?
A reverse mortgage, while a controversial loan product, can be a great financial tool for retiring seniors and homeowners. For many seniors who might benefit and qualify for a reverse mortgage, the loan program remains a mystery. Their understanding might only come from a rumor, an infomercial, or from knowledge of old programs that existed during the sub-prime lending … [Read more...] about What is a Reverse Mortgage?
The Hidden Perks of Taking a Reverse Mortgage Loan
When one hears the term “reverse mortgage”, you might simply scratch your head. We are all familiar with what mortgage is. However, a reverse mortgage may not ring a bell.A reverse mortgage program is a type of loan that is designed specifically to target seniors. This loan product allows eligible senior homeowners to tap into their home equity by converting it into … [Read more...] about The Hidden Perks of Taking a Reverse Mortgage Loan
As FHA Makes Changes to Reverse Mortgages, Remember These Key Dates
The Federal Housing Administration (FHA) that backs the majority of today’s reverse mortgages for seniors called Home Equity Conversion Mortgages (HECMs) has rolled out changes to the program this year. According to the FHA, these changes are geared toward the improvement of the HECM program to ensure it remains a viable resource for senior borrowers.Interested in getting a … [Read more...] about As FHA Makes Changes to Reverse Mortgages, Remember These Key Dates