Wondering if you meet the qualifications for a reverse mortgage? Thanks to reverse mortgages, many senior homeowners have been able to make home improvements, travel, pay off medical expenses, or supplement their income by tapping into their home equity. Reverse mortgages have become much safer, more accessible, and more popular thanks to the current Federal Housing Administration (FHA) rules. There are several different reverse mortgage programs, which vary based on how you choose to receive your funds (one lump sum, monthly payments, or a line of credit), the value of the home, and how ..read more

-Written by Robin Rosa MLO #1402813, Reverse Mortgage Specialist Much damage has been done to the U.S. economy in the last two years causing retirees to reconsider how to use home equity. The COVID-19 pandemic coupled with shutdowns and central banks’ efforts to stimulate the economy has left the financial markets and world economies on the precipice of a deep recession. To make matters worse, seniors and retirees are getting pummeled by a one-two punch of inflation quickly approaching 10% and recent declines in stocks and bonds in an increasingly volatile market. As a result, older Americans ..read more

If you are considering getting a reverse mortgage, you may have done some research or even know someone who has one. Getting a reverse mortgage is an excellent way for people 55 years and older to convert their home equity to cash that they can use for additional retirement funds, home improvements, or medical expenses. Reverse mortgages allow the homeowner to remain in their home during retirement and retain the title to the property. Instead of making monthly mortgage payments, the mortgage company pays the homeowner as an advance on the equity in the home ..read more

Reverse mortgages have become popularized by television commercials anchored by celebrities. To some, they may seem too good to be true. But reverse mortgages are not all Hollywood glitz and glamour. They are a way for homeowners, now as young as 55 or older, to convert the equity in their homes into spendable cash. Though not for everyone, many seniors are using their home equity to fund their retirement, cover expenses, and remain in their homes without worries of budget constraints. Reverse mortgages can make this possible but you need to know the pros and cons of a reverse mortgage b ..read more

Paying off a reverse mortgage is inevitable- at some point, the loan will need to be paid back. For adult children or heirs who inherit their parents’ housing assets with FHA (Federal Housing Administration)-insured HECM reverse mortgages, it can feel overwhelming. The impulse is often to find out how to get out of any mortgage debts immediately; it is hard to deal with our loved ones’ debt, especially while grieving. To answer the most common questions about paying off the reverse mortgage called due – and discover some options for handling the process – read on. How Do Reverse Mortgage ..read more

-Written by Robin Rosa MLO #1402813, Reverse Mortgage Specialist Much damage has been done to the U.S. economy in the last two years. The COVID-19 pandemic coupled with shutdowns and central banks’ efforts to stimulate the economy have left the financial markets and world economies on the precipice of a deep recession. To make matters worse, seniors and retires are getting pummeled by a one-two punch of inflation quickly approaching 10% and recent declines in stocks and bonds in an increasingly volatile market. As a result, older Americans are racking up consumer debt and are concerned about ..read more

If you are considering applying for a reverse mortgage , you probably have done some research or have a friend who has one. Reverse mortgages are an excellent way for people 62 years and older to convert their home equity to cash that they can use for additional retirement funds, home improvements, or medical expenses. Reverse mortgages permit the homeowner to remain in their home during retirement and retain the title to the property. Instead of making monthly mortgage payments, the mortgage company pays you as an advance on the equity in your home. The money is generally not taxable and doe ..read more

What does it take to consider yourself a specialist in reverse mortgages? This answer is subjective: there is no definitive answer to this question. Anyone with an MLO license (even if they have never done a reverse mortgage before) can call themselves a reverse mortgage specialist. The client and their support team (friends, professional advisors, neighbors, and loved ones) must do their due diligence and investigate the experience of the reverse mortgage professional and their company to determine who they want to guide them through this colossal decision. Here are some questions to ask you ..read more

Understanding How Reverse Mortgages Work You have probably seen commercials and heard your friends discuss reverse mortgages. If you still can’t grasp how reverse mortgages work, we have broken down the basics in this article. Reverse mortgages – also called home equity conversion mortgages (HECM) – are loans for seniors 62 and older who want to convert the equity in their homes into funds that they can use now.  Reverse mortgages are similar to regular mortgages in that they are both loans, using your home as collateral.  In a traditional mortgage, you purchase a home and pay the m ..read more

You may have heard about reverse mortgages and thought they weren’t suitable for you. You may think they are too confusing or that you probably won’t qualify. However, reverse mortgages offer simple solutions to homeowners 62 and older who want extra funds for paying bills, traveling, or assisting in medical expenses by using the equity in your home. Reverse mortgage experts can easily walk you through the steps in determining if you qualify and which type of reverse mortgage is right for you. What Is a Reverse Mortgage? A reverse mortgage is a loan for homeowners 62 years old or older who ha ..read more