Reverse Mortgages are becoming popular in America. The U.S. Department of Housing and Urban Development (HUD) created one of the first. HUD’s Reverse Mortgage is a federally-insured private loan, and it’s a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make…
Reverse Mortgages: Information You Need to Know
Reverse Mortgages are exploding in popularity and as the baby boomers reach age 62 and beyond they will become eligible to cash in on their home equity with a reverse mortgage. A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home….
Pay off Mortgage Question
Q: Love your column and interesting answers. Now we have a question. My wife and I are both 88, happily married for 68 years with 11 grandchildren, 13 great-grandchildren and two great-great-grandchildren. We owe about $42,000 on our home mortgage at 7.75 percent interest. We can easily pay it off in full. Should we? There…
Reverse Mortgage – Providing Peace of Mind Without Sacrificing Safety or Security
For many seniors one of their greatest sources of security is their home. It not only provides a comfortable and familiar environment, but it provides a sense of independence and a source of many fond memories. The equity in that home represents a financial nest egg and a legacy for them to pass on to…
Reverse Mortgage Interest Rate
One of the main hurdles standing in the way of widespread acceptance of reverse mortgages is their sheer complexity. One good example is the reverse mortgage interest rate. Most home owners, if asked the interest rate on their mortgage, could quickly and accurately answer – e.g. “We have a 30-year at 6.5%”. Even more complex…
Reverse Mortgages – Learn The Facts First!
Reverse Mortgages, Most Common Features: Many offer special appeal to older adults because the loan advances, which are not taxable, generally do not affect Social Security or Medicare benefits. Depending on the plan, reverse mortgages generally allow homeowners to retain title to their homes until they permanently move, sell their home, die, or reach the…
Reverse Mortgage Counselors – Michigan
Reverse Mortgage Tip If you’re planning to refinance your first mortgage, it may be best to hold off on getting a HELOC loan. Many mortgage companies look at the combined loan amounts when refinancing the first mortgage. If you plan on refinancing your first, check with your mortgage company to find out if getting a…
A Reverse Mortgage Could Provide a Comfortable Retirement
While only comprising about 1% of all mortgages, the reverse mortgage has gained in popularity in recent years. Federally insured since the late 1980′s, the reverse mortgage allows owners of paid-off homes of at least 62 years of age to borrow against the equity in their homes in the form of a lump sum, a…
Reverse Annuity Mortgage – Tapping Into Your Equity
Reverse annuity mortgages (RAM) were created to allow older Americans to tap into the equity of their paid for or nearly paid for home. Homeowners receive a tax-free payment each month, and the mortgage is paid when the home is sold. Before you choose a RAM, make sure you have evaluated the risks since this…
The Reality Retirement Calculator – assessing needed income for retirement
The foremost fear of anyone in (or approaching) retirement is that they will manage to outlive their savings. Projecting your needed income for retirement is a difficult task. It requires looking into the future for decades and matching anticipated needs with the resources you expect to have available. There are hundreds of internet retirement calculators…