If you’re a homeowner nearing retirement age, you’ve probably seen the TV commercials about reverse mortgages. Tom Selleck offers a friendly explanation of reverse mortgages and how people use them. How accurate is what he and … [Read more...]
Search Results for: reverse mortgage
Using a Reverse Mortgage to Age in Place
Jim and Julie have lived in Northern Virginia for forty years and have no plans of moving. They are original owners of their home and their mortgage has long since been paid off. They are active in their community and truly love … [Read more...]
Reverse Mortgage Loan Attorney
A reverse mortgage, technically called a HECM (Home Equity Conversion Mortgage), enables homeowners over age 62 to convert a portion of their home equity into income-tax-free funds to pay for in-home care, medical devices and … [Read more...]
Non-Borrowing Spouses Can Still Face Eviction Due to Previous Reverse Mortgage Rules
Amy (59) and her husband, Frank (66), decided to get a reverse mortgage, sometimes known as an HECM (Home Equity Conversion Mortgage), last summer to supplement Fred's Social Security. Amy was left off the reverse mortgage, due to … [Read more...]
New Reverse Mortgage Rules are in Effect this Week
Q. My husband, Rick, and I are considering moving after a stroke limited his mobility, because our home is not completely accessible for him. However, our house is in good repair, completely paid off, and in close proximity to our … [Read more...]
Key Changes Tighten Reverse Mortgage Eligibility
Q: My mother, Sally, 62, owns a home in Fairfax that is valued at $500,000 and the amount owed on her mortgage is still $300,000. When my mother retires in 3 years, the monthly mortgage payment will be unaffordable for her, but … [Read more...]
Senior Homeowners: When does a Reverse Mortgage Make Sense?
For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid … [Read more...]