Reverse Mortgages: Yes or No?

Q. I retired last year at the age of 64, and my wife has been a homemaker for quite a while. We are glad that I am retired and we are free to do what we want (we have quite a lengthy bucket list!), but we came to realize that, … [Read more...]

Critter Corner: Do Reverse Mortgages Affect Medicaid Eligibility?

Dear Ribbit, My wife and I are considering a reverse mortgage, since we have a lot of equity in our home and very little cash flow. She is in the early stages of dementia. Would the reverse mortgage affect Medicaid eligibility, … [Read more...]

Attitudes Are Changing About Reverse Mortgages

Q. My mother-in-law, Rita, owns a home in Vienna that is valued at $675,000 and the amount owed on her mortgage is still around $300,000. When she retires next year, the monthly mortgage payment will be unaffordable for her, but … [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...]

Planning for Long-Term Care (Part 1)

Are you one of the millions of Americans over age 50 who has not yet started planning for long-term care? As financially responsible adults, most of us are prepared for some unexpected disasters – we pay for health and property … [Read more...]

The Reverse Mortgage Saga Part 5: “How the Farr Law Firm is Helping Clients Stay at Home”

“Presume not that I am the thing I was,” wrote William Shakespeare in the play, 2 Henry IV, reminding us that nothing stays the same. On the personal side, we all change over time; our families and our other assets grow and … [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...]

Reverse mortgage questions after BofA makes big announcement

Since 2007, my opinions on reverse mortgages have been mixed.  Today, I re-examine my previous articles and prior concerns, due to Bank of America’s monumental announcement Friday that it is exiting the reverse mortgage … [Read more...]

No More Reverse Mortgages, Announces Bank of America

Since 2007, my opinions on reverse mortgages have been mixed.  Today, I re-examine my previous articles and prior concerns, due to Bank of America’s monumental announcement Friday that it is exiting the reverse mortgage … [Read more...]