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 other proponents of reverse mortgages indicate? Are reverse mortgages actually a good strategy to help fund your retirement? How […]
Has COVID-19 Changed Reverse Mortgages?
Q. My husband, Steven, and I have lived in Northern Virginia for nearly 40 years, and we have no plans of moving. We are original owners of our home, and our mortgage has been paid off since 1998. Our children all live close by, so we are hoping to stay put for as long as […]
Two New Provisions Make Reverse Mortgages More Desirable
Q. My husband, Bob, and I have lived in Northern Virginia for nearly fifty years and we have no plans of moving. We are original owners of our home and our mortgage has been paid off for nearly two decades now. Our children all live within a mile of our home, so we are hoping […]
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 their neighbors and their friends, and they have their three children and nine […]
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, despite my pension, we just […]
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, and what happens if we are considering establishing a Living Trust Plus(TM) income only […]
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 she would still like to remain in her home. She watches lots of late night television, and […]
Can My Sister Retire on Social Security Alone?
Dear Commander Bun Bun, My sister seems to think that she can live on Social Security alone. Do you think that is possible, and if so, do you have any tips I can share with her? Thanks, Nada Nuffmunney — Dear Nada, Millions of people count on Social Security as their primary source of retirement […]
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 her age. Later, she and her husband read about how a change has been made to the rules […]
No More Reverse Mortgages, Announces Bank of America
“[E]ven if you are paying your payments on time, you could still have a clouded title to your home because your mortgage and deed of trust were never properly recorded by any of the major banks that used this system.”