Is a Reverse Mortgage a Good Strategy in This Economy?

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...]

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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, … [Read more...]

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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 … [Read more...]

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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...]

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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...]

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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...]

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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...]

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Critter Corner: 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 … [Read more...]

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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...]

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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...]

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