By Chris Beard The reverse mortgage is a kind of home loan that is rather unique. It allows the borrower to convert part of his home equity to cash. This means that you can actually be paid the equity you have accumulated on your home mortgage. This article looks at how a reverse mortgage may [...]
While reverse mortgage loans are a superb financial product that can help many seniors supplement their income, unfortunately many are awaiting to take advantage of the pensioners and scam them. That’s why someone that wants to take such a loan must be vigilant and protect himself from falling prey to such con-artists. First, you have [...]
By R W Taylor FHA’s reverse mortgage program is called a HECM, which stands for Home Equity Conversion Mortgage. It is a mortgage program which allows you to take out a portion of the equity in your home if a financial situation might call for that to be done. There are 3 ways equity may [...]
By John Mazzara The concept of a Reverse mortgage Any home owner above the age of 62 years (since the minimum requirement age is 62 years old) can receive cash flow from the accrued equity on their home (property). The payments are free of tax and does not require repayment. The reverse mortgage is ultimately [...]
Joseph Cina and Phil Goss The Housing and Economic Recovery Act of 2008 (HERA) provides home buyers, age 62 and above, with the opportunity to purchase a new principal residence with the proceeds from the FHA-insured Home Equity Conversion Mortgage (HECM). The program was designed to allow seniors to purchase a new principal residence and [...]
By Matt Murren If you are a senior citizen (age 62 years old or older) and you currently own your own home, it is possible that you may want to look for ways to increase the amount of money you can expect to have available each month. One way to do this is by taking [...]
