By Rob K. Blake Reverse mortgages can be an ideal mortgage vehicle for seniors who need to solve major financial problems. With this type of loan, seniors can easily access the home equity or what mortgage folks call the “home savings account” they built over the years. Most important of all, you can tap this [...]
By George A. Mills In today’s struggling economy many elderly folks are considering reverse mortgages in order to acquire funds to help their children through rocky times. There are pros and cons to this strategy, and homeowners should examine them thoroughly before taking this drastic measure. Common questions involved pertain to taxability of the funds [...]
By Don Seibert Reverse Mortgage Myths With all of the hoopla these days about the Reverse Mortgage for Senior program, it is important that we take a hard look at some of the myths that people are hearing about. 1. The Reverse Mortgage lender will own your home – FALSE! You and your family or [...]
Under the Reverse Mortgage for Seniors program, your income is not even a consideration in qualifying for a reverse mortgage! All of the loans that you have qualified for up to this point in your life required that you meet certain income levels to meet their debt/income ratios. This is simply not true with a [...]
By Kimberly Shannon Many seniors are living on social security as their only source of income. Homeowners are finding it difficult to keep up with the costs of home ownership. Living on a fixed income is difficult in any circumstance and trying to keep up with taxes and home repairs are just a few things [...]
By Ken Scholen Reverse mortgages provide loan advances that don’t have to be repaid until the borrowers die, sell, or move. And many borrowers expect to remain in their homes until they die. But federal research* has discovered that reverse mortgage borrowers pay back their loans within 6 to 7 years – way earlier than [...]
A reverse mortgage loan is a very useful financial innovation that can help many seniors 62 and older to supplement their income with the help of their home. If you own your house or you have a low mortgage balance you can get a loan using your house that you would never need to pay [...]
In today’s world more and more seniors start feeling insecure as the social security is moving towards the bring of collapse. However for those of you that you own a house there is a little trick called reverse mortgage that can give you money in this uncertain times. Money that not only can help you [...]
