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Category Archives: Reverse Mortgage Benefits
The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both. Continue reading
Although the lower interest rate of a variable rate mortgage can look good in the beginning, you must also look at it from a long term perspective. Continue reading
Getting credit approval is extremely difficult, even for small business owners. The strenuous lending requirements that the banks are enforcing have made it difficult to get any type of loan. Continue reading
Reverse Mortgage Home Purchase Loans Creates New Retirement Options for Seniors who Plan on Buying New Homes
The Home Ownership and Economic Recovery Act of 2008 made many considerable improvements to the Government regulated and insured Home Equity Conversion Mortgage or HECM reverse mortgage. Continue reading
The income from a reverse mortgages do not affect eligibility for Social Security, Medicare or other retirement benefits or pensions that are not based on need. However, without careful planning, the income from reverse mortgages could affect eligibility for supplemental … Continue reading
Yes, You could pay a reverse mortgage back at any time with not prepayment penalties.
What are the ways to pay off an existing reverse mortgage if you do not have the access to the cash required?
You can sell the home, and the buyer’s money will pay off the reverse mortgage lender. If you do decide to pre-pay the reverse mortgage early, it may be possible to do so with no prepayment penalties. If you die, … Continue reading
With Reverse Mortgages the money could be used for any purpose, such as: Eliminate existing mortgage loan payments Payoff credit card debt Supplement retirement income Help pay for medical and prescription expenses Pay for in-home care, long term care insurance, … Continue reading
The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. You could sell your home at any time without paying a prepayment penalty. With reverse mortgages you could never owe … Continue reading