Reverse Mortgages

A reverse mortgage can be a way for homeowners to avoid foreclosure. This is especially true when the homeowner has some equity in the home. However, if a homeowner is truly on the verge of foreclosure, the reverse mortgage process will proceed a little differently. This is because the homeowner will most likely have to get a short-pay agreement with the lender, in which the amount the homeowner owes on the mortgage is reduced. Start the Application Process as...Read entire article »

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Determining reverse mortgage eligibility is one of the areas where I get the most questions, and for good reason; while eligibility for the program may seem simple, some of the age and property requirements are a bit more confusing. I'll discuss some of the biggest concerns about establishing reverse mortgage eligibility below. You Must Meet the Age Requirement The youngest borrower on the title must be 62 or older. Disability does not affect eligibility. This means that if a...Read entire article »

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While a reverse mortgage may sound like a complicated concept, the philosophy and definition of the program really is quite simple: if you are eligible for a reverse mortgage you as the borrower are allowed to turn the equity in your home into a liquid asset. The money can then be paid to you in whichever manner you choose—generally as a line of credit, monthly payment, or lump sum. The amount accessible to the borrower in a reverse mortgage...Read entire article »

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• Can You Use a Reverse Mortgage to Prevent Foreclosure?
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The first time I heard the term "reverse mortgage" was during a job interview. Sitting nervously, I was asked if I'd ever heard of a reverse mortgage. I responded that I hadn't. Now that I've educated myself on the product, I realize many of the seniors I've talked to have the same vacant reaction I'd once had to the term. But that’s not how it has to be. Reverse mortgages are not inherently complicated and scary, and it is...Read entire article »

Related Articles

• Can You Use a Reverse Mortgage to Prevent Foreclosure?
• The Little-Known But Important Details You Need to Know about Reverse Mortgage Eligibility
• Reverse Mortgages: Are You Eligible & Is It Right For You?