Unfortunately, there are many misconceptions and myths out there about Reverse Mortgages. It seems like uneducated individuals are spreading around the wrong facts about reverse mortgages. Remember not to listen to anyone and do you own research before making a conscientious decision about a reverse mortgage. Reverse Mortgage Myths There are a few myths that… Read more »
If you have ever thought about retiring, I’m assuming you would want to retire mortgage free. The truth of the matter is that a mortgage, taxes, home owners insurance and any home repair costs bring a financial burden to your income. Retiring mortgage free gives you the flexibility to spend your income on more favorable… Read more »
Before the dust of the 2008 economic downturn settles, Americans — and the government — should prepare for what will be another substantial hit to the housing market, says analyst and former Goldman Sachs executive Joshua Pollard in a recent report sent to the White House. “There is humbling proof in high probabilities,” Pollard writes… Read more »
Older homeowners often use reverse mortgages to pay off their traditional mortgages so they can get rid of their monthly house payments. Is that a wise strategy? Reverse mortgages have gained a bad reputation over the years, but they can be a useful financial tool to seniors when used appropriately, said David Johnson, associate professor… Read more »
Q: I’ve seen commercials on TV recently for reverse mortgage deals. Are they legitimate? Also, how much money would someone receive on a house worth $200,000? – O.S., Hope Mills A: You should carefully consider any financial deal, including – and perhaps especially – those you see in television commercials. Generally speaking, reverse… Read more »
For retirees looking to use their homes as income during retirement, they have one or two choices: either downsize or get a reverse mortgage, according to a new ebook from the Center for Retirement Research at Boston College. The booklet, Using Your House for Income in Retirement, is filled with infographics, definitions, examples and other… Read more »