Love them or hate them reverse mortgages are here to stay. We typically see reverse mortgage commercials on tv portrayed by some type of tv personality or celebrity, so it’s no surprise when people are a bit skeptical. Reverse Mortgages – Scam or Real? To help us understand if reverse mortgages are a scam we… 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 »
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 »
Latest HUD Guidelines The latest HUD guidelines have been released. Under Mortgagee Letter 2014-07 (April 25, 2014) (Non-Borrowing Spouse) released by HUD earlier today, HUD announced that, effective for Case Numbers for HECM loans issued on or after August 4, 2014, if and for so long certain new and important requirements are met, the spouses… Read more »
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