Your Reverse Mortgage loan funded and now all your debts will be paid off. What would you do next?”
For many homeowners, using a reverse mortgage to eliminate monthly mortgage payments or pay off credit cards brings immediate relief. Cash … Read the rest
If you’ve ever wondered “how does a reverse mortgage actually pay me?” you’re definitely not alone. This is one of the most common questions I get, and honestly, it’s where a lot of the confusion starts. So let’s break it … Read the rest
If you’re exploring home financing options as a senior homeowner, you have noticed that reverse mortgages carry higher interest rates than standard mortgages. Here are 5 reasons the rates are higher.
Unlike traditional … Read the rest
A reverse mortgage can function similarly to an interest-only loan if you choose to pay the interest, giving you flexibility while maintaining control over your home equity. Making extra payments accelerates balance reduction, which can help preserve equity for your … Read the rest
Most older homeowners know about the Reverse Mortgage Loan, but many still do not know about the Reverse Second Mortgage Loan.
I have completed several of these loans, and in all cases the clients were in their 70s. The traditional … Read the rest
The idea that a reverse mortgage will automatically “eat up all the equity” in a home is one of the most common misconceptions I hear. As this example shows, even with an interest rate of 8.95% and no payments being … Read the rest
If you’re over 62 and own a home in California, chances are the phrase “reverse mortgage” stirs up a mix of curiosity and unease. Maybe you’ve heard whispers: “You won’t qualify unless your income is high,” or “If you … Read the rest
In a recent story titled How to Create a Retirement ‘Paycheck,’ syndicated columnist and certified financial planner Liz Weston recommended strategies for improving retirement security that included getting a reverse mortgage.
After first discussing income annuities, Weston added, “Another option … Read the rest