Reverse Mortgage Uses Reverse Mortgage Uses. A HECM Reverse Mortgage is a versatile retirement funding tool that can be utilized in many ways. Here are just some of them: Pay off your forward mortgage to reduce your monthly expenses. Re-model your home to accommodate aging limitations. Maintain a line of credit (that grows) for health…
FHA Appraisal Requirements involve an appraiser inspecting your home to make sure it’s safe. For a Federal Housing Administration (FHA) loan to be approved, the home must pass an FHA inspection and appraisal. That means it must be worth the purchase price and have such basics as electricity, drinkable water, adequate heat, a stable roof, fire…
Rent or Buy Your Retirement Home? If you’re thinking about renting your next home instead of buying, consider the pros and cons of the decision. The housing market is hot, and it’s a great time to sell your home. Still, if you’re thinking about renting your next one, consider the tradeoffs. Renting temporarily is fine…
Fighting inflation with a reverse mortgage. What retirees need to know. As inflation concerns grow, many retirees worry about their purchasing power. Retirees may consider a reverse mortgage for inflation protection, financial experts say. Opening a reverse mortgage line of credit early and allowing it to grow may offer a buffer for future retirement expenses.…
Reverse Mortgages: 10 Things You Must Know Get a large wad of cash! Never make a mortgage payment again! Stay in your home as long as you want! Sounds like a great deal, right? Well, for someolder homeowners, a reverse mortgage can be. For others, it’s more perilous than promising. If you’re considering a reverse…
30% of Seniors Plan to Work Past 70 or Never Retire I was reading a survey the other day that indicates that an increasing share of older Americans are planning to work far beyond a conventional retirement age. The COVID-19 coronavirus crisis and its economic impacts have not spared the senior demographic in the United States.…
Seniors want to move on, but ‘stuck’ in home after not qualifying for new mortgage If your income is solely Social Security, it’s tough to qualify for a mortgage of any reasonable size, even at today’s extremely low interest rates. Q: There are thousands of seniors like us who are “stuck” in their homes because…
10 Things You Must Know Reverse mortgages can be complicated Get a large wad of cash! Never make a mortgage payment again! Stay in your home as long as you want! Sounds like a great deal, right? Well, for some older homeowners, a reverse mortgage can be. For others, it’s more perilous than promising.…
