Category Archives: Reverse Mortgage

Reverse Mortgages No Longer So Popular

The Federal Housing Administration has this special reverse mortgage plan for people 62 years old and up, but it’s hard to implement with declining property values. Reverse mortgages let you take the equity out of your home right away, but … Continue reading

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Using Reverse Mortgages To Buy Homes

Few lenders offered this option until recently. They’re waiting on the government to issue appropriate underwriting guidelines. Reverse mortgages can’t buy co-ops in New York, which is slowing the introduction of this financing to this populous state. The New York … Continue reading

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More Americans Taking Out Reverse Mortgages

Economic tough times makes senior citizens more open to taking out these mortgages. The general view of reverse mortgages is becoming more positive. Due to the stock market plunge, many people are seeing their retirement accounts wiped out. Report: BOSTON … Continue reading

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Pros & Cons Of Reverse Mortgages

If you have a big mortgage and little equity, a reverse mortgage can be a better choice than foreclosure. A decline in divident payouts is causing more seniors to consider reverse mortgages. There are all sorts of new economic challenges … Continue reading

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The Downlow On Reverse Mortgages

Report: A reverse mortgage (RM) is a special kind of loan, usually for people age 62 and older, which pays a homeowner loan proceeds from the equity in their home. People have used RM loans to pay property taxes, home … Continue reading

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Saved By A Reverse Mortgage

Report: “It (the reverse mortgage) really saved me from living in poverty,” she said. So for Walters, a reverse mortgage made good sense. If a borrower has an outstanding mortgage, reverse mortgage proceeds will be used to pay it off … Continue reading

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Reversed Mortgages Analyzed

From wctv.com: With economy the way it is, there’s an option for seniors who own their homes that is growing in popularity. Reversed mortgages are becoming a popular option for seniors who may have high values of equity built into … Continue reading

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Setting Limits On Reverse Loans

From the LA Times: Are you 62 or older, own your own home and thinking about a reverse mortgage? HUD today approved a new national limit of $417,000 for Home Equity Conversion Mortgages (HECMs). This is higher than previous lending … Continue reading

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Reverse Mortgage Update

Emily Brandon writes: The housing bill signed by President Bush on July 30 raises the amount seniors can borrow using federally backed reverse mortgages and lowers the cost of getting the cash. A reverse mortgage is a loan against your … Continue reading

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The Popularity Of Reverse Mortgages

Ann Gowans writes: The popularity of the reverse mortgage is soaring. Reverse mortgages are available to homeowners age 62 and older and allow these clients to use their home equity without having to meet income requirements, sell their house or … Continue reading

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