There are a bunch of different mortgage types available, and while they fall into the same category they do differ from each other. You have first mortgages, second mortgages, home equity loans and reverse mortgages to name a few. A reverse mortgage truly is different from the others but…

When you keep your personal equity as reverse mortgage, you can borrow money from loan providers. In fact, it is safe and secure to get financial help at an old age. The senior citizens, who are above the age of 62 years, can get reverse mortgages against their property…

When you have a reverse mortgage on your home, at the time of your death, the lender will assume ownership of the property. You heirs will have a chance to repurchase the home from the lender for a limited time. After this grace period, usually about six months, the…

This past weekend, one of my heroes passed away. I’ll memorialize him with five of my favorite quotes from him. “Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what others think you are.” “You can’t…

Memorial Day is pretty much just confusing to me. It’s theoretically a day to honor fallen soldiers, but most people just go on vacation or play in the yard. What happened to Decoration Day, which is May 30 of each year? That’s the original date created to honor those…

For many Americans, reaching the retirement age is when they have accumulated enough capital in the form of a home property. Reverse mortgages are not like a regular loan. Reverse mortgages help many retirees meet their financial difficulties and help them maintain their independence and dignity. Retirees are reaching…

Reverse mortgages allow older homeowners to get cash out of their homes without having to make payments. Reverse mortgages are often used by people who would like to stay in their own homes but need some extra money to pay for things like medical bills. They can also use…

A HECM (Home Equity Conversion Mortgage) is program set up by the FHA which allows homeowners to borrow a portion of the equity in their homes. This is normally an option that is utilized by elderly citizens that need a supplement to their other forms of income. Sometimes social…

How a reverse mortgage works A reverse mortgage is very simple. It is essentially a loan that can be made to seniors (the borrower must be age 62 or older) with the home as equity. The loan amount may be paid in a lump sum or over time, so…

When you applied for your reverse mortgage you gained many benefits from doing so, the number one benefit was having a steady income to rely on. But what happens to your reverse mortgage when you pass on leaving the estate to your heirs? You may want to know can…