What is the Difference Between a HECM Loan and a Reverse Mortgage?

What is the Difference Between a HECM Loan and a Reverse Mortgage? The Home Equity Conversion Mortgage is offered to those over age 62 amid a plethora of multiple tools that take on the name of reverse mortgage and similar. So it’s easy to understand how folks can be easily confused. Even experienced finance folks …

What Fees and Service Charges Are Associated with a Reverse Mortgage?

Let’s Break it Down: The Reality of Reverse Mortgage Fees & Charges Simply engaging in a reverse mortgage is never just about the loan. There is a whole package of fees and charges that go along with any kind of real estate financing, from the opening stage all the way to the final paperwork and …

How is an Estate That Includes a Reverse Mortgage Settled After the Borrower Passes Away?

How are Reverse Mortgages Settled After the Borrower(s) Passes? Most folks are familiar after going through the application process for a reverse mortgage that if the applicant leaves the home or passes away, the reverse mortgage will come due prior to expiration. However, the mechanics of the actual process of estate settlement in the case …

What is an FHA Reverse Mortgage? How Does it Differ From Other Options?

For those who are over age 62, a number of financial options become available in the reverse mortgage arena, providing significant opportunities for reshaping one’s retirement. However, there’s a wide array of choices available today, including federally-designed programs. Deciding which program works better can be daunting. There actually is quite a difference, and some types …

What Are the Qualification Requirements for a Reverse Mortgage?

Walkthrough Guide: The Qualification Requirements for a Reverse Mortgage Many folks face the consideration of a reverse mortgage when they get to a point where they need additional cash flow and their current financial status is not providing a desired level. With the reverse mortgage tool, a person can use their home to provide a …

Reverse Mortgages Pros and Cons: What do You Need to Know?

Pros and Cons of Reverse Mortgages: Are They a Valuable Retirement Tool? There’s a lot of conflicting chatter on the Internet and by rumor about how reverse mortgages work. In addition, financial businesses in just about every city are pitching products for reverse mortgages with radio spots, or telling people they may miss out on …

What Are My Reverse Mortgage Solutions? Are Some Better Than Others?

Types of Reverse Mortgage Solutions – Weighing Your Options A reverse mortgage is a type of loan that allows seniors to tap into the equity in their homes and use it for a variety of purposes such as medical bills, home improvements or taxes. As the name implies, a reverse mortgage does not require monthly …