Qualification and Application

Finding an Approved Reverse Mortgage Lender

There are many reverse mortgage lenders marketing themselves to senior homeowners. All one has to do is turn on the television during typical business working hours and to see commercial after commercial targeted to retired homeowners.
Because of the recent surge in reverse mortgage loan popularity, many seniors are jumping on the reverse mortgage bandwagon. [...]

The New Housing Law and Reverse Mortgages

President Bush signed a new housing bill on July 30, 2008, that raises the amount of money seniors can borrow on reverse mortgages, and lowers the cost of attaining that cash. Although this bill is, for the most part, a move in the right direction, seniors still need to be cautious when spending their home [...]

Reverse Mortgage or Rent Out

Many seniors face the inevitable need to economize when they enter retirement. While some older homeowners can still enjoy a comfortable quality of life, most have to adapt financially. A reverse mortgage or reverse home mortgage is one solution. Information about reverse mortgage pros and cons could help seniors make better financial decisions. Reverse mortgage [...]

Equity Key vs. Reverse Mortgage

Many older homeowners are choosing to seek information on reverse mortgages because they want to supplement their retirement income with their home equity. Reverse mortgage programs can be advantageous because all loan payments are deferred as long as the property remains the borrower’s primary residence.
The recent attention surrounding these loans has caused some seniors [...]

Do You Qualify for a Reverse Mortgage?

Reverse mortgage lending has gained a lot of popularity with senior homeowners lately because the money seniors receive helps them live in your homes longer and more comfortably. However, all prospective borrowers must meet with an independent counselor before they are able to apply for a reverse mortgage program.
Financial counseling sessions are designed to [...]

Reverse Mortgages, Insurance, and Medicaid

There has been quite a bit of attention paid in the media lately to the relationship between reverse mortgage payments and Medicaid availability. Because much of the information obtained by the media is hearsay or conjecture, this article intends to weed out fact from fiction.
According to one website dedicated to lending information, “if you receive [...]

Should You Sell or Take Out a Reverse Mortgage?

As seniors consider supplementing their retirement with the equity of their home, many have difficulty deciding whether to sell the property or apply for a reverse mortgage.
Although selling the home may be financially advantageous, many seniors would much rather stay in their homes than go through the hassle of finding a new home and [...]

Why Do I Have to Complete Reverse Mortgage Counseling?

Federal regulations mandate that all prospective borrowers be required to meet with an independent, third-party reverse mortgage counseling service before they are able to apply for a reverse mortgage.
The counseling sessions are mandatory because many seniors aren’t aware that they have numerous rights and protections in lending and borrowing. Today, many consumer safeguards are [...]

Top Reverse Mortgage Questions, Part 1

1. What is a reverse mortgage?
A reverse mortgage is a special type of loan used to “unlock” the equity in older homeowners’ (ages 62+) homes. Reverse mortgages enable seniors to cash in on the equity in their homes without giving up ownership of the property. The tax-free income is a loan, and payments are deferred until [...]

When NOT to Consider a Reverse Mortgage

A reverse mortgage is a type of loan that allows homeowners ages 62 and older to convert part of the equity in their homes into cash - without selling the property, transferring the title, or making monthly payments on the loan. While these loans are advantageous to some seniors’ situations, reverse equity mortgages are not [...]

Steps to Applying for a Reverse Mortgage

Once homeowners have learned about the advantages of reverse mortgages and decided that a reverse mortgage is appropriate for their situation, they can begin taking steps to secure the reverse mortgage loan.
Stage One: Counseling
Prior to applying for a reverse equity mortgage, all candidates must obtain third-party financial counseling from a Department of Housing and Urban [...]