How NOT to Use Reverse Mortgage Money

Reverse mortgages are unique types of loans that are based specifically on the borrower’s eligibility.  To be eligible for a reverse mortgage, the homeowner must:
•    Be at least 62 years of age
•    Own the property outright or have a low enough mortgage balance that the mortgage can be paid in full at closing using proceeds [...]

Reverse Mortgage Statistics

A reverse mortgage can be defined as a special type of loan used to release the equity in senior homeowners’ homes, allowing older homeowners to realize the equity in their homes without conceding any ownership of the property.

Because of the many desirable aspects of reverse mortgages, this type of loan tends to be a hot [...]

Consumer Safeguards for Reverse Mortgage Borrowers

There’s always a large concern for the safety of the elderly in business and lending situations. Scam artists often prey on older people in an attempt to defraud them of their money. In the case of reverse mortgages, the concern of exploiting the elderly can be of great concern to borrowers, their children, or their [...]

What is a Reverse Mortgage?

Reverse mortgages are a special type of loan used to “unlock” the equity in older homeowners’ (ages 62+) homes, allowing seniors to cash in on the equity in their homes without conceding any ownership of the property. The tax-free income generated from the equity in the form of a loan is then available to the [...]