Can I Use a Reverse Home Mortgage to Avoid Foreclosure?

The recent popularity of reverse mortgage lending is causing a stir among many retired Americans who own their home but still struggle to pay their real estate taxes and other bills.
Real estate taxes are a particular source of anxiety for many, because a home can be foreclosed due to delinquent tax payments - even [...]

When the Loan Ends

Reverse mortgages are advantageous because all loan payments are deferred as long as the property remains the borrower’s primary residence. There is no obligation to repay the loan until the owner dies, the home is sold, or the owner otherwise vacates the property (for example, to move into an assisted-living facility).
So, what happens when [...]

Top Reverse Mortgage Questions, Part 2

1. When do I pay back my reverse mortgage loan?
All loan payments are deferred as long as the property remains the borrower’s primary residence. There is no obligation to repay the loan until the owner dies, the home is sold, or the owner otherwise vacates the property for 12 consecutive months (for example, to move into [...]

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 [...]

Payment and Repayment of Reverse Mortgages

Reverse mortgages are an attractive option for senior citizens ages 62 and older who want the benefits of liquidity but have a large amount of their financial assets tied up in their home. Reverse equity mortgages are a special type of loan used to “unlock” the equity in older homeowners’ homes, allowing seniors to cash [...]

Basic Features of a Reverse Mortgage

A reverse equity mortgage can be an attractive option for some seniors, but this type of loan does come with a specific set of requirements and regulations. Any consumer considering using a reverse mortgage to unlock the equity in his or her home should carefully examine the terms of the mortgage before committing.
• Reverse mortgage [...]