Article Summary: When the last reverse mortgage borrower dies, the heirs will need to repay the loan or give up the property. They may sell the house, pay off the loan with inheritance money, or hand over the keys to the home to prevent a foreclosure. Depending on the appraised value of the house and […]
With real estate prices rising for almost a decade, there has been much speculation on the next housing bubble popping. The last housing bubble didn’t end well, to put it mildly. There was a glut of housing available – so much so that lenders started giving mortgages (so-called “subprime mortgages”) to almost everyone who wanted to buy a […]
A reverse mortgage is a loan for homeowners who are 62 and older who want to convert part of the equity in their home into cash (usually tax-free). The borrower keeps the title of the house and is still responsible for paying property taxes, utilities, home insurance, maintenance, and other related costs. It can be a great […]
If you’re deep into your retirement and running out of money, you don’t have many options. Going back to work can be difficult or even impossible, and you may not have access to other income streams. In a situation like this, it might make sense to consider a reverse mortgage. Here are the pros and cons […]
CIT Group used to be a big player in the reverse mortgage and servicing business through its subsidiary Financial Freedom. Not any longer. As part of its effort to simplify its business interests, CIT sold Financial Freedom to an undisclosed buyer on May 29th, 2018. Investors welcomed the sale and shares in CIT Group rose […]
Yes, you can refinance your reverse mortgage, if you’re qualified, and your new loan meets the guidelines. Some good reasons to refinance are: Borrow more money Get a lower rate Add your spouse as a borrower Remove your spouse as a borrower (e.g., after divorce) You can’t have two reverse mortgages at the same time, […]
Reverse mortgages can be a great way for retirees to supplement their retirement income. But changes to the government’s reverse mortgage program could change whether it’s worth it to get one. Effective October 2, 2017, the U.S. Department of Housing and Urban Development (HUD) has made a couple of changes to its Home Equity Conversion […]
Having enough money to last through retirement isn’t easy, especially if you’re already in the midst of it. Going back to work or finding new income streams can be stressful at best and impossible at worst. If you or a retired loved one needs more income in retirement, reverse mortgages are worth considering. It gets […]
When the Federal Reserve raised interest rates in 2015, it was the first time in nearly a decade. Since then, the rate has been raised twice more, most recently in March. If you expect this upward trajectory to be short-lived, you’re in for a rude awakening. The Fed expects interest rates to continue rising as […]
Reverse mortgages are a very specific type of mortgage designed for senior citizens. They can be very confusing to understand and there are several nuances to consider before deciding if one is right for you. If you, or one of your loved ones, is considering a reverse mortgage, read on to learn more about the […]
Reverse mortgages are probably the most misunderstood loan product around. Depending on who you ask, they are described as abusive loans that prey on the old and poor or the panacea to all retirement problems. They are neither. Let’s be clear. Reverse mortgages are an expensive way to borrow money. Senior citizens with good credit […]
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