Reverse Mortgages
Many retirees and seniors explore the option of a reverse mortgage as a way to tap into their home equity in order to receive a chunk of monthly income. With a reverse mortgage, you generally don't have to pay back the loan until you die, move, or sell the home. But before you sign up for a reverse mortgage, make sure you understand the pros and cons, including the tax implications and the potential pitfalls. And as you search for a reverse mortgage lender, beware of the many scams targeting folks seeking reverse mortgages.
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Tax Implications of Reverse Mortgages
As far as taxes go, there are pros and cons to reverse mortgages.
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Know the risks of reverse mortgages and watch out for reverse mortgage scams.
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Taking Out a Reverse Mortgage to Delay Collecting Social Security Benefits: Good or Bad Idea?
Mortgage brokers and lenders sometimes tell homeowners who are age 62 or older that a good financial strategy is to take out a reverse mortgage and delay claiming Social Security benefits. Find out if this is generally a good plan.
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Reverse Mortgages: Restrictions and Requirements
The FHA recently made changes to the availability of certain types of reverse mortgages, including the popular standard fixed-rate Home Equity Conversion Mortgage (HECM).
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Using a Reverse Mortgage to Prevent Foreclosure
For homeowners 62 and over, a reverse mortgage could help avoid foreclosure. But it's not always the best option.
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Can I Get a Reverse Mortgage on a Condo?
Learn whether you qualify.
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Is a reverse mortgage or home equity loan better for me?
Learn what to choose.
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I am 65 and my wife is much younger. Can we get a reverse mortgage?
See if you qualify.
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If I Get a Reverse Mortgage, Can I Leave My Home to My Heirs?
Learn the answer here.
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Foreclosure of Reverse Mortgages
Learn when a lender can foreclose if you have a reverse mortgage.
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Learn about reverse mortgages, including the upsides—and many downsides—to getting one.
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Reverse Mortgages: Restrictions and Requirements
The FHA recently made changes to the availability of certain types of reverse mortgages, including the popular standard fixed-rate Home Equity Conversion Mortgage (HECM).
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Reverse Mortgages: Foreclosure Protections for Nonborrowing Spouses
Reverse mortgage rules might be able to protect you if your spouse passes away, but you aren't named as a co-borrower on the mortgage.
More Legal Topics
- After Foreclosure
- Alternatives to Foreclosure
- Delaying or Stopping Foreclosure
- Fighting Foreclosure in Court
- Foreclosure and Bankruptcy
- Foreclosure Lawyers & Other Foreclosure Help
- Foreclosure of Mobile and Manufactured Homes
- Foreclosure: The Basics
- Homeowners’ Associations (HOAs & COAs)
- Losing Your Home in a Tax Sale
- State Foreclosure Laws
- Tenants and Foreclosure
- Timeshare Foreclosures
- Understanding Mortgages & The Major Players in a Foreclosure
- After Foreclosure
- Alternatives to Foreclosure
- Delaying or Stopping Foreclosure
- Fighting Foreclosure in Court
- Foreclosure and Bankruptcy
- Foreclosure Lawyers & Other Foreclosure Help
- Foreclosure of Mobile and Manufactured Homes
- Foreclosure: The Basics
- Homeowners’ Associations (HOAs & COAs)
- Losing Your Home in a Tax Sale
- State Foreclosure Laws
- Tenants and Foreclosure
- Timeshare Foreclosures
- Understanding Mortgages & The Major Players in a Foreclosure
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