Reverse Mortgages
Many retirees and seniors explore the option of a reverse mortgage as a way to tap into their home equity to get money. 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, after learning about all the downsides you still decide to get one, beware of the many scams targeting folks seeking these kinds of 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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