Reverse Mortgages: Foreclosures & Scams
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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Learn about reverse mortgages--and whether you are a good candidate for one.
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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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Foreclosure of Reverse Mortgages
Learn when a lender or servicer can foreclose on a reverse mortgage.
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Reverse Mortgages: Foreclosure Protections for Non-Borrowing Spouses
Reverse mortgage rules might be able to protect you if your spouse passes away, but you are not named as a co-borrower on the mortgage.
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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.
More Legal Topics
- After the Foreclosure: Deficiency Judgments and Taxes
- Fast-Track Foreclosures of Abandoned Homes
- Foreclosure Rescue Scams
- Foreclosure: Second Mortgages and HELOCs
- Foreclosure Terminology
- Foreclosure & the Military
- Foreclosure Timelines
- New Foreclosure Laws
- Protecting Your Home and Property During Foreclosure
- Understanding Mortgages & Deeds of Trust
- Your First Foreclosure Decision: Should You Stay or Should You Go?
- After the Foreclosure: Deficiency Judgments and Taxes
- Fast-Track Foreclosures of Abandoned Homes
- Foreclosure Rescue Scams
- Foreclosure: Second Mortgages and HELOCs
- Foreclosure Terminology
- Foreclosure & the Military
- Foreclosure Timelines
- New Foreclosure Laws
- Protecting Your Home and Property During Foreclosure
- Understanding Mortgages & Deeds of Trust
- Your First Foreclosure Decision: Should You Stay or Should You Go?
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