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.
With a reverse mortgage, the lender makes payments to you rather than the other way around. But these loans are risky.
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).
For homeowners 62 and over, a reverse mortgage could help avoid foreclosure. But it's not always the best option.
Learn whether you qualify.
Learn what to choose.
See if you qualify.
Learn the answer here.
Learn when a lender can foreclose if you have a reverse mortgage.
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).
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.
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