Understanding Reverse Mortgages

Reverse mortgages can sound pretty appealing, especially if you have a lot of home equity. But these loans have significant downsides.

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.

As far as taxes go, there are pros and cons to reverse mortgages.

With a reverse mortgage, the lender makes payments to you rather than the other way around. But these loans are risky.

Learn about reverse mortgages and HELOCs and determine which one is right for you.

New York law requires the bank to send a 90-day notice to reverse mortgage borrowers before starting a foreclosure, as well as offer the opportunity to participate in a settlement conference.

Learn about reverse mortgages and HELOCs and determine which one is right for you.

The age requirement for a reverse mortgage is usually 62. But before you get this kind of loan, learn about the risks and consider all options.

You can get a reverse mortgage on a condominium, but you and the condo must meet eligibility requirements, and it might not be a good idea.

If you take out a reverse mortgage, you can leave your home to your heirs when you die. But you'll leave less of an asset to them, and they might have trouble keeping the property.