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Pros and Cons of Reverse Mortgages
Reverse mortgages can sound pretty appealing, especially if you have a lot of home equity. But these loans have significant downsides.
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).
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.
Tax Implications of Reverse Mortgages
As far as taxes go, there are pros and cons to reverse mortgages.
What You Need to Know About Reverse Mortgages in 2024
With a reverse mortgage, the lender makes payments to you rather than the other way around. But these loans are risky.
Is a Reverse Mortgage or Home Equity Loan Better for Me?
Learn about reverse mortgages and HELOCs and determine which one is right for you.
Foreclosure Protections in New York for Reverse Mortgage Borrowers
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.
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Reverse Mortgage Age Requirement
What’s the minimum age requirement for a reverse mortgage? Usually, 62. But before you get this kind of loan, learn about the risks, and consider other options.
Reverse Mortgages on Condos
You can get a reverse mortgage on a condominium, but it must be your principal residence, and it might not be a good idea.
Can I Leave My Home to My Heirs If I Have a Reverse Mortgage?
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.