Category: Reverse Mortgage
When Does a Reverse Mortgage Make Sense?
Reverse mortgages have recently come into the spotlight as a band aid for seniors with cash flow problems. Unfortunately, the media attention has been generally negative, focusing on a small set of shady brokers that give the entire niche a bad name. Despite working in the mortgage industry, I’ll be the first to tell you […]
Reverse Mortgages: Proprietary Reverse Mortgages
These kinds of reverse mortgages are a lot like Home Equity Conversion Mortgages in that you can do whatever you want with the money, but they differ in who offers them – these are offered by private companies and are really private loans. Again, more expensive than the single purpose reverse mortgage, but in turn […]
Reverse Mortgage: Home Equity Conversion Mortgages
Home Equity Conversion Mortgages are another name for federally-insured reversed mortgages and they’re backed by the US Department of Housing and Urban Development. HECMs are generally more expensive than other loans, have higher up front costs and are generally worse in terms of cost if you leave your home soon after security in the reverse […]
Reverse Mortgage: Single Purpose Reverse Mortgage
A single-purpose reverse mortgage is one of the three main types of reverse mortgages and they are offered by state and local government agencies and non-profit organizations. The benefits of single purpose reverse mortgages are that it’s generally very cheap in terms of costs but they’re not available everywhere and can only used for the […]
What Is A Reverse Mortgage?
A reverse mortgage is exactly what it sounds like, it’s a lot like a regular mortgage except the bank pays you. Okay, it’s a little more complicated than that, but that’s the jist. What actually happens it the bank gives you a loan and you don’t have to repay the bank until you die, sell […]