Surviving spouses with an older reverse mortgage may be able to remain in their homes after the death of the borrowing spouse.
A recent study found many have retired without saving enough. Too late to save now, but a reverse mortgage can help supplement retirement income.
Reverse Mortgage: Why “Mortgage Professor” Jack Guttentag Says Seniors Should Act ASAP to Protect Themselves from Retirement Poverty
A reverse mortgage can help seniors with their housing costs. Housing costs make up the majority of seniors’ expenses.
Reverse mortgage rules are changing ,but will they help or hinder non-borrowing spouses? The old rules for Home Equity Conversion Mortgages (HECMs), which are backed by the government and make up the vast majority of reverse mortgage, were clearly a problem. HECMs (pronounced “heck ‘ums”) are available to those... Read more
A story on CNNMoney today depicted the sad plight of many senior women, who are almost twice as likely as men to live below the poverty line during retirement. On average, women 65 years and older live on a median income of about $16,000 a year — more than $10,000... Read more
Mortgage lending has its own “special” jargon — or as LendingTree’s Lenny calls it, “bank speak,” aka BS. You, the consumer can ignore most mortgage jargon (does it really matter if you know the difference between conforming loans and conventional loans?), but if you’re considering a reverse mortgage, there... Read more
A sad fact today is that many seniors retire with less savings than they need and more debt than they can afford. A study by the Employee Benefit Research Institute found that 55 percent of workers and 39 percent of retirees report having a problem with their level... Read more
Reverse mortgages have only been mainstream mortgage products since 1998, when HUD took its pilot Home Equity Conversion Mortgage, or HECM (pronounced “heck-um”) and rolled it out across America. Today, 90 percent of all reverse mortgage originations are HECM loans. Reverse mortgages in the 1990s weren’t unlike the cell... Read more
If you’ve been kicking the tires on a reverse mortgage, you probably don’t want to wait any longer — cheap mortgages are driving off the lot, and they won’t be back. The U.S. Department of Housing and Urban Development (HUD) has issued new rules designed to make Home Equity... Read more