Reverse Mortgage Process

Reverse Mortgage Process Everyone could use some extra cash, especially in retirement years. And while options for generating additional retirement income once seemed limited, reverse mortgages have provided today’s seniors with access to another source of wealth—their home equity. Designed for homeowners ages 62 and older, a Home Equity Conversion Mortgage (HECM)—also known as a Reverse…

Forget the 4% Rule? Here’s What You Should Really Be Looking at During Retirement. Everyone’s retirement is different, but we all have a common goal: ensuring our retirement savings last long enough. The 4% rule is arguably the go-to guideline for determining how quickly you can spend your savings. It states that a retiree can…

Responsibly Using a Reverse Mortgage in a Retirement Plan Reverse mortgages have long been thought of as merely a last resort for someone’s retirement plan, the only remaining alternative when nothing is left to draw on. Before 2013, lending rules were very different and reverse mortgages got a bad rap for giving borrowers up to…

Reverse Mortgage rate have come down a ½ point. Mortgage company rate speculators try to “get ahead”. This is not the quarter point we have been waiting for since early 2022. Instead, the rate has gone up for 19 months in a row. I am 50/50 if they will cut it, but if they do it will…

Mortgage Rate Forecast For 2024: Experts Predict How Much the Mortgage Rate Will Drop. Mortgage rates just can’t seem to get into a sustainable downward groove. After hitting a 2024 high of 7.22% to start May, the average 30-year fixed mortgage rate dropped 19 basis points over the course of the month before rising above…

Newsweek turns eye toward reverse mortgage pros and cons The new column examines potential strengths and weaknesses of reverse mortgages, according to a team judged to be financial experts A reverse mortgage has potential utility for a homeowner in the right situation, but loan terms must be observed closely to remain in good standing and…

Ron Insana: The 2024 inflation scare has arrived, but there are still signs of hope for investors. U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., March 20, 2024. U.S. Federal Reserve Chair Jerome Powell holds a press…

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**The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, you are required to consult with a qualified independent housing counselor and include family members and other trusted advisers before making this decision. This information is not from HUD or FHA and was not approved by HUD or any government agency.

Reverse Mortgage Process

fixed income