Absolutely not, you are free to spend your money anyway you would like. This can include using the money to cover monthly living expenses, visiting family, buying gifts for grandchildren, or supplementing your social security. You will likely have to use some of the money to possibly repay any money owed on your existing mortgage [...]
What Are the Different Types of Reverse Mortgages?
Most common loan type is a Home Equity Conversion Mortgage (HECM), these are insured by the FHA, a part of the United States Department of Housing and Urban Development (HUD). HECM loans are responsible for 95% of reverse mortgage loans. These loan types are available with either a fixed rate or an adjustable rate, similar to [...]
How Much Money Can I Borrow?
If you are interested in a reverse mortgage loan you should know how much you can borrow. Now that you’ve read this I’m sure you’re interested, good, we’ll tell you. The amount you can borrow depends on several factors, these are: Your current age The type of reverse mortgage loan you’re interested in Current interest [...]
What’s a Reverse Mortgage Loan?
If you’re looking to figure out just what a reverse mortgage loan is this is the right location. A reverse mortgage loan is a financial loan option for seniors 62 years or older that allows folks to utilize the equity built up in your home. Simple enough right? You’ve spent a lifetime building equity in [...]
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We provide seniors with the most current and update reverse mortgage information to help you to make the best decisions around your retirement needs.
