what is a reverse home mortgage

Whether you’re already retired or are approaching retirement, you’ve likely prepared for this stage in your life ahead of time. So how can you tap into your home equity without leaving the home you love? A reverse mortgage may be able to help.

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A reverse mortgage, sometimes known as a Home Equity Conversion.

Homeowners (55-plus) can tap into that equity through a reverse mortgage – without having to sell their home. Unlike a typical mortgage, a reverse mortgage does not have to be repaid until the house.

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A reverse mortgage for purchase may help some seniors finance a new place to live. 04/12/2015 · Reverse Mortgages for Home Purchase. The federally-insured purchase reverse mortgage program allows americans age 62 and over to downsize, upsize, move closer to family and friends, live in homes more suitable for their needs without having to purchase a home for all cash and requires no monthly.

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There are six different ways you can receive the proceeds from the most popular type of reverse mortgage, the home equity conversion mortgage (HECM). The U.S. Department of Housing and Urban.

However, if the owner fails to pay insurance and property taxes, the reverse mortgage is deemed in default and the owner is in danger of foreclosure. Success, and failure. For many retirees, such as 73-year-old Robert Lee White of Fort Lauderdale, Fla., a reverse mortgage can be nothing short of a lifeline.

Reverse Mortgage. A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance living expenses, home improvements, in-home health care, or other needs.

The car will depreciate and the reverse mortgage will get larger which makes this a double hit on the homeowner. But, maybe the car gives that homeowner significant amounts of additional freedom. Is the debt still bad or is it 50/50? My thoughts on Reverse Mortgages. In all honesty, reverse mortgages make me very uncomfortable.

Congress established the Home Equity Conversion Mortgages program in the 1980s to allow seniors to stay in their homes without the burden of a monthly mortgage payment. Since then, more than 1 million.