what is a reverse morgage

I am 65 and my wife is much younger. Can we get a reverse mortgage. – There are risks to taking out a reverse mortgage if your spouse is under 62 years old.

What is a Reverse Mortgage? – ValuePenguin – As such, a reverse mortgage should be borrowed only if it’s a financial necessity, or if the borrower doesn’t mind getting less money for selling their home. reverse mortgage options: hecm, Single-Purpose or Proprietary. The most popular type of reverse mortgage is a home equity conversion mortgage, or HECM.

What is a Reverse Mortgage – However, there is no restriction how reverse mortgage proceeds can be used. The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower. The borrower is not required to pay back the loan until the home is sold or otherwise vacated.

What is a Reverse Mortgage? – A reverse mortgage is a unique type of loan that allows homeowners to use the equity in their home to eliminate monthly mortgage payments and/or supplement their income without having to sell their home or give up title. Unlike traditional mortgages, a reverse mortgage does not require a monthly mortgage payment.

What is a reverse mortgage? – Quora –  · What is a Reverse Mortgage? In a normal mortgage or home loan, the borrower pays for the house over the years to the bank. Reverse Mortgage is the opposite of a regular mortgage. It is a product primarily designed for retired people who are not able to support themselves but have assets in the form of house properties.

Origins: Taking Over Reverse Mortgages in a Corner of the Country – Bellingham, Wash. is not a town that many people have heard of. When someone from Bellingham is asked where they’re from by someone outside of Washington state, it’s usually easier to just say.

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Giordano’s What’s the Deal with Reverse Mortgages?’ Gets Second Edition – The reverse mortgage industry is one where the rules and realities that govern it can change on a very quick basis, and because of that, the literature that’s dedicated to telling people about it.

Reverse Mortgage Pros and Cons - Is a Reverse Mortgage Right For You? Reverse mortgages: Are they worth it? – Business – CNN.com – I've seen a lot of commercials on TV about reverse mortgages. How do they work and who should consider a reverse mortgage, if anyone?

What to Know Before Getting a Reverse Mortgage – Next Avenue – A reverse mortgage might sound like an ideal way to bring in extra income during your retirement. If you're a homeowner agd 62 or older,