Does the Bank Own the House with a Reverse Mortgage?
It’s easy to understand why so many people mistakenly believe the lender takes ownership of the home in exchange for giving the borrower a reverse mortgage. The loan’s many advantages make it seem almost too good to be true. Some of these advantages are: The lender pays off the borrower’s current mortgage, if one still […]Read More
Does Bad Credit Affect Reverse Mortgages?
You have no job, mounting medical bills, and poor credit. You’re 62, and your home is even older and in need of repairs. You might think you would be the least likely candidate to qualify for a mortgage loan, but you could be wrong. By meeting these essential requirements, you may be able to finally […]Read More
Is a Reverse Mortgage Loan Ever a Good Idea?
If you had asked a house-rich, cash-poor older American whose only source of steady income was Social Security — before they took out a reverse mortgage loan to increase their monthly cash flow and start an emergency fund — they would likely tell you it was a good idea. If you had asked a senior […]Read More
How Do I Refinance My Reverse Mortgage?
If you have qualified for a reverse mortgage in the past, you should find the qualifying criteria similar for a refinance of your reverse mortgage. You must: Be 62 or older. Use the home as your primary residence. Have sufficient equity in your home. Demonstrate the financial stability to meet the loan’s ongoing obligations, such […]Read More