Are you a retired individual looking for ways to increase your financial security? If so, you may have heard of a home equity conversion mortgage, more commonly known as a reverse mortgage. Used correctly, this is one of the most effective financial products for retirees who own their home. Let's explore three ways that a reverse mortgage can help to transform a dull retirement into one filled with excitement. It's All About Flexibility The primary benefit that one receives with a reverse … [Read more...]
What is a Reverse Mortgage and How Does It Work?
If you've recently considered your options for taking some of the equity out of your home you may have heard about reverse mortgage loans. If you meet the requirements for a reverse mortgage it can be an excellent way to tap into the value of your home, freeing up that cash to be reinvested or used for other purposes. In today's blog post we'll explore reverse mortgage loans, explaining how they work and whether or not you're qualified to receive one. How Does a Reverse Mortgage Work? As the … [Read more...]
Understanding the Principal Limit on a Reverse Mortgage and What Happens if You Reach It
If you're considering applying for a reverse mortgage, you'll want to ensure you understand certain critical factors. One such factor is the principal limit. The principal limit will have a strong influence on your finances, which is why you'll need to ensure you know – before applying for your reverse mortgage – what your principal limit is. So how does a principal limit work, and how can you find out what yours is? Here's what you need to know. Principal Limit: The Maximum Amount … [Read more...]
What Fees Are Involved With a Reverse Mortgage? Let’s Take a Look
Investing in a home may be one of the most significant purchases you'll make in your lifetime, but many people forget that there are a number of other costs associated with buying a home. If you're considering a reverse mortgage and want to be clear on all of the fees involved, here are a few things you can expect to come across. Initial Home Appraisal Fee In order to ensure that you qualify for a reverse mortgage, you'll need to spend a lump sum up front to determine the market cost of your … [Read more...]
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