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A Reverse Mortgage Calculator is a tool for consumers to use when shopping for a reverse mortgage. Many calculators exist on various sites, but borrowers should take care in which reverse mortgage calculator they ultimately choose to utilize. For example, there are calculators on various lender sites, and other sites with calculators that exist only to sell consumer information to... Read Full Article
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[quote_start] My mother died two weeks ago with a reverse mortgage and the mortgage insurance (MIP) was being charged to her. The reverse mortgage insurance pays off the mortgage at the time of her death. I called the bank a year ago and asked if the MIP would pay off the mortgage and they said yes, but it would be... Read Full Article
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How to tell if a reverse mortgage is right for you? 1. You do not want to leave your home—ever. If you are comfortable in your current home and have no plans or desire to move, a reverse mortgage can help you stay. With a federally insured reverse mortgage (HECM), you still retain ownership of your house and may... Read Full Article
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The reverse mortgage is a great product. But like all products, it is not a fit for every consumer. And while the product brings many advantages to aging homeowners, there can be downsides as well depending on the prospective borrower’s situation. Here is a look at six reverse mortgage disadvantages to weigh if you are considering a home equity conversion... Read Full Article
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If you’ve made a decision that a reverse mortgage is right for you, the next step in your journey is to seek out a reverse mortgage lender to complete your loan. We hope this guide helps you in your search and offer some important tips in narrowing down the right reverse mortgage outfit for you. Our first advice is to... Read Full Article
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The real answer is “it depends” and that is a terrible answer but it is the most honest. When referring to the death of the borrower(s), the loan documents including the Deed of Trust and Note state that lender may require an immediate payment in full, due upon death once the property is not the principal residence of at... Read Full Article
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There’s no doubt that the decision to get a reverse mortgage can be a big one, especially depending on the borrower’s particular financial situation. Maybe you’ve decided that additional cash flow will help to stabilize your retirement finances, or maybe you’re looking to fund something like in-home care or a renovation to make your house more accessible. Whatever your... Read Full Article
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If you are deciding on whether a reverse mortgage loan is right for you, you’ll naturally want to determine which lending institution to go with, especially when it comes to the most beneficial terms and the associated costs. Obviously, one of the easiest things you can do is to simply go to the bank you already transact with for... Read Full Article
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If You’ve Looked at a Reverse Mortgage in the Past, You May Want to Look Again! If you have ever investigated a reverse mortgage or have thought about it, especially in the past 24 months and didn’t think the numbers worked for your needs, it may be time to check again. The reason we say this is because one of... Read Full Article
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In 1961, banker Nelson Haynes of Deering Savings & Loan in Maine wanted to ensure that the widow of his high school football coach could remain in her lifelong house despite the loss of her husband’s income. So, Haynes wrote what is believed to be the first reverse mortgage, which lent her money against the equity of her house.... Read Full Article