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To take out a reverse mortgage, all borrowers have to be at least 62 years old. Borrowers also must have substantial equity in their house. The amount of equity needed depends on the age of the borrowers.
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Reverse Mortgage Discover what a reverse mortgage is, when it makes sense, and when you should walk away. Also learn about alternatives like forward mortgages, how they work and which is best for you.
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With a reverse mortgage, by contrast, the lender sends you money, and your debt grows larger and larger as you keep getting cash advances (usually monthly), make no repayment, and interest is added to the loan balance (the amount you owe). That’s why reverse mortgages are called rising debt, falling equity loans.
A reverse mortgage is a way for a homeowner 62 or older to use her house to raise extra money. The owner takes out a cash loan secured by the value of her house and doesn’t have to pay the loan.
Margaret has sent the following question in the ask ARLO! blog I have a reverse mortgage and I’m having problems with it. Was it legal for me to get a reverse mortgage without my own lawyer to explain the situation to me? I never knew the pros and cons of a reverse mortgage. I think it’s [.]
Getting a reverse mortgage isn’t something you do on a whim. Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgages, require all borrowers to receive counseling from an HUD-approved counselor who will explain reverse mortgage options, the costs and potential consequences involved, and help determine whether other alternatives might be a better option for you.
Entering into a reverse mortgage is a big decision. It’s important to do your research and seek the advice of a financial advisor. One question that tends to be top of mind when entering into a reverse mortgage is whether you can reverse a reverse mortgage once papers are signed.
Over 600,000 reverse mortgages have been issued since the program started in the late 1980s. Available to Americans 62 and older, the loans help homeowners tap into their home equity to get needed.