Search Results for: reverse mortgage

Reverse Mortgage Calculators

...Calculating the Advantages For many senior homeowners, there are untapped and valuable sources of funds from the equity in their homes. Reverse mortgage calculators can help senior homeowners decide whether this home equity finance option is right for them. Calculators provide a simple way to outline the value of... more

What Is A Reverse Mortgage

...a mortgage to purchase a home, they make payments to a lender. Each payment gives them ownership, or equity, in their home. If homeowners obtain a reverse mortgage, a lender pays them money. The money can be a lump sum or a series of payments. The funds can generally be... more

How to Never Miss a Mortgage Payment

...When you purchase a home, your mortgage payment may feel like a hundred-pound brick resting on your shoulders. The stress and fear of missing a payment or even being late can keep you up at night. Luckily, there are several strategies you can employ to make sure that a... more

Mortgage Calculators

...When looking to purchase a house for the first time, or move into a new house, one of the best tools available is a mortgage calculator. Mortgage calculators are typically used to help with budgeting and comparing the overall costs of different houses with varying prices, tax rates, and... more

Mortgage Terminology You Need to Know

...Although home lenders can be difficult to understand at times, they are not speaking a foreign language. By understanding these common mortgage terms, borrowers can feel confident when buying or refinancing their homes. Mortgage A residential mortgage is a contract that lets individuals pledge their homes as collateral for... more

FHA Reverse Mortgages For Seniors

...This federal program helps homeowners age 62 or older to become more financially secure by using the equity in their home as a source of funds. A reverse mortgage is a loan, and homeowners can use the money as they wish. Many people use money as income to make... more

Reasons Why You Might Benefit From a Reverse Mortgage

...As you age, the options for getting a loan are reduced. This is because you have no source of income and therefore you may not pay off a loan. However, you have an option in reverse mortgages. This mortgage program is designed for senior borrowers. The program allows you... more

Common Questions About Federal Reverse Mortgages

...The United States Department of Housing and Urban Development (hereinafter “HUD”) provides a reverse mortgage program to help homeowners use the equity in the home while retaining ownership and continuing to occupy it. A reverse mortgage is a loan based upon the value of a home; it can improve... more

8 Tips on Selecting the Right Mortgage Lender

...Choosing the right mortgage lender can be confusing and stressful, especially for first-time homebuyers. Should a person go with the commercial bank that does lots of advertising, the community bank with hometown connections or the online lender with low rates? Instead of investing $250,000 or more on a “guess,”... more

Understanding How Reverse Mortgages Work

...still tap the equity, a reverse mortgage is a good option. What is a reverse mortgage? A reverse mortgage is sort of like a home equity loan in reverse. It allows seniors 62 and older to tap the equity in their homes, but instead of making monthly payments to pay... more