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Aug 26

reverse mortgage life expectancy set aside LESA

HECM Reverse Mortgage

What is a life expectancy set aside on a reverse mortgage? Reverse mortgage applicants who don’t meet certain income and credit requirements may have a significant part of their loan proceeds set aside to cover property taxes and insurance requirements, thus reducing how much money is available to them. Recent changes in the application process […]

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Aug 26

reverse mortgage foreclosures

HECM Reverse Mortgage

The basics of reverse mortgage foreclosures When a reverse mortgage ends the way it’s designed, loan repayment is due when the homeowner(s) no longer need the house in which they’re living. Typically that occurs when the borrower(s) dies or wants to move out of the home for a variety of reasons. Since there are no […]

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Aug 26

reverse mortgage alternatives

HECM Reverse Mortgage

Five alternatives to a reverse mortgage if you need cash Reverse mortgages are a useful financial tool for seniors who have substantial equity in their homes and could benefit from tapping into that equity. But reverse mortgages aren’t for everybody. Some people don’t meet the borrowing requirements, while others have properties that don’t meet eligibility […]

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Aug 26

Reverse mortgage retirement strategies

HECM Reverse Mortgage

Though reverse mortgages were traditionally intended to help cash-strapped seniors generate extra income from their home equity, their flexibility and versatility have made them a valuable retirement income planning tool. Below are several retirement income planning strategies where a reverse mortgage can be useful. When considering these and other strategies, you should always consult with […]

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Aug 22

How rising interest rates may affect reverse mortgages

HECM Reverse Mortgage

How rising interest rates may affect reverse mortgages People who have financed real estate or obtained reverse mortgages over the past decade have benefitted from long-term historically low-interest rates. The prolonged low-rate environment has helped lower the cost of buying a home and enabled reverse mortgage borrowers to access a higher percentage of their home’s […]

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