reverse mortgage life expectancy set aside LESA

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… Continue reading reverse mortgage life expectancy set aside LESA

reverse mortgage alternatives

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… Continue reading reverse mortgage alternatives

Reverse mortgage retirement strategies

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… Continue reading Reverse mortgage retirement strategies

Selling a home on contract if you can’t get a reverse mortgage

Selling a home on contract if you can’t get a reverse mortgage An option available to seniors who need immediate cash and/or regular income, don’t mind moving out of their current homes and can’t qualify for a reverse mortgage is to sell their house on contract. Also known as a contract for deed, a bond… Continue reading Selling a home on contract if you can’t get a reverse mortgage

How rising interest rates may affect reverse mortgages

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… Continue reading How rising interest rates may affect reverse mortgages