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The Reverse Mortgage Loan Many seniors find themselves in a difficult situation when it comes to their mortgage. Now that they are living of a fixed income in retirement, they are having trouble covering their mortgage payments, and if they do cover the payments, they will be short on funds for other living expenses.
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Mary Markovich. All borrowers must be at least 62 years of age to qualify for most reverse mortgages. In addition, a reverse mortgage cannot be taken out if there is prior debt against the home. Thus, either the old mortgage must be paid off before taking out a reverse mortgage or some of the proceeds from the reverse mortgage used to retire the old debt.
Money from a reverse mortgage is typically used to pay bills, for health care, or as an additional source of retirement income. Unlike conventional mortgages, borrowers aren’t required to make monthly payments. The loan, plus interest, is repaid only when the borrower moves or dies.
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Some originators say the revised program amounts to a better deal for consumers, and that reverse mortgages. With new rules driving down interest rates and lowering ongoing costs, some say the HECM.
A reverse mortgage loan is a loan like any other, and there are terms that must be met by borrowers. You are responsible for paying your property taxes, homeowner’s insurance and home owners’ association (HOA) fees (if applicable), and the home must be well maintained at all times.
No one wants to out-live their money, and a reverse mortgage is designed to make sure that doesn’t happen. there are exceptions to the rule Recent changes to the rules regarding age of eligibility.
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For elderly clients (and for the elderly parents of middle-aged clients), financial planners may want to consider reverse mortgages — and the new rules recently put in place to protect borrowers. "[Reverse mortgages] can be a very useful tool for seniors who plan to stay in the home for a long time," says Jim Kinney, who heads Financial.
Reverse mortgages were originally designed for seniors who wanted to take out their home equity to spend during retirement. Unlike a regular mortgage, they require no monthly payments, and the.