Archive | Reverse Mortgage

Know the True Cost of a Reverse Mortgage

You’ve heard the word reverse mortgage and likely know that for those who qualify they can receive a lump sum of cash, a monthly stream of cash, a line of credit that grows over time, or any combination of the three. All without ever being required to make a monthly payment for the rest of their lives as long as the real estate taxes and insurance are paid and other guidelines met.

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Reverse mortgages:  Get the facts

I was recently at a local charity event and invariably people asked what I do? My answer is always “I save financial lives by educating people about reverse mortgages and, when appropriated, arrange them.” That’s usually followed by a polite sigh and then the person stating: “Aren’t those bad? Doesn’t the person lose their home to the bank or government? Don’t the kids lose their inheritance? Don’t you have to have no mortgage? Isn’t a reverse mortgage a last resort?” In other words, they’re really asking “Aren’t you just taking advantage of old people?”

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Reverse Mortgages: Time to trust?

Reverse mortgages are government-insured loans also known as Home Equity Conversion Mortgages (HECMs).

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Reverse mortgage rules are changing

By Alain Valles, CRMP, CSA, MBA For the past 25 years reverse mortgages have allowed hundreds of thousands of homeowners 62 years old or older to convert the equity they have in their homes into tax-free cash.  On Jan. 19, 2017, the Department of Housing and Urban Development (HUD) announced over 50 significant changes to […]

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Reverse mortgages: Do you have the answers?

If you are like many seniors you may wake up feeling financially stressed. Concern about having enough money, worry about a lingering home repair, or frustration with credit card or real estate tax payments can be a burden. Even worse is the fear of not having enough money if something should happen in the future.

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Reverse mortgages: be prepared

By Alain Valles, CRMP, MBA, CSA The Greek philosopher Heraclitus said, “Change is the only constant in life.” Time has shown this to be true. The incoming administration in Washington is expected to alter the outgoing’s policies and vision. Ahead of this, interest rates and the cost of money are increasing. Inflation, a word we […]

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