They’re Endorsing Reverse Mortgage Loans
Does the reverse mortgage sound too good to be true? In this article, we’ll explore the different types of reverse mortgages available, who’s eligible and how much cash a homeowner can expect. Single-Purpose Reverse Mortgages are sometimes offered by nonprofit groups or local or state governments. We’ll also take a look at what everyone should consider before cashing out their home equity. As the name implies, the funds are often limited to a single purpose, such as home renovation or property taxes.
Others reach retirement age with outstanding debts they now find difficult to pay on fixed incomes. The appeal of a reverse mortgage’s ready cash is obvious. You’re allowed to tap into your home’s equity without having to repay the loan, as long as your home is your principal residence. So what are the benefits and risks involved? In most cases, the loan doesn’t have to be paid back until the last surviving borrower dies, sells the home or permanently moves out.
Who invented the reverse mortgage? If you are considering this option, compare multiple offers and speak to a real estate lawyer so as not to make a costly mistake. It’s unknown who invented the reverse mortgage, though the first reverse mortgage was given in 1961 to a woman in Maine by a small, local bank to help her stay in her home after her husband died. In fact, some seniors take a reverse mortgage to pay off their first mortgage. Federal Trade Commission: Consumer Protection. Can you get a reverse mortgage if you still have a mortgage? American Association of Retired Persons (AARP). Dugas, Christine. “Reverse Mortgages aren’t for everyone.” USA TODAY. American Association of Retired Persons (AARP). You may qualify for a reverse mortgage if you have not finished paying off an existing mortgage and are at least 62 years old. American Association of Retired Persons (AARP).
You must own your home outright or have a minimal mortgage balance that you can pay off with proceeds from the loan. For most federally insured reverse mortgages, your dwelling must be a single-family home or a two- to four-unit property that you own and occupy. The amount of cash you could receive depends on a number of factors, including your age, where your house is located and what it’s worth. In some cases, townhouses, condominium units and manufactured homes are eligible, too.
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