The most widely used reverse mortgage, the Home Equity Conversion Mortgage – HECM- may soon have enhancements made to it that will allow even more senior homeowners to benefit from FHA-backed HECM reverse mortgages. The Expanding American Homeownership Act of 2007 is currently pending before Congress. This legislation, if passed, will allow more seniors to […]

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A commonly cited feature of reverse mortgages is that the money you receive from your reverse mortgage can be used for any purpose you choose. After all, it is your money! However, does that necessarily mean that all of the uses people come up with are good choices? You may be considering taking your reverse […]

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Recent statistics from HUD (Housing and Urban Development) indicate that since 1990, more than 308,000 senior homeowners have taken advantage of the federally insured Home Equity Conversion Mortgage otherwise known as HECM reverse mortgage. The number of FHA insured reverse mortgages has been steadily rising over the past 17 years, but the largest increase has […]

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Money received from a Reverse Mortgage can be used for any purpose the homeowner chooses. One of the more popular choices for some seniors, is to fund long term care insurance. Tapping home equity gives retirees the purchasing power they need to buy comprehensive long term care insurance that can provide services for in home […]

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Reverse Mortgage Loans can be confusing. To help with some of the basics, here are a few things you should know about Reverse Mortgages, so that you can evaluate whether one is right for you and whether you qualify for a Reverse Mortgage Loan or not. All persons on title to the home must be […]

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Reverse Mortgages can be used for any purpose. Some seniors with substantial equity in their primary residences are taking out Reverse Mortgages to buy vacation homes. Since borrowers have several options to choose from when deciding how they would like to receive the money from a Reverse Mortgage, some are opting to receive all or […]

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Choosing a Reverse Mortgage Lender is not difficult once you know what to look for. You should always choose a lender that exclusively originates ONLY Reverse Mortgages. Do NOT use a traditional mortgage lender or loan originator. Reverse Mortgages are completely different from traditional “forward” mortgages and for that reason, require in expert that has […]

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Seniors considering Reverse Mortgages, have several options to choose from when deciding how they would like to receive their money. The most popular Reverse Mortgage is the Home Equity Conversion Mortgage, commonly referred to as the HECM. This loan is federally insured by FHA through the department of Housing and Urban Development – HUD. If […]

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