retirement income: 11 ways you can use your reverse mortgage funds
- 03/19/16 01:05 PM
There are many reasons why a retired homeowner would consider taking a reverse mortgage. Some people use a reverse mortgage as part of a financial plan, while others use it in the case of an emergency. There are very few restrictions on what the funds from a reverse mortgage can be used for, although, you need to be able to pay your property taxes and home upkeep apart from the funds. Overall, your funds are available to you as your own money, to do with whatever meets you need. As with any financial solution, it is important to talk to a professional … (1 comments)
A mortgage free retirement is ideal for most people. Fixed income means budget restrictions for most retired people wanting their funds to last. One method of retirement income protection and generation is a reverse mortgage. Many people approaching retirement know about using a reverse mortgage on their home to tap home equity, but they didn’t know that they can use a reverse mortgage to buy a home.
This scenario is ideal for people who already have paid off a mortgage but want to relocate and/or move into a smaller home. … (0 comments)
retirement income: Financial Advisors Shaking off the Taboo of Reverse Mortgages
- 02/14/16 10:21 AM
It’s true, Reverse Mortgages have received the scorned looks of homeowners and financial folks alike for years. But with changes made in how they are presented, funded and regulated, they are slowly making their way back into the good graces of financial advisors. In fact, several studies are now showing the use of reverse mortgages in a positive light to help with supplementing retirement income.
Although the cost of getting a reverse mortgage is higher than those associated with a conventional mortgage, all the income from a reverse mortgage is tax free. Income from other financial products will vary however in the … (0 comments)
Basically, a reverse mortgage pays you money from the equity you have built up in the value of your home. There are some requirements that need to be met to qualify. We ask some of the most common questions.
Why would I choose a reverse mortgage instead of a home equity loan or second mortgage? BANK LINE OF CREDIT You have to make interest payments if you use the line at least monthly or quarterly The line of credit will usually be due every year or every … (0 comments)
retirement income: Can I lose my house in a reverse mortgage?
- 01/18/16 09:29 AM
Reverse mortgages, also known as a Home Equity Conversion Mortgage or HECM are a tool more and more people in retirement are considering for a variety of reasons. In fact, reverse mortgages have increased over 20% since 2013.
The sandwich generation, defined by Wikipedia as: “a generation of people who care for their aging parents while supporting their own children”, are looking for new ways to leverage financial resources without becoming a burden on the people they are caring for. You may find yourself both a baby boomer and part of this sandwich generation looking to provide for the generation older and … (7 comments)
retirement income: 5 things to know about reverse mortgages in retirement
- 01/04/16 12:28 PM
There is still a lot of confusion about using a reverse mortgage in retirement. However, with new revisions by the FHA to their Home Equity Conversion Mortgage product, also known as a Reverse Mortgage, many people are once again considering as an option to supplement retirement income from other sources. The Home Equity Conversion Mortgage is called a reverse mortgage because instead of paying into a loan, as with a typical mortgage product, it pays you cash out of your home equity. And because of this, it is used as a financial tool by savvy seniors who have discovered the benefits … (2 comments)
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Kevin A. Guttman-Author, ReverseMortgageSpecialist
There are many reasons why a retired homeowner would consider taking a reverse mortgage. Some people use a reverse mortgage as part of a financial plan, while others use it in the case of an emergency. There are very few restrictions on what the funds from a reverse mortgage can be used for, although, you need to be able to pay your property taxes and home upkeep apart from the funds. Overall, your funds are available to you as your own money, to do with whatever meets you need.
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