what reverse mortgage means

In a word, a reverse mortgage is a loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit.

Definition of REVERSE MORTGAGE – Merriam-Webster – Definition of reverse mortgage. : a mortgage that allows an elderly person to convert home equity into available funds through a line of credit, cash advance, or periodic disbursements to be repaid with interest usually when the borrower dies, moves, or sells the home. See reverse mortgage defined for English-language learners.

What is a reverse mortgage? – Considering a Reverse Mortgage guide – a brief, easy-to-understand guide on the basics of reverse mortgages. Order free single copies of the Considering a Reverse Mortgage guide. Order free bulk copies of the Considering a Reverse Mortgage guide.

A home equity conversion mortgage (HECM) is a type of Federal Housing Administration (fha) insured reverse mortgage. Home equity conversion mortgages allow seniors to convert the equity in their.

Reverse Mortgage Scams | Nolo – Reverse mortgages are designed to allow older homeowners to convert the equity in their homes into income to supplement their Social Security and other sources of income. But there are some serious risks associated with reverse mortgages, including reverse mortgage scams. Read on to learn more about.

A reverse mortgage means no monthly mortgage payments On average, homeowners spend about 30% of their monthly income on living expenses. Perhaps your current mortgage payment is taking this amount or more from your monthly income.

Who uses a reverse mortgage to purchase a house? – “The industry needs to go out and educate Realtors – not sell, but educate – on what this product really means,” Bruser is a Certified Reverse Mortgage Professional with Retirement.

How does a Reverse Mortgage work? – Seniors Finance – How does a Reverse mortgage work? find out with this explanation from Heartland Seniors Finance – 1300 889 338.

Answers to Your Reverse Mortgage Questions - SafeReverseMortgage.org The Pros and Cons of a Reverse Mortgage – dummies – A reverse mortgage can be a valuable retirement planning tool that can greatly. Truth: A reverse mortgage is a “non-recourse” loan, which means that you, your.

Home Equity Lines of Credit and Paying for Long Term Care. – Using Home Equity Loans to Pay for Eldercare. Page Reviewed / Updated – Jun. 2017

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Reverse Mortgage: What Is It and How It Works – which means either you or the estate has the option to repay the loan or put the home up for sale to settle it. Homeowners interested in taking out a reverse mortgage are required to receive mandatory.

different kinds of home loans Different Types of Mortgages – Your Home Loan Options in 2014 – The QM rule actually eliminates different types of home loans that were used during the housing boom. For instance, it prohibits interest-only payments and negative-amortization scenarios. Among other things, this rule is intended to prevent borrowers from taking on mortgage obligations they cannot realistically afford.