Sentences with phrase «taking reverse mortgages»

Rising house prices have shielded the reality of increasing ownership costs, but households can't live on asset appreciation, unless they sell, take a reverse mortgage, or a line of credit against their house.

Rick is simply an opportunist, and this booming opportunity has been handed to him by the banks through adjustable - rate mortgages, the federal government through lax regulations, and the needs (taking a reverse mortgage to cover hospital bills) and wants (adding an unnecessary but stylish patio to a house) of ordinary people.

When 67 - year - old Ernesto Rivera and his wife Carmen decided that they wanted to pay all of their bills, taking a reverse mortgage on their warm and sunny Florida home wasn't their first option.

If I ever hear of anyone that I know, who would be interested in taking a reverse mortgage, I would absolutely recommend ReverseMortgages.com!!

The option to take a reverse mortgage loan in one lump sum payment is especially problematic, said Jolley, who calls it «a recipe for... disaster.»

With these ethical safeguards in place, a consumer should feel safe taking a reverse mortgage loan and borrowing with confidence.

Retirees 62 years - old or older can take a reverse mortgage without going through counseling.

Over 50 % of Canadian homeowners over the age of 65, believe the bank owns your home once you've taken a reverse mortgage.

The best time to take a Reverse Mortgage is at the end of your retirement

Typically, people who take reverse mortgages have no other sources of income besides Social Security.

You can take the reverse mortgage funds in a variety of ways - a lump sum payment, a line of credit, or a monthly income or a combination of these options.

If you've thought about taking a reverse mortgage, be aware that new rules might make it harder for you to qualify

You can always rent out a portion of your home if money becomes tight, downsize altogether and live off the proceeds, or take a reverse mortgage (although these come with hefty fees and restrictive rules).

Qualified homeowners can take a reverse mortgage in order to get a lump sum of money, receive a monthly income, or occasionally get money when they need it like a line of credit.

With these ethical safeguards in place, a consumer should feel safe taking a reverse mortgage loan and borrowing with confidence.

You may elect to take your reverse mortgage payout in lump sum payments, monthly installments, a line of credit, or a combination of these.

He sees the awakening among financially savvy baby boomers to the benefits of taking a reverse mortgage earlier, rather than later, as a more productive approach to a valuable product that has long been unfairly maligned.

Some people take a reverse mortgage in order to eliminate the existing monthly payments, by netting the loan income against their existing mortgage payment due.

Not exact matches

«The reverse mortgage can give you assets for paying for long - term care,» said Votava, who recommends taking out a line of credit.

In one case Evans described, a real estate agent had suggested a woman in her 70s take out a reverse mortgage and use the proceeds to buy an annuity.

-- Deleveraging and the reverse wealth effect: I've written in lots of places how debt bubbles, like those involving mortgages, take a lot longer to work through then equity bubbles.

«It's absolutely outrageous and completely wrong,» said Julia Weick, an 87 - year - old retired secretary who took out an adjustable rate, reverse mortgage on her Maui home.

In nearly all cases, he said, reverse - mortgage foreclosures took place because the borrower died.

But in recent years, Canadians have taken out record numbers of reverse mortgages.

Take a moment as we look back at the major turning points and milestones in the history of the reverse mortgage.

Since a HECM reverse mortgage is a non-recourse loan and it is secured by placing a lien on your home, you are protected from having any of your other assets taken as repayment for the loan.

A reverse mortgage can be a good deal for senior citizens who are strapped for cash, but before taking one out, know the pitfalls associated with them.

Reverse mortgages take part of the equity in your home and convert it into payments to you.

The older you are when you take out a reverse mortgage, the more equity you will have access to.

Now: I would be able to afford that home too if I had taken out a reverse amortizing adjustable rate mortgage.

I took out a Reverse Mortgage awhile back, but am having difficulty staying current with my property taxes.

Once a borrower takes out a reverse mortgage, he must maintain the home.

Fact: The bank does not take ownership of your home after getting a reverse mortgage; reverse mortgage borrowers maintain their ownership and title of the home.

In a recent Wall Street Journal article, Pfau indicated that a sound investment strategy includes taking out a reverse mortgage line of credit and relying on it only during periods when the value of the borrower's stock portfolio is declining.

The bank owns my home The bank does not assume ownership of your home when you take out a reverse mortgage.

Baby Boomers are Likely To Take out a Reverse Mortgage The Center for Retirement Research at Boston College recently found that Americans over the age of 65 often have more cash in their homes than in 401 (k) s, IRAs or other investments.

With my financial situation, I felt it was time to take a chance to call and find out what exactly a reverse mortgage was all about.»

On the other hand, if you prefer staying in your present home, you may be able to convert some of your home equity to income by taking out a reverse mortgage.

Taking out a reverse mortgage is a major financial decision.

Searching online, asking friends and relatives for opinions and consulting a financial specialist might be the first steps you take to learn more about reverse mortgages.

With a reverse mortgage, you can take advantage of the equity in your home through cash payments while retaining ownership of your home.

Misleading marketing: Advertisements encouraging seniors to take out reverse mortgage loans for «enjoying the good things in life» can lead to trouble.

While we have all heard stories about seniors being taken advantage of by dishonest salespeople attempting to sell them various financial products, a loan like this should not be considered a reverse mortgage scam.

Although the calculations provided don't take into account regional variables and individual cirmstances, they can help in determining if a reverse mortgage loan may work for you.

If the loan is not repaid after maturity, no assets other than the home can be taken to pay off the reverse mortgage loan.

Using a reverse mortgage to delay taking Social Security is a very powerful tool.

Consumer Reports suggests that consumers get tripped up when taking out reverse mortgages without fully understanding how these loans work.

Finally, you might take out a reverse mortgage.

So, if you can use reverse mortgage proceeds to delay taking Social Security benefits for as long as possible, that provides you with greater monthly income.»

Refinancing a reverse mortgage is an opportunity that many existing reverse mortgage borrowers take advantage of.