Can a reverse mortgage help you in retirement?

Mortgages: Reverse Mortgages



Things to Consider Before Borrowing a Reverse Mortgage to Delay Collecting Social Security

courtesy of CFPB

And resources to help older homeowners learn what a reverse mortgage is and decide whether borrowing a reverse mortgage is right for them.

3 Strategic Uses for a Reverse Mortgage Line of Credit

Cliff Auerswald

You might want to get a reverse mortgage even if you don't need the money now. Find out why.

Why Pay Off Your Mortgage with a Reverse Mortgage Loan?

Bankrate

Many people use a reverse mortgage loan to retire a regular mortgage. Here's why.

Where to Turn for Help with a Reverse Mortgage Loan

Bankrate

Your family should be first, but there are many other people you'll need to consult.

5 Biggest Advantages of Reverse Mortgage Loans

Bankrate

Reverse mortgage loans can offer many benefits. Here are the most helpful.

A Cheaper Reverse Mortgage Alternative

Bankrate

Taking cash out of your home through a reverse mortgage can be expensive. Closing costs, lender fees and certain mortgage insurance costs must be paid upfront, and you face interest charges and ongoing mortgage insurance premiums over time. Some retirees turn to a family member instead of a financial institution, for what's known as a private reverse mortgage.

Best and Worst Ways to Use a Reverse Mortgage Loan

Bankrate

There are many good reasons to take out a reverse mortgage loan and one lousy one.

7 Things to Think about with a Reverse Mortgage Loan

Bankrate

Picking the right lender is crucial, but there's much more you need to consider.

Reverse Mortgage Cheat Sheet

Bankrate

A reverse mortgage is a type of home loan that lets you convert a portion of the equity in your home into cash. If you are thinking about applying for one, the following information will get you started.

Reverse Mortgage: A Step Forward For Some Seniors?

Bankrate

Reverse mortgages may seem like a product of last resort, but for certain homeowners it can be a viable way to access the equity they have built up in their home. It's not for everyone. But under certain conditions, a reverse mortgage is a smart option.

Don't Let a Reverse Mortgage Leave You Homeless

Gary Foreman

You're considering a reverse mortgage. But, you have concerns that the surviving spouse could be kicked out of their home. Could a reverse mortgage leave you homeless? To help us understand reverse mortgages and how to avoid problems, we contacted Annie Doisy. She's a reverse mortgage expert and writes for ReverseMortgages.com.

Will I Be Forced Out of My Home When my Spouse Dies Because of Reverse Mortgage?

Bankrate

AARP is still battling to protect spouses from losing their homes to foreclosure if the spouse named on the reverse mortgage dies first, but new rules can help you keep your home.

With No Heirs, is a Reverse Mortgage Wise?

Bankrate

Reverse mortgages are going to increase in popularity among seniors, regardless of whether they have heirs to inherit their estate, just because of the need for retirement income that isn't being met by Social Security, retirement savings or pension benefits. Even for those who do have heirs, a reverse mortgage doesn't necessarily mean there is no equity left in the home to inherit when the senior dies.

Basics of Reverse Mortgages

Bankrate

Reverse mortgages have become the cash-strapped homeowner's financial planning tool of choice. Introduced in 1989, such loans enable seniors age 62 and older to access a portion of their home equity without having to move. Here is some basic information to help you decide if a Reverse Mortgage is for you.

Understanding Reverse Mortgages

Gary Foreman

You see the ads for reverse mortgages on TV. But, if you're unfamiliar with how a reverse mortgage works, it sounds too good to be true. So to help us learn more about reverse mortgages, we turned to Buck Wargo, senior editor of Now It Counts / NiC Magazine with expertise in money matters, social security, Medicare, financial planning, and retirement strategies.

Reverse Mortgage and Your Adult Kids

Bankrate

Senior homeowners who want to get a reverse mortgage might wonder whether they should discuss their plan with their adult children. Here our some suggestions to help with the decision.

When to Take Out a Reverse Mortgage

Bankrate

With retirement savings lacking, a reverse mortgage may help seniors delay receiving Social Security benefits. If work is still an option, then work trumps taking out a reverse mortgage to provide retirement income for seniors delaying Social Security until full retirement age or age 70. If work isn't an option, then comparing the income option from a reverse mortgage against the expected Social Security payouts is something to consider. Get help doing the math, and make an informed decision.

How a Reverse Mortgage Impacts Remarriage

Bankrate

"I have a reverse mortgage on my home. I got this loan about four years ago. My husband passed away about eight years ago, so the loan is only in my name. I am considering getting remarried and checked with the bank that has my mortgage. They said that if I were to get married, I would be unable to add my new husband to my mortgage/deed, and they do not refinance reverse mortgages. Any Suggestions?"

Use a reverse mortgage to pay off 1st mortgage?

Bankrate

Older homeowners often use reverse mortgages to pay off their traditional mortgages so they can get rid of their monthly house payments. Is that a wise strategy? Reverse mortgages have gained a bad reputation over the years, but they can be a useful financial tool to seniors when used appropriately.

Reverse mortgages: What happens when the homeowner dies

Bankrate

"My father has a reverse mortgage on his home. When the time comes that he eventually passes away, does the mortgage company require that the balance of the loan be repaid? Or do they take control of the property? The value of properties in his neighborhood has increased since he took the reverse mortgage."

Wife fears future with reverse mortgage

Bankrate

With a reverse mortgage, if your spouse dies, new rules can help you keep your home. So, you don't need to refinance your reverse mortgage to protect your ability to live in the home, should your spouse die first.

Will A Reverse Mortgage Harm My Children?

Bankrate

You considering a reverse mortgage and although you don't plan to die anytime soon, you might be worried your children won't be able to pay back the loan if something were to happen to you. With a reverse mortgage, can your kids inherit financial trouble? Can you change your will to protect them?

Don't Leave Spouse Homeless with Reverse Mortgage

Bankrate

If you have a reverse mortgage but your spouse is not on the loan, he or she could be left without a place to live if you pass away first and the mortgage suddenly becomes due. Here are some steps you can take to make sure your spouse is protected.

5 Disturbing Trends in Reverse Mortgage Market

Judith Feldman

The loans that were intended to help retired homeowners maintain their lifestyle in their current homes are beginning to cast a dark shadow. Several disturbing trends have emerged prompting some experts to advise older homeowners to think twice before considering a reverse mortgage.

3 Ways to Save Home after Reverse Mortgage

Bankrate

Reverse mortgages can be great for the current owner of the property -- just not so great for the owner's heirs. If you have inherited a parent's home and can't pay the mortgage due, you typically have three options to prevent you from losing the family home.

Reverse Mortgage - Part 1

Rick Kahler

Most financial planners will recommend that you not think of your home as a part of your investment portfolio or a source of retirement income. One possible exception to this rule is a reverse mortgage. Here is an overview of how a reverse mortgage can allow you to live in your home until your death or you move out, and how you could use a reverse mortgage to refinance an existing mortgage, thus eliminating a house payment and possibly creating additional monthly income.

Options When a Reverse Mortgage Comes Due?

Bankrate

The minimum age for reverse mortgage borrowers is 62, so in some cases only one spouse is old enough to qualify to be on the actual mortage. If you find yourself if this situation, be sure you know these options if the mortgage suddenly becomes due because of the passing of qualifying spouse.

Reverse Mortgage versus HELOC for Extra Cash?

Bankrate

Before committing to a reverse mortgage, be sure to know the rules as to when it will come due or you could be stuck in a residence in which you no longer wish to reside. Here is how to determine if a HELOC or reverse mortgage is better for your financial needs and living situation.

A Cheaper Reverse Mortgage Alternative

Bankrate

Getting cash out of your home through a reverse mortgage is costly. For some retirees, the solution is turning to a family member instead of a financial institution, which can substantially reduce closing costs. Here's how it works.

Reverse Mortgage Gets Affordable

Bankrate

A new option lets seniors borrow against home equity at lower costs, but with stricter limits. If you previously decided against a reverse mortgage because of the cost, see if this new lower cost option now makes it a solution for you.

Weighing the Pros and Cons of a Reverse Mortgage

Bankrate

Should you get a reverse mortgage? The question isn't easy to answer because these loans, which allow seniors to spend their home equity without selling their homes, involve both pluses and minuses.

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