A reverse mortgage, or home equity conversion mortgage (HECM), is a special kind of loan that gives homeowners access to the equity in their home. These loans are usually given to older homeowners , allowing them to stop paying their monthly mortgage payments (if they haven’t already).
Many homeowners who take out a reverse mortgage use it to pay off their existing mortgage, so they can stop making monthly mortgage payments. 1 Do all 62-year olds who own their home qualify? No. Some homeowners who want to get a reverse mortgage are not eligible because they don’t have enough equity built up in their home.
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Suze Orman says reverse mortgages can look enticing, but they can sink you. March 9, 2011. You tap the equity you have in your home, owe no money to the bank as. As I explain in my new book, The Money Class, the only way to create.. Saving Money Five good reasons to tap your home equity.
If you take out a reverse mortgage loan and then have trouble paying your property taxes and homeowner’s insurance, or the costs of repairs needed to maintain your home, you could face foreclosure. Instead of taking out a reverse mortgage in this circumstance, another option might be to downsize.
Reverse mortgages are often targeted at senior citizens who have tight budgets, fixed incomes, and a majority of their house paid off. Reverse mortgages may seem like they could be a helpful cash-flow option for people in their retirement, but really, these mortgages put seniors and their heirs at financial risk.
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Two seniors explain why they got a reverse mortgage. Mike Ryan liked what a reverse mortgage could give him: the ability to take equity out of the house, tax-free and with no monthly payments.
However, this isn’t necessarily true. Depending on your situation, you may have the need for a second reverse mortgage. According to Larry Waters, a senior reverse mortgage consultant at Resolute Bank in Maumee, Ohio, "People need to know that a reverse mortgage isn’t necessarily a one and done deal.
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