Reverse Mortgages: What You Should Know

Rainmaker

Reverse mortgages are very special home loans especially designed for seniors 60 and older. If you have sufficient equity in your home, you may be able to convert that equity into tax free cash, as monthly income, lump sum cash, Line of Credit or a combination of all three. There are no monthly mortgage payments… [Read More]

Reverse Mortgage – How Much Can I Get?

Rainmaker

Loan Amounts On Jan 1, 2020 HUD raised the maximum loan amount on FHA insured reverse mortgages to $765,600. With the new limit’s borrowers can now access more cash from high value homes. The amount you can borrow depends on three variables: your age, value of your home and the current interest rate. In general,… [Read More]

Reverse Mortgage: What is it?

home

Reverse Mortgage: What is it?      A reverse mortgage is a type of residential mortgage loan that allows you to convert some of your home equity into cash, while you retain ownership of your home. Your equity is the current value of your home minus the balance owed on the property. A reverse mortgage is… [Read More]

Reverse Mortgage…the More You Know

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Reverse Mortgages…the More You Know If you are 60 or older and want to pay off your mortgage, receive supplemental income, or need money for any purpose – you should consider a Reverse Mortgage. A Reverse Mortgage allows you to convert part of your equity in your home into tax free cash without having to… [Read More]

What Is A Reverse Mortgage

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“We are considering some other changes [to the HECM program]”. HECM is the governments moniker for the FHA insured reverse mortgage. Those are the words of FHA Commissioner Brian Montgomery during a media conference call for the release of FHA’s report to Congress. “I don’t think we ever envisioned that the FHA reverse mortgage product… [Read More]