25
May
By Jim Hasek
Mortgage, ,

What is the Difference Between a Reverse Mortgage and a Home Equity Conversion Mortgage?

A reverse mortgage and a home equity conversion mortgage (HECM) are both types of loan products that allow homeowners to tap into the equity they have built up in their homes. However, there are some important differences between the two. A reverse mortgage is a type of loan available to homeowners who are 62 years of age or older. With a reverse mortgage, the lender makes payments to the borrower, which can be taken as a lump sum, line of credit, or regular payments. The loan is paid back when the borrower dies, sells the home, or permanently moves out…
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14
Mar
By Jim Hasek
Mortgage, ,

A Reverse Mortgage And A Home Equity Conversion: What To Know

If you are getting ready to retire, you need to make sure you have income to support yourself during your golden years. One popular option is a reverse mortgage, and you can use it to supplement the benefits you receive through Social Security. On the other hand, you may have also heard about a home equity conversion mortgage. What are the differences between them, and which one is right for you? A Reverse Mortgage A reverse mortgage is a popular option because you can tap into the equity you have in your home to receive funds from a specific lender.…
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09
Sep
By Jim Hasek
Mortgage Tips, ,

Important Things To Know Before Signing Your Reverse Mortgage

There are many reasons people take out reverse mortgages. However, this option is usually considered by cash-strapped seniors who own their homes and are looking to ease the burden of their golden years. The beauty of reverse mortgages is that you'll receive money as long as you are current on property taxes and homeowners insurance. While this seems like an appealing opportunity, it's a decision that should not be made lightly. Not only is the reverse mortgage complicated in itself, but homeowners make all sorts of mistakes when they're too quick to sign the dotted line. So if you're considering…
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01
Sep
By Jim Hasek
Mortgage, ,

The Top 3 Reasons To Invest In A Reverse Mortgage

For seniors who have equity built up in their home, they might have heard about something called a reverse mortgage. There are plenty of TV commercials for reverse mortgages; however, there is still a lot of confusion regarding what they are. Simply put, many seniors have already paid off their homes completely. With a reverse mortgage, people can access the equity they have in their home and use this as a quick source of cash. Then, they can pay back this loan when they can without giving up ownership of their home. Who should use this tool? There are a…
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11
Feb
By Jim Hasek
Mortgage, ,

Considering A Reverse Mortgage? Understand These Important Points First

There are many individuals who end up on a fixed income once they reach a certain age; however, their expenses aren’t always fixed. Sometimes, there is a large medical expense. In other cases, someone might need money for a new car or a home repair. In the event that someone needs cash quickly, one option is called a reverse mortgage. Those who have equity built up in their home can draw upon this to help with unexpected expenses. This is a quick source of cash that many people overlook. At the same time, it is important to think about the…
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10
Dec
By Jim Hasek
Mortgage, ,

Can A Reverse Mortgage Impact Your Social Security Or Medicare Benefits?

One of the most common worries that people have is money. When it comes to those golden retirement years, many people worry about running out of money. At the same time, most people who reach their retirement years have a lot of equity in their home. Therefore, many people think about drawing on the equity in their home as a source of income. A reverse mortgage will allow someone to do exactly that. On the other hand, can receiving payments from a reverse mortgage impact the benefits that someone can receive from Social Security or Medicare? The Basics Of A…
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