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Family members who inherit the property will want to pay close attention to the details of what is necessary to manage the loan balance when the borrower dies.“There are provisions that allow family to take possession of the home in those situations, but they must pay off the loan with their own money or qualify for a mortgage that will cover what is owed,” McClary says.Additionally, while not all reverse mortgage lenders use high-pressure sales tactics, some do use them to attract borrowers.“It is always best to receive guidance from a nonprofit agency that offers reverse mortgage counseling before signing a loan agreement,” McClary recommends. “Taking advice from a celebrity spokesperson or a sales agent without getting the facts from a trusted, independent resource can leave you with a major financial commitment that may not be best for your circumstances.”To locate an FHA-approved lender or HUD-approved counseling agency, you can visit Bankrate.com is an independent, advertising-supported publisher and comparison service.
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continually strive to provide consumers with the expert advice and Use our reverse mortgage calculator to see how much money you can receive based on the value of your home.
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This complicated program can be a game-changer for cash-poor seniors. advertisers and our editorial team.
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Use this free calculator to help determine your future loan balance. We are compensated in exchange for 6 min read Unlike a regular mortgage in which the homeowner makes payments to the lender, with a reverse mortgage, the lender pays the homeowner.Homeowners who opt for this kind of mortgage don’t have a monthly payment and don’t have to sell their home (in other words, they can continue to live in it), but the loan must be repaid when the borrower dies, permanently moves out or sells the home.Supplementing retirement income, covering the cost of needed home repairs or paying out-of-pocket medical expenses are common and acceptable uses of reverse mortgage proceeds, says Bruce McClary, spokesperson for the National Foundation for Credit Counseling.“In each situation where regular income or available savings are insufficient to cover expenses, a reverse mortgage can keep seniors from turning to high-interest lines of credit or other more costly loans,” McClary says.One of the most popular types of reverse mortgages is the Home Equity Conversion Mortgage (HECM), which is backed by the federal government.To be eligible for a reverse mortgage, the primary homeowner must be age 62 or older. 2 min read we’re putting your interests first. Bankrate follows a strict editorial policy, so you can trust that editorial team receives no direct compensation from advertisers, A counselor can help outline the pros and cons of this kind of loan, and how it might impact your heirs after you pass away.When shopping around, decide what type of reverse mortgage fits your financial goals best. 8 min read us.
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staff is objective, factual, and not influenced by our this site. Find the best rates … There are many good reasons to take out a reverse mortgage loan and one lousy one.Bankrate.com is an independent, advertising-supported publisher and comparison service. The mortgage insurance premiums are typically the same between lenders, but other costs like the interest rate and servicing fee can vary greatly.As you shop for a loan and consider your options, be on the lookout for two of the most common The best way to avoid a reverse mortgage scam is to be aware and vigilant.
make money. Use Bankrate's mortgage calculators to compare mortgage payments, home equity loans and ARM loans. This compensation may impact how and where products appear on this
Our (With a HELOC, payments are required once the draw period on the line of credit expires.
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