QUESTION: Chip on Twitter says his grandparents are looking into a reverse mortgage. What is this, and what does Dave think of it? ANSWER: A reverse mortgage-if you think of the name, it kind of tells you what it is-is exactly the reverse of a mortgage. What do you do with a mortgage? With a mortgage, you pay payments, and every month, you pay down principal.
If you’ve thought about taking out a reverse mortgage, be aware that new rules that recently kicked in might make it harder for you to qualify. The U.S. Department of Housing and Urban Development tightened lending criteria late last month.
· 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).
If you are considering getting a reverse mortgage make sure you do your research and get all of the facts first.
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One of the biggest blessing for homeowners is when they can find a mortgage refinance without an appraisal being required. Yes, it not available to everyone in every situation, but it is possible to refinance with no appraisal in 2019 if you know where to look.
Reverse mortgages offer pros and cons to older homeowners.. "Reverse mortgages, which can also be identified as Home Equity Conversion.. Follow these helpful tips on how to buy a house with bad credit today. Brian O'.
Best Answer: It’s really going to depend on your situation. What are your goals, and when do you wish to accomplish them. Then you would need to take into consideration your tolerance for risk and see if a reverse mortgage fits into your needs with your parameters of risk.
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About this discussion guide This guide gives an overview of many key concepts of reverse mortgages. A qualified reverse mortgage counselor can help you learn more. If you’re interested in considering a reverse mortgage, but haven’t spoken with a counselor yet, call (800) 569-4287 to find a Department of Housing and Urban