Real Estate Deeds Made Easy Since 1997
If you or someone you care about is 62+, you’ll know it’s important to avoid sketchy financial offers targeting older adults. But what about reverse mortgages?
From time to time, media outlets point to scams or high-pressure tactics involving reverse mortgages. And it’s true that reverse mortgages are designed for senior homeowners.
But are these loans deceptive? Let’s take a look.
Continue reading “Reverse Mortgage Scams? What Seniors Need to Know.”
Options at Retirement Age and Earlier
The closer we get to retirement age, the more we start thinking about how to avoid pulling from our retirement accounts too early or too much. For many homeowners, home equity is starting to look like a key retirement planning resource.
What’s the best way to tap into it? Selling for a profit and downsizing is one way. But when home prices are high, it’s not easy to buy another home.
In a reverse mortgage, the lender releases monthly payments to the homeowner. This can keep owners in their homes, free up spending money, and preserve retirement accounts. The homeowner is borrowing the money with the property value as collateral. This means receiving a sum of money or a fixed monthly payment. The full payoff is due at the time of the borrower’s death or at the time the house is sold. As the homeowner doesn’t pay it back monthly, what happens is the home’s value is coming out to the owner in cash that the owner’s estate will address after death. At that time, the beneficiaries will refinance or sell the home to pay off the reverse mortgage.
Continue reading “Unlocking Your Home’s Equity Without Selling: A Guide for Retirees”